Pappas Ventures, an investment firm with more than $350 million under management, has promoted Eric W. Linsley to managing partner.
The Research Triangle Park venture-capital firm was founded in 1994 by Art Pappas and owns stakes in dozens of young, promising pharmaceutical, biotechnology and other medical companies. Its portfolio includes investments in local companies such as Liquidia Technologies of Durham, LipoScience of Raleigh and ArgoMed of Cary.
Linsley, 47, joined Pappas in 2000 and has served as a partner. In his new role, he will take a more active role in setting the firm's strategy and finding new investment opportunities.
"This doesn't diminish Art's role at all," said Linsley, who added that he brings an "appropriate level of skepticism" as the firm seeks new places to invest.
Pappas Ventures raised a new fund worth $102 million in February. The firm recently contributed to a $7 million venture-capital infusion for Liquidia, a nanotechnology company developing a vaccine and other products using tiny particles.