<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, 1997

[ ]  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           
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<PAGE> 2
                        PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                      RENAISSANCE CAPITAL PARTNERS, LTD.

                     STATEMENT OF ASSETS, LIABILITIES AND
                              PARTNERS' EQUITY 

                                (Unaudited)
<TABLE>
<CAPTION>
ASSETS

                                     Dec 31, 1996   Sept 30, 1997
<S>                                       <C>             <C>  
  
Cash and cash equivalents           $      56,723    $  1,235,479
Investments at market value, cost
 of $8,960,241 and $9,239,571
 respectively                          12,981,367      11,289,885
Interest and fees receivable               37,125          26,261
Other assets                                1,065           1,065

                                      $13,076,280     $12,552,690

LIABILITIES AND PARTNERS' EQUITY 

Accounts payable - trade                   51,627          22,652
Accounts payable - related party          834,071         146,696

    Total liabilities               $     885,698    $    169,348

Partners' equity: 
  General partner                          48,638          50,566
  Limited partners (128.86 units)      12,141,944      12,332,776

    Total Partners' Equity             12,190,582      12,383,342
  
                                      $13,076,280     $12,552,690

</TABLE>
See accompanying notes to financial statements.
<PAGE>






<PAGE> 3
                      RENAISSANCE CAPITAL PARTNERS, LTD.

                           STATEMENT OF OPERATIONS

                                 (Unaudited)
<TABLE>
<CAPTION>
                              Three Months Ended Sept. 30,             Nine Months Ended Sept. 30,   
                                                      1996               1997                  1996                 1997  
<S>                                                   <C>                <C>                   <C>                <C>
Income:

    Interest                                      $   101,741          $  77,857            $   108,467         $ 167,338
    Dividends                                             -0-              1,833                    -0-             4,147
    Other investment income                               -0-                -0-                    -0-               -0-

      Total income                                    101,741             79,690                108,467           171,485

Expenses:
    General and administrative                        167,398            158,006                291,702           457,964
    Management fees                                    46,771             62,228                130,836           174,966

      Total expenses                                  214,169            220,234                422,538           632,930

      Investment income(loss) net                    (112,428)          (140,544)              (314,071)         (461,445)

    Loss from investment in 
     Sunrise Media LLC                                    -0-                -0-                    -0-          (143,084)
    Net realized and unrealized
     gain (loss) on investments                     1,192,385          1,253,823               (304,339)          797,289

    Net increase (decrease) in net assets
     resulting from operations                     $1,079,957         $1,113,279              $(618,410)         $192,760


   Income (loss) per limited
     partnership unit                            $      8,381       $      8,553            $    (4,799)       $    1,481
     

</TABLE>

See accompanying notes to financial statements.
<PAGE>






<PAGE> 4
                      RENAISSANCE CAPITAL PARTNERS, LTD.

                        STATEMENT OF PARTNERS' EQUITY

                                 (Unaudited)
<TABLE>
<CAPTION>
                                 General       Limited
                                 Partner      Partners        Total
<S>                              <C>            <C>           <C> 
Balance, December 31, 1996      $48,638   $12,141,944   $12,190,582

Net income(loss)                  1,928       190,832       192,760

Balance, September 30, 1997     $50,566   $12,332,776   $12,383,342



</TABLE>










See accompanying notes to financial statements.
<PAGE>






<PAGE> 5
                      RENAISSANCE CAPITAL PARTNERS, LTD.

                           STATEMENT OF CASH FLOWS

                                 (Unaudited)
<TABLE>
<CAPTION>
                                       Three Months Ended Sept. 30,        Nine Months Ended Sept. 30,
                                                          1996                1997                1996           1997     
<S>                                                       <C>                <C>                   <C>            <C>
Cash flows from operating activities:
    Net increase (decrease) in net assets
     resulting from operations                          $1,079,957        $ 1,113,279         $  (618,410)   $   192,760

    Adjustments to reconcile net decrease to
     cash flows from operating activities:
        Loss from Sunrise Media LLC                            -0-                -0-                 -0-        143,084
        Unrealized (gain) loss on investments             (985,856)        (1,270,288)            821,559      1,970,811
        Realized (gain) loss on investments               (206,529)               -0-            (517,219)    (2,768,100)
        (Increase) decrease in: 
          Accounts receivable                               84,137            (46,229)             72,038       (133,602)
        Increase (decrease) in:
          Accounts payable                                  50,456             47,481             153,884       (716,350)

        Total adjustments                               (1,057,792)        (1,269,036)            530,262     (1,504,157)

        Net cash flows from operating activities            22,165           (155,757)            (88,148)    (1,311,397)

Cash flows from investing activities:
    Purchase of investments                               (319,970)               -0-            (442,470)      (636,697)
    Proceeds from sale of securities                       243,954                -0-             639,218      3,126,850

        Net cash flows from investing activities           (76,016)               -0-             196,748      2,490,153

