<PAGE> 1
                                  UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549

                                    FORM 10-Q

  [x]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
  EXCHANGE ACT OF 1934
            For quarterly period ended September 30, 1996

  [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
  EXCHANGE ACT OF 1934
            For the transition period from ___________ to _________________



                       Commission File Number:  018581



                      RENAISSANCE CAPITAL PARTNERS, LTD.
  ___________________________________________________________________________
            (Exact name of registrant as specified in its charter)

            Texas                                         75-2296301  
  __________________________________________________________________________
  (State or other jurisdiction                    (I.R.S. Employer I.D. No.)
  of incorporation or organization)

  8080 North Central Expressway, Dallas, Texas            75206-1857  
  __________________________________________________________________________
  (Address of principal executive offices)                         (Zip Code) 

                                  214/891-8294
  __________________________________________________________________________
             (Registrant's telephone number, including area code)




       Indicate by check mark whether the registrant (1) has filed all
  reports required to be filed by Section 13 or 15(d) of the Securities
  Exchange Act of 1934 during the preceding 12 months (or for such shorter
  period that the registrant was required to file such reports), and (2) has
  been subject to such filing requirements for the past 90 days.

                              Yes X          No 







  <PAGE> 2

                         PART I - FINANCIAL INFORMATION

  ITEM 1. FINANCIAL STATEMENTS
  ----------------------------

                      RENAISSANCE CAPITAL PARTNERS, LTD.
                     Statement of Assets, Liabilities and
                               Partners' Equity 

                                 (Unaudited)


                                   ASSETS

                                               December 31,     September 30,
                                                   1995             1996    

    
  Cash and cash equivalents                    $     2,823       $   111,423
  Investments at market value, cost of
   $10,235,147 and $10,555,617                  10,264,655         9,763,567
  Interest and fees receivable                     328,189           256,151
                                               -----------       -----------
                                               $10,595,667       $10,131,141
                                               ===========       ===========


                        LIABILITIES AND PARTNERS' EQUITY 

  Liabilities:
   Accounts payable - related party           $    669,829       $   823,713

      Total liabilities                            669,829           823,713
                                               -----------       -----------

  Partners' equity: 
    General partner                                 25,991            19,807
    Limited partners (128.86 units)              9,899,847         9,287,621
                                               -----------       -----------

      Total partners' equity                     9,925,838         9,307,428
                                               -----------       -----------

                                               $10,595,667       $10,131,141
                                               ===========       ===========

  See accompanying notes to financial statements.







    <PAGE> 3
                              RENAISSANCE CAPITAL PARTNERS, LTD.

                                    Statement of Operations


                                         (Unaudited)

    <TABLE>
    <CAPTION>
                                               Three Months Ended September 30,       Nine Months Ended September 30,
                                                    1995             1996                  1995             1996  
                                                -----------       -----------           ----------       -----------
    <S>                                             <C>              <C>                   <C> 
    Income:

         Interest                               $   47,056        $  101,741            $  192,699       $  108,467
         Dividends                                     562                -                  6,489               -  
                                                ----------        ----------            ----------       ----------
           Total income                             47,618           101,741               199,188          108,467
                                                ----------        ----------            ----------       ----------
    Expenses: 
         General and administrative                 42,581           167,398               141,601          291,702
         Management fees                            64,430            46,771               193,290          130,836
                                                ----------         ---------            ----------       ----------
           Total expenses                          107,011           214,169               334,891          422,538
                                                ----------         ---------            ----------       ----------
           Investment income (loss) net            (59,393)         (112,428)             (135,703)        (314,071)

         Net realized and unrealized
          gain (loss) on investments               (22,818)        1,192,385               235,137         (304,339)

         Net increase (decrease) in  
          assets from operations                $  (82,211)       $1,079,957            $   99,434       $ (618,410)
                                                ==========        ==========            ==========       ==========

       Income (loss) per limited
          partnership unit                      $     (632)       $    8,297            $      764       $   (4,751)
                                                ==========        ==========            ==========       ==========
    </TABLE>     


    See accompanying notes to financial statements.







  <PAGE> 4
                      RENAISSANCE CAPITAL PARTNERS, LTD.

                        Statement of Partners' Equity


                     Nine Months Ended September 30, 1996

                                 (Unaudited)

  <TABLE>
  <CAPTION>
                                       General       Limited
                                       Partner       Partners       Total     
                                       -------       --------       -----
  <S>                                   <C>           <C>            <C>
  Balance, December 31, 1995         $  25,991     $9,899,847    $9,925,838

       Net loss                         (6,184)      (612,226)     (618,410)
                                     ---------     ----------    ----------
  Balance, September 30, 1996        $  19,807     $9,287,621    $9,307,428
                                     =========     ==========    ==========

  </TABLE>













  See accompanying notes to financial statements.




    <PAGE> 5
                         RENAISSANCE CAPITAL PARTNERS, LTD.

                             Statement of Cash Flows

                                  (Unaudited)
    <TABLE>
    <CAPTION>
                                                            Three Months Ended September 30,      Nine Months Ended September 30,
                                                                  1995              1996                1995             1996
                                                               ----------        ----------          ----------       ----------
    <S>                                                           <C>               <C>                 <C>              <C>
    Cash flows from operating activities:
         Net income (loss)                                   $  (82,211)         $1,079,957          $   99,434      $ (618,413)
         
         Adjustments to reconcile net income (loss)
          cash flows provided by operating activities:
             Amortization of organizational costs                    -                   -                5,250              -
             Net realized and unrealized (gain) loss on 
              investments                                        22,818          (1,192,385)           (235,137)        304,340 
             (Increase) decrease in accounts receivable         (35,234)             84,137             (51,551)         72,038
             Increase in accounts payable - related parties      96,306              50,456             289,818         153,884
                                                             ----------          ----------           ---------        --------

             Total adjustments                                   83,890          (1,057,792)              8,380         530,262
                                                             ----------          ----------           ---------        --------
             Net cash flows provided by operating activities      1,679            (22,165)             107,814         (88,148)
                                                             ----------          ----------           ---------        --------
    Cash flows from investing activities:
         Proceeds from sale of investments                       31,247             243,954              31,247         639,218
         Purchase of investments                                (40,000)           (319,970)           (235,000)       (442,470)
                                                             ----------          ----------           ---------        --------
             Net cash flows provided by investing activities     (8,753)            (76,016)           (203,753)        196,748
                                                             ----------          ----------           ---------        --------
    Cash flows from financing activities:
         Distributions to limited partners                           -                   -             (175,000)             -
                                                             ----------          ----------           ---------        --------
    Net increase (decrease) in cash                              (7,074)            (53,851)           (270,939)        108,600

    Cash and cash equivalents at beginning of period             67,388             165,274             331,253           2,823
                                                             ----------          ----------           ---------        --------
    Cash and cash equivalents at end of period               $   60,314          $  111,423           $  60,314        $111,423
                                                             ==========          ==========           =========        ========

    </TABLE>


    See accompanying notes to financial statements. 




  <PAGE> 6
                      RENAISSANCE CAPITAL PARTNERS, LTD.

                        Notes to Financial Statements

                            September 30, 1996



  (1)  Organization and Business Purpose
       ---------------------------------
   
       Renaissance Capital Partners, Ltd. (the "Partnership"), a Texas
  limited partnership, was formed on July 31, 1989.  Limited Partnership
  contributions of $12,886,000 were secured upon final closing of the
  Partnership on June 14, 1990.  The Partnership seeks to achieve current
  income and long-term capital appreciation by making investments primarily
  in private placement convertible debt securities of smaller public
  companies.  The Partnership has elected to be treated as a business
  development company under the Investment Company Act of 1940, as amended. 
  The Partnership will terminate upon liquidation of all its investments, but
  no later than June 14,  1998 subject to the right of the Independent
  General Partners to extend the term for up to three additional one-year
  periods if they determine that such extension is in the best interest of
  the Partnership.

