​Pappas Ventures, a Durham-based venture capital firm, plans to raise $125 million to invest in biotechnology through a venture capital fund, according to a filing with the Securities and Exchange Commission.

Pappas Ventures filed the Form D on Feb. 23, 2017. The first sale has yet to occur, with the proceeds not expected to last more than one year. The offering is not being made in connection with a business combination transaction.

Pappas Ventures invests in companies across the United States in a wide range of stages. It has four venture capital funds with $353 million capital under management.

Arthur M. Pappas, chief executive officer and managing partner of Pappas Ventures, signed the Form D. He founded Pappas Capital in 1994, which has invested in more than 70 life science companies through Pappas Ventures as well as its specialized fund management business unit.

[Pappas will receive the lifetime service award from the Council for Entrepreneurial Development at its annual Life Science Conference next week in Raleigh.]

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what is known as a Form D electronically with the SEC after they first sell their securities.

Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism