Triangle Angel Partners, (TAP) a Chapel Hill-based investment firm that includes more than 40 investors, has raised $2.5 million of a $4 million fund, Triangle Angel Partners II, according to a regulatory filing.

TAP has invested in Wedpics, Windsor Circle, entigral, SEAL Innovation, Stealz, Adzerk, Testive and Physcient.

Its investments generally have pre-money valuations of under $3 million and the firm looks for “high quality entrepreneurs” who have demonstrated leadership, according to its website.

It says to potential portfolio entrepreneurs, “Our company must demonstrate a strategy to claim significant share of the target market. There are plenty of great business ideas, but not all businesses will generate returns that justify angel investor and venture capital financing. Therefore, providing a solution to a problem with a large potential market is essential.”

It notes that its network lets it get first look at new ideas coming out of Raleigh, Durham, Chapel Hill, and the Research Triangle Park. Its investors are executives, PhDs, entrepreneurs and professional investors.

TAP also looks for proprietary features that give them competitive advantages, plus what most investors want, growth potential and the ability to scale.

Most of TAPs investors are veteran Triangle technology and life science sectors.

The firm disclosed the fund in a filing with the U.S. Securities and Exchange Commission.

Here’s the filing:

On the web: