New Orleans-based South Coast Capital Management is launching South Coast Angel Fund II, the company’s second angel investment fund that helps finance early-stage companies in Louisiana and the Gulf Coast.

Angel Fund II plans to open with $4 million in capital, with funds expected from members and investors. South Coast Angel Fund II will target biotech, industrial technology, advanced manufacturing, defense, water management, offshore, arts and culture and education technology firms. The first fund drew close to $3 million from more than 40 investors.