Detroit Renaissance, a private, non-profit leadership organization dedicated to accelerating the region’s economic growth, announced this week it has hired Christopher Rizik as CEO and fund manager of its new Renaissance Venture Fund.
The fund is structured as a “Fund of Funds” to help expand the region’s entrepreneurial capacity by investing in venture capital funds doing business in southeast Michigan. As such, funding to early and mid-stage growth-oriented companies will be significantly expanded.
The fund has raised $57 million to date, with a goal of $100 million.
“Chris’s significant professional achievements and passion for the work made him the ideal candidate for this position. We are confident that he has the dedication and skill set to grow and operate the Fund of Funds,” said Doug Rothwell, president, Detroit Renaissance. “While the fund will have some direct investments in individual businesses, it will principally support venture-capital funds that invest in high growth companies in Southeast Michigan.”
The fund was created from one of Detroit Renaissance’s six Road to Renaissance objectives aimed at accelerating the growth of new and expanding companies of all sectors. Detroit Renaissance partnered with Ann Arbor Spark and Oakland County on the formation of the fund.
Samuel Valenti, Executive Chairman of TriMas Corp., and Detroit Renaissance board member will chair the Fund.
Before joining Detroit Renaissance, Rizik was co-founder, partner, and board member of Ardesta LLC, the nation’s first accelerator for the nanotechnology and microtechnology field. He successfully ran Michigan’s largest venture capital funding and led the negotiation and closing of over twenty venture capital transactions for Ardesta.
Prior to Ardesta, Rizik was managing director for Avalon Technology LLC, where he led the negotiation and closing of over 30 venture capital transactions over a three year period, the most of any Michigan firm during that period. In addition, he previously served as senior partner for Dickinson Wright, one of the Midwest’s oldest and largest law firms.
Rizik has a bachelor's degree in accounting wiht honors from Michigan State University and has a law degree with honors from the University of Michigan Law School.
Rizik serves as chairman of NextEnergy, the State of Michigan’s renewable energy accelerator and is a board member of the Michigan Venture Capital Association and other technology and community organizations. He received the Venture Capital Deal of the Year award in 2007 from the Michigan Venture Capital Association for Avalon’s investment in Tomotherapy.
Rizik will start with the Renaissance fund Oct. 13 and will have offices in Detroit, Ann, Arbor and Oakland County.
More at www.detroitrenaissance.com.
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