  (2)  Summary of Significant Accounting Policies
       ------------------------------------------

       (a) Organizational Costs
           --------------------

       Costs of organizing the Partnership were capitalized and amortized on
  a straight-line basis over five years.  These costs were completely
  amortized during the quarter ended June 30, 1995.

       (b) Contributed Capital
           -------------------

       Proceeds from the sale of the limited partnership interests, net of
  related selling commissions and syndication costs, are recorded as
  contributed capital.

       (c) Statement of Cash Flows
           -----------------------

       The Partnership considers all highly liquid debt instruments with
  original maturities of three months or less to be cash equivalents.  No
  interest or income taxes were paid during the periods.
       
       (d) Valuation of Investments
           ------------------------

       The valuation of investments in debentures which are convertible into
  unregistered securities is based upon the bid price of the underlying
  securities obtained through normal market systems less a discount for
  selling and registration costs.  For those investments not having an
  established market, the valuation is at the Partnership's costs for the
  first six months after closing and will be redetermined by the General
  Partners subsequent to that time period.
       
       (e) Management Estimates
           --------------------

       The financial statements have been prepared in conformity withgenerally 
accepted accounting principles.  The preparation of the
accompanying financial statements requires estimates and assumptions made 




  <PAGE> 7

  by management of the Partnership that affect the reported amounts of assets
  and liabilities as of the date of the statements of assets, liabilities and
  partners' equity and income and expenses for the period.  Actual results
  could differ significantly from those estimates.

       (f) Interest Income
           ---------------
       Interest income is accrued on all debt securities owned by the
  partnership on a quarterly basis.  When it is determined that the interest
  accrued will not be collected, the income for that quarter is reduced to
  reflect the net interest earned during the period.  Interest accrued forthe 
  current quarter was $210,197, and the amount determined to be
  uncollectible and charged against the income was $108,456 for the three
  months ended September 30, 1996.

  (3)  Basis of Presentation
       ---------------------

       The accompanying financial statements have been prepared without audit
  in accordance with the rules and regulations of the Securities and Exchange
  Commission and do not include all disclosures normally required bygenerally 
  accepted accounting principles or those normally made in annual
  reports on Form 10-K.  All material adjustments, consisting only of those
  of a normal recurring nature, which, in the opinion of management, were
  necessary for a fair presentation of the results for the interim periods
  have been made.




  <PAGE> 8
                      RENAISSANCE CAPITAL PARTNERS, LTD.

                  Notes to Financial Statements (Continued)
                           September 30, 1996

  (4)  Management
       ----------
       Renaissance Capital Group, Inc. (Renaissance), the Managing General
  Partner, serves as the investment adviser for the Partnership.  Renaissance
  is registered as an investment adviser under the Investment Advisers Act of
  1940.  Pursuant to the management agreement, Renaissance will performcertain 
  services, including certain management, investment, and
  administrative services, necessary for the operation of the Partnership.  

       Renaissance is entitled to quarterly fees equal to 0.5% of the
  Partnership assets at the end of each quarter.  On April 21, 1994, at the
  Annual Meeting of Limited Partners, a proposal to amend the Advisory
  Agreement was ratified by the Limited Partners.  The agreement now dictates
  that to the extent any portion of such fee is based on an increase in Net
  Assets Value attributable to non-realized appreciation of securities or
  other assets that exceed capital contributions, such portion of the fee
  shall be deferred and not earned or payable until such time as appreciation
  or any portion thereof is in fact realized and then such deferred fees
  shall be earned and paid in proportion to the gains in fact realized.  Fees
  due to Renaissance for the three months ended September 30, 1996, were
  $46,771. 

       Renaissance is reimbursed by the Partnership for administrative
  expenses paid by Renaissance on behalf of the Partnership.  For the three
  months ended September 30, 1996, the Partnership incurred reimbursable
  expenses of  $98,685 and reimbursed Renaissance $95,000 which was applied
  to the total account.

       In addition, the Partnership is served by two independent, individual
  general partners (the "Independent General Partners").  The Independent
  General Partners receive a quarterly fee of $6,000 each, payable in
  advance.

