Venture capital firm is nearly half way through raising a $200 million fund, the Triangle Business Journal reported Friday.

The newspaper cited a regulatory filing as the source for its information.

Pappas has raised $96 million with a goal of $200 million, the paper said. The North Carolina Department of the State Treasurer is an investor, the Journal reported.

The fund would be the fourth for Pappas, which focuses on life science investments.