The Skinny blog is written by Rick Smith, editor and co-founder of WRAL Tech Wire and business editor of

RESEARCH TRIANGLE PARK, N.C. – Art Pappas, the veteran head of Pappas Ventures, is hardly slowing down 18 years into the job.

Pappas Ventures reportedly is raising its largest fund since launch in 1994 with a target of $300 million, according to PEHub.

The website, which is normally very reliable in its reporting, cites “several sources” for its report.

WRAL Tech Wire was told that Pappas is in fact raising a new fund – but at about $150 million.

Pappas Ventures can’t discuss details publicly.

However, the word is that Pappas hopes to raise the fund later this year and into 2013.

Pappas has a pretty good record in investments and exits. North Carolina’s retirement fund has been an investor in the past, and that group has pledged to look for more early-stage North Carolina companies to support.

But Pappas may not be looking for new deals as much as it’s looking to buck up existing portfolio members.

Life science firms sometimes burn through cash faster than even some green energy firms – now bankrupt. 

“One source speculated that Pappas Ventures is looking to secure additional capital into its funds not to back a broader number of investments, but to provide greater balance sheet support for investments as they move later-stage,” PEHub says. “Most of Pappas Ventures’ existing investments are in early or expansion stage, according to Thomson Reuters data.”

According to research data, PEHub notes that Pappas has raised funds of $40 million in 1998, $102 million in 2002, $108 million in 2005 and $102 million in 2009.