A Durham, North Carolina venture capital firm investor, Arthur ‘Art’ Pappas, has raised $85.7 million in a fund to invest in companies, according to a filing with the Securities and Exchange Commission.

Pappas, managing partner and founder of Pappas Capital LLC, is a well-known investor in life science companies such as diagnostics and biotechnology companies.

Pappas Capital started in 1994 and over the past twenty-five years, the firm has managed more than $540 million in capital.

The firm provides fund management and investment services to investors and entrepreneurs in the United States and Canada. It also offers specialized funds and translational medicine programs.

Pappas has invested in more than 75 life science companies through its flagship Pappas Ventures business unit, as well as its Specialized Fund Management business unit.

In the past few months, Pappas has participated in Series A funding and private financing of biotechnology and pharmaceutical companies.

The firm plans to use the new funds to make more investments; however, it’s undeclared which companies it plans to invest in.

The filing can be found here.