Cash flows from financing activities:
    Distributions to limited partners                          -0-                -0-                 -0-            -0-
 
Net increase (decrease) in cash                            (53,851)          (155,757)            108,600      1,178,756

Cash & cash equivalents at beginning
   of period                                               165,274          1,391,236               2,823         56,723

Cash and cash equivalents at end of period            $    111,423         $1,235,479         $   111,423     $1,235,479

</TABLE>

See accompanying notes to financial statements.
<PAGE>






<PAGE> 6
                      RENAISSANCE CAPITAL PARTNERS, LTD.
                        Notes to Financial Statements
                              September 30, 1997


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 with generally accepted accounting principles.  The
     preparation of the accompanying financial statements requires estimates
     and assumptions made 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.
<PAGE>






<PAGE> 7
                       RENAISSANCE CAPITAL PARTNERS, LTD.
                    Notes to Financial Statements (Continued)
                             September 30, 1997

  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 for the current quarter was $123,227, and the amount
     determined to be uncollectible and charged against the income was
     $45,370.

3.    Management

  Renaissance Capital Group, Inc. (Renaissance), the Managing General
  Partner, serves as the investment adviser for the Partnership.  Renaissance
  is registered as an investment advisor under the Investment Advisors Act of
  1940.  Pursuant to the management agreement, Renaissance will perform
  certain 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, 1997, were $62,228. 

  Renaissance is reimbursed by the Partnership for administrative expenses
  paid by Renaissance on behalf of the Partnership.  For the three months
  ended September 30, 1997, the Partnership incurred reimbursable expenses of 
  $15,435, which are still outstanding at the end of the quarter.

  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.

4.   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.
<PAGE>






<PAGE> 8
                      RENAISSANCE CAPITAL PARTNERS, LTD.
                  Notes to Financial Statements (Continued)
                              September 30, 1997

5.   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.

6.   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.

  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 of necessity 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>






<PAGE> 9

6.  Investments (continued)

                            INVESTMENT VALUATION SUMMARY
<TABLE>
<CAPTION>
                                                      CONVERSION
                                                                                 or                             
                                                               COST              FACE VALUE           FAIR VALUE
<S>                                                                <C>                  <C>                  <C>
Biopharmaceutics, Inc.                                                            
Common Stock                                               $  700,000          $ 3,105,200           $ 2,868,888
Common Stock                                                  402,941            1,787,446             1,680,199
Common Stock                                                  241,250              535,093               502,987
Common Stock                                                  144,466              640,850               602,399

Global Environmental Corp.                                                      
Common Stock                                                2,360,948            2,077,634             1,952,976
Common Stock                                                  150,000              132,000               124,080

International Movie Group, Inc.                                               
12% Convertible Subordinated Debenture                      1,500,000            1,500,000               750,000

UNICO, Inc.                                                                           
Preferred Series C Stock                                    1,589,220            1,589,220               657,610
9.25% Term Note                                                50,000               50,000                50,000
10% Term Notes                                                224,000              224,000               224,000

Subtotal:                                                   7,362,825           11,641,443             9,413,139

OTHER INVESTMENTS

Sunrise Media, LLC
Formerly CEL                                                1,876,746            1,876,746             1,876,746

                                                           $9,239,571          $13,518,189           $11,289,885
</TABLE>
The fair value of debt securities convertible into common stock is the sum of
(a) the value of such securities without regard to the conversion feature,
and (b) the value, if any, of the conversion feature.  The fair value of debt
securities without regard to conversion features is determined on the basis
of the terms of the debt security, the interest yield and the financial
condition of the issuer.  The fair value of the conversion features of a
security, if any, are based on fair values as of this date less an allowance,
as appropriate, for costs of registration, if any, and selling expenses. 
Publicly traded securities, or securities that are convertible into publicly
traded securities are valued at the last sale price, or at the average
closing bid and asked price, as of the valuation date.  While these
valuations are believed to represent fair value, these values do not
necessarily reflect amounts which may be ultimately realized upon disposition
of such securities.
<PAGE>






<PAGE> 10
                      RENAISSANCE CAPITAL PARTNERS, LTD.
                  Notes to Financial Statements (Continued)
                              September 30, 1997

6.  Investments (continued)

    The Partnership acquired 288,931 shares of Biopharmaceutics, Inc. common
    stock during the current quarter by the cancellation of accrued interest
    of $144,466.

7.  Related Party Transactions

  Certain officers of Renaissance are also limited partners in the
  Partnership.  There were no distributions for the three months ended June
  30, 1997.

8.   Litigation

   The Partnership has been named as a defendant in a lawsuit involving a
   portfolio investment which was fully charged off in prior periods.  The
   Partnership has denied any and all liability relating to this suit and
   intends to vigorously defend this action.  See Part II - Other
   Information, Item 1 - Legal Proceedings for further information concerning
   litigation.