  (5)  Federal Income Taxes
       --------------------

       No provision has been made for Federal income taxes as the liability
  for such taxes is that of the partners rather than the Partnership.

  (6)  Partnership Agreement
       ---------------------

       Pursuant to the terms of the partnership agreement, all items of
  income, gain, loss and deduction of the Partnership, other than any Capital
  Transaction, as defined, will be allocated 1% to Renaissance and 99% to the
  Limited Partners.  All items of gain of the Partnership resulting from a
  Capital Transaction shall be allocated such that the Limited Partners
  receive a cumulative simple annual return of 10% on their capital
  contributions and any remaining gains shall be allocated 20% to Renaissance
  and 80% to the Limited Partners.  All items of loss resulting from Capital 
  Transactions shall be allocated 1% to Renaissance and 99% to the Limited
  Partners.

  (7)  Investments
       -----------

       Investments of the Partnership are carried in the statements of
  assets, liabilities and partners' equity at quoted market or fair value, as
  determined in good faith by the Managing General Partner and approved by
  the Independent General Partners.




  <PAGE> 9

       For securities that are publicly traded and for which quotations are
  available, the Partnership will value the investments based on the closing
  sale as of the last day of the fiscal quarter, or in the event of an
  interim valuation, as of the date of the valuation.  If no sale is reported
  on such date, the securities will be valued at the average of the closing
  bid and asked prices.
       
       Generally, debt securities will be valued at their face value. 
  However, if the debt is impaired, an appropriate valuation reserve will be
  established or the investment discounted to estimated realizable value.
  Conversely, if the underlying stock has appreciated in value and the
  conversion feature justifies a premium value, such premium will ofnecessity be
  recognized.

       The Managing General Partner, subject to the approval and supervision
  of the Independent General Partners, will be responsible for determining
  fair value.




    <PAGE> 10
                        RENAISSANCE CAPITAL PARTNERS, LTD.

                     Notes to Financial Statements (Continued)
                              September 30, 1996
    <TABLE>
    <CAPTION>
                                                            CONVERSION       FAIR 
                                                   COST    OR FACE VALUE     VALUE
    <S>                                            <C>         <C>             <C>
    Biopharmaceutics, Inc.     
    12.5% Convertible Debenture                $1,000,000     $1,120,000     $1,002,800
    conversion price $.25, maturity 10/10/98     

    CEL Communications, Inc.
    12.50% Convertible Debenture                1,825,000      1,825,000      1,165,850
    conversion price $.80, maturity 7/1/98
    Secured Note                                   50,000         50,000         50,000
    Post Petition Loans                           575,000        575,000        575,000

    Global Environmental Corp.     
    Convertible Senior Preferred Stock            100,000         93,750         88,125
     conversion price $.40 
       Convertible B Preferred Stock            1,600,000      1,500,000      1,360,000
     conversion price $.40
    Term Note                                     211,635        211,635        211,635
    Common Stock                                   50,000         75,000         70,500
    International Movie Group, Inc.
    12% Convertible Subordinated Debenture      1,500,000      1,500,000        750,000
     conversion price $1.50, maturity 3/31/98

    MaxServ, Inc.Common Stock                     315,000      2,310,000      2,286,900

    Microlytics, Inc.     
    Common Stock                                1,689,762        211,372        148,690
    UNICO, Inc.
    Convertible Preferred Series C Stock        1,589,220      2,185,178      2,004,067
     conversion price $.25     
    Term Note                                      50,000         50,000        50,000
                                              -----------    -----------    ----------
                                              $10,555,617    $11,706,935    $9,763,567
                                              ===========    ===========    ==========
    </TABLE>
         
         The Partnership loaned UNICO, Inc. $50,000 for the quarter ended
  September 30, 1996.  The Partnership also purchased $50,000 of common stock
  in Global Environmental Corp.

       Additional post petition loans in the aggregate amount of $30,000 were
  made to CEL Communications, Inc. in the current quarter.  

