Michigan firms commit $50 million for unusual 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 (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.