DETROIT – The Renaissance Venture Capital Fund, Michigan’s venture capital fund-of-funds, has closed its first fund, nearly $50 million in investments, making it the largest privately funded regional VC fund of funds in the country.
“The vision of the Renaissance Venture Capital Fund was to strengthen and bring together the state’s venture capital, business, industrial and entrepreneurial communities in a way that will help the region grow and diversify, Fund CEO Chris Rizik said. “By investing in and connecting the people that drive our State?s longtime R&D strength, we can expand innovation in Michigan and earn solid returns for our investors. And we are proud that the business leadership of the state has come together to embrace our vision and create this unique vehicle for change and growth in the state.”
Through the end of August, the RVCF has invested $5.8 million in six venture capital funds. Those funds have, in turn, invested more than $23 million in 12 Michigan companies, and those 12 companies have leveraged that investment to receive over $146 million in venture capital investment from investors around the United States – a 25 to 1 multiple of the RVCF’s investment.
And even in these very early stages of their development, these companies have created more than 200 new Michigan jobs.
In addition, the RVCF has made its first profit distribution to investors ahead of expectations.
The RVCF has made investments to date in Ann Arbor-based venture capital funds Arboretum Ventures and RPM Ventures and Kalamazoo’s T-Gap Ventures. It has also invested in San Francisco-based 5AM Ventures and Houston’s DFJ Mercury Ventures. Two other firms, Illinois-based MK Capital and Florida’s Arsenal Ventures, are presently opening Michigan offices following their investment by the RVCF.
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