A Chapel Hill-based financial planner has raised $1.4 million in an investment fund from 11 investors, according to a filing with the Securities and Exchange Commission.

GL Chapel Hill Fund filed the Form D on Feb. 8, 2017. The minimum investment accepted from any outside investor was $50,000, and the first sale occurred on Jan. 1, 2017. $14,000 of the $1.4 million will be used for payments for executive officers, directors or promoters.

The offering is not being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer. It is not intended to last more than one year.

Lawrence McManus Jr., the managing member of GL Chapel Hill Fund, will receive sales compensation. He is the president and co-founder of Chapel Hill-based TEAM Wealth Investments, which offers investment management and financial planning services.

The Form D can be found here.

The company claimed a Rule 506 exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.