       The Partnership realized a capital gain of $206,529 on the sale of
  49,900 shares of MaxServ, Inc. during the quarter ended September 30, 1996.

  (8)  Related Party Transactions
       --------------------------
       
       Certain officers of Renaissance are also limited partners in the
  Partnership.  There were no distributions for the three months ended
  September 30, 1996.

  (9)  Litigation
       ----------

       The Partnership is involved in litigation arising in the ordinary
  course of business.  In the opinion of the Partnership's legal counsel and
  management, any liability resulting from such litigation would not be
  material in relation to the Partnership's financial position.




  <PAGE> 11

  ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
  RESULTS OF OPERATIONS

  (1) Material Changes in Financial Condition

       Discuss material changes from end of preceding fiscal year to date of 
  most recent interim balance sheet provided.  If necessary for an understanding
  discuss seasonal fluctuations.

       For the past 3 months, the Partnership recorded an increase of
  $1,079,957 in the net assets resulting from operations.  This was due
  primarily to an increase in market values for the common stocks of certain
  of its Portfolio companies.  

       The following Portfolio transactions are noted for the quarter
  (portfolio companies are herein referred to as the "Company"):

       BIOPHARMACEUTICS, INC.  Subsequent to the quarter, we have tentatively
  agreed to convert $400,000 of our Debentures into common stock of the
  company in accordance with the terms of the Loan Agreement.

       CEL COMMUNICATIONS, INC.  The Partnership has provided an additional
  $30,000 of funding in the quarter ended September 30, 1996, bringing total
  advances for legal and administrative costs for the nine months to
  $140,000.  The Partnership has requested and obtained court approval for a
  "Lift Stay Order", which permits the Partnership to foreclose on its
  collateral consisting of the video library and archives owned by the
  Company.  This collateral includes the Video Encyclopedia of the 20th
  Century.  The foreclosure sale is scheduled for November 15, 1996.

       GLOBAL ENVIRONMENTAL CORP.  In September, 1996, the Company sold
  1,250,000 shares of stock for $300,000.  The Partnership purchased 250,000
  of the shares for $50,000 and another investor purchased the balance for
  $250,000.  the issuance of these additional shares triggered the anti-
  dilution provisions of the Company's preferred stocks which lowered the per
  share conversion price to $0.40 per share.  This reduction in the
  conversion price increased the shares available upon conversion of the
  Partnership's preferred stocks to 4,250,000 shares of Global
  Environmental's common stock.

       MAXSERV, INC.  The Partnership realized capital gains of $206,529 on
  the sale of 49,900 shares of MaxServ, Inc. during the quarter ended
  September 30, 1996.  This brings the total realized gains on the sale of
  162,667 shares of MaxServ stock to $507,081 for the first nine months of
  1996.  At September 30, 1996, the Partnership held 420,000 shares of the
  Company's common stock.

       UNICO, INC.  In accordance with a Loan Conversion Agreement dated July
  12, 1996, as amended July 30, 1996, UNICO, Inc. and the Partnership agreed
  to convert the December, 1991 Convertible Debentures ($1,250,000 principal
  amount) and accrued interest thereon of $170,871, and Notes receivable
  ($150,000 principal amount) along with the accrued unpaid interest thereon
  of $18,349, into 1,589,220 shares of the Company's Series C Preferred
  Stock.  Each share of Series C Preferred Stock is convertible into 4 shares
  of UNICO's common stock, which effectively lowered the conversion rate of
  the Company's debt held by the Partnership from $0.90 to $0.25 per share. 
  In addition, other holders of UNICO's Notes converted $150,000 of debt plus
  accrued interest into 168,349 shares of Series C stock.  The series C
  Preferred Stock is preferred in liquidation, not dividends.  




  <PAGE> 12

  It has an anti-dilution provision and is automatically converted at the
  issuance of a registration statement for UNICO's stock or August 1, 1998. 
  The stock carries piggy-back registration provisions.  Subsequent to the
  agreement to convert as discussed above, the Partnership advanced an
  additional $50,000 to the Company.  This advance is evidenced by a secured
  note.

