Renaissance Venture Capital Fund closed this week having secured commitments totalling USD 50 million. It aims to invest in private equity funds that target opportunities linked to growth in Michigan. The vehicle commits to venture capital funds that are active across various stages of development and it is willing to participate in co-investments with fund managers. The private equity fund of funds typically invests USD 3-5 million in each opportunity and has already made commitments to Michigan-based firms RPM Ventures, Arboretum Ventures and TGap Ventures.
Renaissance Venture Capital Fund is not restricted to investing with managers based in its home state, however, and it has also allocated capital to other US private equity firms, including Illinois-based MK Capital, and seed and early stage firms 5AM Ventures and DFJ Mercury. Arsenal Venture Partners, which has added a Michigan office to its bases in Florida, California and Ohio, is also set to receive capital from the fund of funds.
Renaissance Venture Capital Partners is led by Christopher Rizik and is affiliated with Business Leaders for Michigan, an organisation that aims to promote Michigan as a leading state for jobs and economic growth. Its first private equity fund of funds received commitments from a range of investors in the region such as the W.K. Kellogg Foundation, CMS Energy and health insurance provider Blue Cross Blue Shield of Michigan. The firm believes that it could raise a second vehicle once the newly closed Renaissance Venture Capital Fund is fully committed in 18-24 months.
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