Venture capital firm , which focuses on life science investments, has closed on a new fund totaling $102 million.

With the additional funding, Pappas said it has plans to make between 12 and 15 investments over the next several years. Several deals are currently under consideration, according to the firm. Pappas has invested in some 40 firms.

Founded in 1994, Pappas has more than $350 million under management.

However, Pappas also disclosed that firm partner Arthur Klausner is leaving the firm “later this year.”

Pappas had hoped to raise more than that with its fourth fund but was “pleased” with the final total, given the current global economic conditions. Pappas Ventures IV will be used for biopharmaceutical and medical technology investments.

“We are very pleased to have reached this important milestone,” said Eric Linsley, a partner at Pappas, in a statement. “The new fund speaks to the strong support we have received from our investors – both new and old – and the track record that our firm has built over the past 15 years.”

Pappas also is promoting two members of its professional team. Rosina Maar Pavia is now a partner, and Sean McCarthy is a senior principal. Pavia, a medical doctor, has worked with Pappas since 2000. McCarthy joined Pappas in 2006.