A quasi-isotropic CFRP laminate, containing a notch or circular hole, is subjected to combined tension and shear, or compression. The measured failure strengths of the specimens are used to construct failure envelopes in stress space. Three competing failure mechanisms are observed, and for each mechanism splitting within the critical ply reduces the stress concentration from the hole or notch: (i) a tension-dominated mode, with laminate failure dictated by tensile failure of the 0° plies, (ii) a shear-dominated mode entailing microbuckling of the -45° plies, and (iii) microbuckling of the 0° plies under remote compression. The net section strength (for all stress states investigated) is greater for specimens with a notch than a circular hole, and this is associated with greater split development in the load-bearing plies. The paper contributes to the literature by reporting sub-critical damage modes and failure envelopes under multi-axial loading for two types of stress raiser.