The Renaissance Venture Capital Fund is aiming to close a second fund of up to $75 million, peHUB has learned, as the VC fund-of-funds plans to deploy more capital for—of all things—life sciences VCs.

Chris Rizik, fund manager and CEO of the Renaissance Venture Capital Fund said that, in an era where venture capital and startup activity is increasingly moving beyond the boundaries of California and Massachusetts, he hopes VCs will visit the plethora of Michigan universities to shop for investment or research partners.

One of its goals, he said, is to help develop relationships between some of the fund’s GPs, like Proctor & Gamble, and entrepreneurs—particularly those in Michigan. The fund could raise between $65 million and $75 million once it closes, expected in the next few weeks.

“We expect them to come and look” at potential investment opportunities in the Great Lakes State, said Rizik.

Typically, the FoF tends to target funds ranging from $50 million to $250 million in size, making commitments of about $5 million to $10 million each.

“We’ll never invest in a billion dollar fund,” he said.

Rizik said the FoF will have an eye out for firms looking for startups in spaces like energy, sustainability and other life sciences verticals.

For its first vehicle, the fund-of-funds closed a $45 million fund, Rizik said.

Prior investments for the fund include 5AM Ventures, Arsenal Venture Partners, DFJ Mercury, Flagship Ventures and MK Capital.

Correction: This story earlier named a limited partner with the fund that is not an investor.

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