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The M85 & M92 are essentially the same pistol just chambered in a different round so it should fit and work fine for the M85.
I own the ZASTAVA PAP M85NP, which is identical to the M92, except for the caliber and the fact that it uses AR magazines, and after I read this review I went and purchased this handguard believing it would fit, received it about a week later and tried it out, but nope, it did not fit it, not even close. I don't know if the fact that my model uses AR mags or not, but I just didn't think it would matter.