Phillip Graham

Phillip Graham

Phill joined Pappas Capital in 2023.  Prior to joining Pappas, he was Senior Associate Director at Duke Capital Partners where he helped lead the team’s deal sourcing, screening, diligence, and execution efforts, closing $50M+ in invested capital across 50+ transactions.  Prior to Duke Capital Partners, he worked as a strategy consultant for Promontory Financial Group, focused on implementation of board governance, operations, and risk management best practices for institutional financial services firms.  Before joining Promontory, he was a Sr. Analyst at Treliant Risk Advisors, where he led large-scale reviews on credit and mortgage products for financial services clients. He began his career as a consultant at Booz Allen Hamilton, developing requirements and test cases for the USDA’s $2B+ e-procurement system.

Education:

Washington and Lee University (BS in Business Administration and BA in Music)
The Fuqua School of Business at Duke University (MBA)

Drew Cutshaw, MD

Drew joined Pappas Capital in January 2020 as a Venture Fellow where he participated actively in investment opportunity evaluation, due diligence and deal flow management. Prior to joining Pappas Capital full-time, he worked as a resident physician in surgery at Washington University in St. Louis. He completed his medical degree at the University of North Carolina at Chapel Hill and was involved in research projects in otolaryngology, neurosurgery and medical education, and was elected to Alpha Omega Alpha Honor Society. He also completed his MBA at UNC, earning concentrations in both Healthcare and Entrepreneurship/Venture Capital. He previously completed a research fellowship with Duke University Neurosurgery focusing on development of novel treatments for meningitis and neurologic cancers before medical school. He was a recipient of the Howard Hughes Summer Research Fellowship while at Duke University, with his research focusing on neurobiological basis of drug sensitization.

Drew currently serves as a director for Veralox Therapeutics, as an observer for CuraSen Therapeutics and Glycomine, and on the board of directors of the NC Life Sciences Organization.

Education:
University of North Carolina at Chapel Hill (MD)
Kenan-Flagler Business School at University of North Carolina at Chapel Hill (MBA)
Duke University (BS in Neuroscience)

Elizabeth Kelly

Elizabeth re-joined Pappas Capital in 2021 and works across funds, including Pappas Ventures and Asia Innovation Ventures (AIV). She led AIV’s investments in Horizon Quantum Computing, NuProbe, RoboCT, Us2.ai, and VFlowTech, and serves as a board observer for Horizon and VFlowTech.

Prior to Pappas, she invested in digital health and healthcare technology companies at Echo Health Ventures, and its predecessor, Mosaic Health Solutions, both subsidiaries of Blue Cross NC. Prior to Mosaic, Elizabeth had a variety of cross-functional responsibilities at Chimerix (NASDAQ: CMRX), a biopharmaceutical company developing antiviral therapies for immunocompromised transplant patients. In addition to playing a leadership role in the company’s 2013 IPO, she spearheaded activities in corporate development, finance, marketing, IR, and PR. She began her career as an Analyst at Pappas Ventures, where she managed the deal flow process, supported portfolio companies, and contributed to fundraising efforts for a new venture fund.

Elizabeth serves on the board of directors for CED and as an advisor and mentor for the Luther Hodges Scholars program at UNC’s Kenan-Flagler Business School.

Education:

University of North Carolina at Chapel Hill – Kenan-Flagler Business School (MBA in Finance, Entrepreneurship)
University of North Carolina at Chapel Hill (BA in Management, Spanish)