Update: this version of the story contains a comment from a PPD spokesman about X-Co Holdings' capital raise.

A limited partnership with ties to PPD filed a financial disclosure with the Securities and Exchange Commission recently announcing a major capital raise.

X-Co Holdings LP filed a Form D Notice of Exempt Offering of Securities with the SEC Jan. 12, stating that it launched its equity sale Dec. 29 and had sold the total offering amount of more than $71 million to 46 investors. All the investors, according to the form, are accredited investors.

The form indicates that X-Co Holdings is a biotechnology entity and lists its address as “c/o Pharmaceutical Product Development” at 929 N. Front St. in Wilmington – the address of PPD. The other related individuals listed as directors on the form are officials at either The Carlyle Group or at Hellman & Friedman, the two private equity firms that purchased PPD when the Wilmington-based company went private in December 2011.

B. Judd Hartman is listed as X-Co Holdings’ executive officer. Hartman is PPD’s general counsel, according to the company’s website.

"PPD has completed the spin-off of X-Chem, a leader in DNA-encoded library technology, to the shareholders of PPD’s parent company, forming an independent, privately owned biotech company. PPD initially invested in X-Chem in 2010 before acquiring the company in 2014," PPD spokesman Randy Buckwalter said Wednesday afternoon.

X-Co Holdings is shown on the Form D as the general partner of the securities issuer.

X-Co Holdings indicates on the form that its offering is not “being made in connection with a business combination transaction such as a merger, acquisition or exchange offer.”

An exempt offering is one in which a company is allowed to raise money without having to register its securities with the SEC. X-Co Holdings indicates on its Form D that it is claiming exemption under Rule 506(b), which allows a company to raise an unlimited amount of money if it does not use a general solicitation or advertising to market the securities; if it limits non-accredited investors to no more than 35, while selling to any number of accredited investors it chooses; if it provides the same information to non-accredited investors that it gives to accredited investors; if it is available to answer questions from prospective purchasers; and if it adheres to specific requirements as to its financial statements.