The Renaissance Venture Capital Fund has closed on its second investment vehicle, a $79 million fund destined for Michigan-based startups and the venture capital firms investing in them.

The 6-year-old firm, which has offices in Ann Arbor and Detroit, is a fund of funds, meaning it invests in smaller venture capital firms. It closed on its first fund for $45 million in 2010 with an idea of helping grow Michigan’s entrepreneurial ecosystem by infusing it with more seed capital and attracting more outside investors.