Michigan firms commit $50 million for unusual venture capital fund – Renaissance Venture Capital Fund

The turbulent economy hasn’t stopped some of Michigan’s leading corporations from committing $50 million to a unique venture capital fund that already is helping some of the state’s most promising companies.

Business Leaders for Michigan plans to announce today that it has completed fund-raising for its Renaissance Venture Capital Fund. The CEO group attracted $50 million from 10 companies, including DTE Energy, CMS Energy, Huntington Bank, Blue Cross Blue Shield of Michigan and AAA Michigan. The Kellogg Foundation also joined the effort.

Renaissance http://www.renvcf.com invests in other venture capital funds that seek to invest in Michigan businesses. It’s different from other so-called fund of funds because it does not have any government money supporting it.

BY KATHERINE YUNG
FREE PRESS BUSINESS WRITER

Full Story: http://www.freep.com/article/20100906/BUSINESS06/9060384/1002/rss02