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.

     During the quarter ended September 30, 1997, the Partnership s net
assets resulting from operations increased $1,113,279, and the total
partners  equity account increased by a like amount.  This increase is
primarily attributable to the reduction of the conversion price of
Biopharmaceutics, Inc. to $0.50 per share, and conversion of these Debentures
to common stock, as discussed below.  This increase is par-tially mitigated
by the valuation reserve established for Unico, Inc.
<PAGE>






<PAGE> 11

     The following portfolio transactions are noted for the quarter ended
September 30, 1997 (portfolio companies are herein referred to as the
 Company ):

     Biopharmaceutics, Inc.  Effective as of September 30, 1997,
Biopharmaceutics, Inc. and the Partnership entered into an agreement to lower
the conversion price of the $700,000 debentures issued in 1992 and the
$402,941 debentures issued in 1996 to $0.50 per share.  In addition, the
Company agreed to issue 288,931 shares of its common stock in payment of all
accrued unpaid interest due the Partnership as of September 30, 1997.   In
connection with the lowering of the conversion price, the Partnership agreed
to convert all of its debentures into common stock of the Company.  This
latest action results in the Partnership s total investment in
Biopharmaceutics being 2,736,063 shares of common stock at a cost of
$1,488,657.

     Global Environmental Corp.  On July 31, 1997, in accordance with the
provisions of the loan agreement, the Partnership converted the principal of
its $150,000 Note into 600,000 shares of the Company s common stock.  

     Unico, Inc.  As a result of the Company s difficulties in raising
working capital and  continuing losses, the Partnership has provided a
valuation reserve of $931,610 against this investment. 


(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 quarter, the Partnership experienced an investment loss
of $140,544, and an investment loss for the nine months ended September 30,
1997 of $461,455.  Interest income has increased $54,871 for the nine months
ended September 30, 1997 when compared to the same period last year.  The
Biopharmaceutics, Inc. accrued interest was paid by the issuance of
Biopharmaceutics, Inc. common stock.  General and administrative expenses
rose to $457,964 for the nine month period ended September 30, 1997,
primarily because of the increase in legal and other expenses incurred in
monitoring the portfolio.

     In the past, income received was primarily from interest income on
portfolio 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.  The Partnership
has converted, or is in the process of converting, its remaining debentures
into equity securities of portfolio companies.  Future income will primarily
be dependent upon the sale of these stocks or dividends received, when such
are declared and paid by portfolio companies.
<PAGE>






<PAGE> 12

     Portfolio investments still held as Notes require interest payments
generally on either a monthly or quarterly basis.  UNICO, Inc. has certain
Term Notes outstanding with the Partnership in which interest is payable
annually.  As of September 30, 1997, UNICO, Inc. is in arrears in interest
payments to the Partnership in the aggregate amount of $19,653.65.

                         PART II - OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

     On November 9, 1995, John Pembroke commenced an action against
Renaissance Capital Group, Inc. seeking collection of a judgment awarded to
him by default in a suit against AFN, Inc. in the amount of $2,441,320 plus
interest and attorney's fees to seek payment of sums claimed due under an
employment contract with AFN, Inc.  The stated basis for the claim was that
Renaissance Capital Group, Inc. became the "alter ego," or successor to, AFN,
Inc. and is therefore liable under the employment contract.

     On July 15, 1996, the Partnership commenced an action against Mr.
Pembroke seeking damages for its losses on the investment in AFN, Inc.  The
basis for claim is alleged misrepresentations made by Mr. Pembroke regarding
the financial condition of AFN, Inc. at the time of the Partnership's
investment.  On July 26, 1996, Mr. Pembroke filed a counter claim against the
partnership based on the same claims and demands alleged in the suit against
Renaissance Capital Group, Inc.  

     On March 5, 1997, Mr. Pembroke asserted additional claims alleging
slander, tortuous interference, breach of contract, and conspiracy against
Renaissance Capital Group, Inc., the Partnership, and Russell Cleveland, who
is an officer and director and shareholder of Renaissance Capital Group,
Inc., the Managing General Partner for the Partnership.  Mr. Pembroke is now
seeking actual damages in the amount of $4,000,000 plus interest, at least
$300,000 in attorney fees and court costs, and unspecified puntative damages.

     Renaissance Capital Group, Inc. has denied any and all liability
relating to this suit and intends to vigorously defend this action.  The
Partnership may be bound by agreement to indemnify Renaissance Capital Group,
Inc. and its officers and directors from any costs of litigation and any
judgments in favor of Mr. Pembroke.
<PAGE>







                                  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 11, 1997


___________/s/____________
Renaissance Capital Group, Inc., Managing General Partner
Russell Cleveland, President 



November 11, 1997


__________/s/_______________
Renaissance Capital Group, Inc., Managing General Partner
Barbe Butschek, Chief Financial Officer 
<PAGE>