       During the quarter ending September 30, 1996, except as outlined
  above, no additional investments were made.


  (2) Material Changes in Operations

       Discuss material changes with respect to the most recent year-to-date
  period and corresponding period for prior year,  if most recent quarter
  included also covers changes for quarterly period.

       During the past twelve months, interest has increased by $54,685
  whereby prior period interest income which was delinquent, was recognized
  upon conversion of the UNICO portfolio investment as outlined in the above
  discussion.  Interest income has otherwise declined substantially as the
  result of not accruing certain past due payments from portfolio companies
  because the likelihood of receiving such payments appears to be in
  question.  In addition, income has declined as the result of payment
  defaults and as the Partnership has converted debentures into common and
  preferred stock that traditionally have lower current yields as compared to
  debentures.

       Income received is primarily from interest income on a portfolio of
  Convertible Debenture investments and upon the sale of common stock.  In
  prior quarters, as investments were committed or closed, income from
  closing fees and commitment fees were also recorded.  This source of income
  is not available on an ongoing basis, except to the extent funds are
  available for new investments.

       Portfolio investments still held as debentures require interest
  payments generally on either a monthly or quarterly basis.  As of September
  30, 1996, all companies are delinquent on interest payments as follows: 
  Biopharmaceutics is in arrears in interest payments to the Partnership in
  the aggregate amount of $402,941.24;  CEL Communications is in arrears in
  interest payments to the Partnership in the aggregate amount of
  $1,039,064.86;  Global Environmental is in arrears in interest payment to
  the Partnership in the aggregate amount of $40,301.72;  International Movie
  Group, Inc. is in arrears in interest payment to the Partnership in the
  aggregate amount of $495,616.41; 




  <PAGE> 13

                            PART II - OTHER INFORMATION


  ITEM 1. LEGAL PROCEEDINGS

  162nd Judicial District Court, Dallas, County, Texas

  John Pembroke vs. Renaissance Capital Group, Inc.
  Commenced on November 9, 1995

  Renaissance Capital Partners, Ltd. vs. John Pembroke
  Commenced on July 15, 1996

  John Pembroke vs. Renaissance Capital Partners, Ltd.
  Commenced on July 26, 1996

       On November 9, 1995, John Pembroke commenced action against
  Renaissance Capital Group, Inc. ("Renaissance Group") seeking collection of
  a judgment awarded to him by default in a suit against AFN, Inc. in the
  amount of $2,441,320.04 plus interest and attorney's fees to seek payment
  of sums claimed due under an employment contract with AFN, Inc.  The stated
  basis for claim was that Renaissance Group became the "alter ego" of AFN
  and therefore liable under the employment contract.  Renaissance Group has
  denied liability and seeks dismissal of the action on summary judgment. 
  The Partnership may be bound, by agreement to indemnify Renaissance Group
  from any costs of litigation and any judgments in favor of Pembroke.

       On July 15, 1996, the Partnership commenced action against Pembroke
  seeking damages for its losses on the investment of AFN, Inc.  The basis
  for claim is misrepresentations made by Pembroke regarding the financial
  condition of AFN, Inc. at the time of the Partnership's investment. 
  Pembroke has denied liability.

       On July 26, 1996, Pembroke filed a counterclaim against the
  Partnership based on the same claims and demands as the earlier suit
  commenced against Renaissance Group, Inc.




  <PAGE> 14

                                    SIGNATURES


       Pursuant to the requirements of the Securities Exchange Act of 1934,
  the Partnership has duly caused this report to be signed on its behalf by
  the undersigned thereunto duly authorized.




                                 RENAISSANCE CAPITAL PARTNERS, LTD.         

  November 18, 1996                  /s/ Russell Cleveland
                               -------------------------------------
                                   Renaissance Capital Group, Inc.,
                                       Managing General Partner
                                     Russell Cleveland, President 



  November 18, 1996                  /s/ Barbe Butschek
                              -------------------------------------- 
                                   Renaissance Capital Group, Inc.,
                                       Managing General Partner
                              Barbe Butschek, Chief Financial Officer