<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 June 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 
<PAGE>






  <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,       June 30,
                                                   1996             1997    

    
  Cash and cash equivalents                    $    56,723       $ 1,391,236
  Investments at market value, cost of
   $8,960,241 and $9,095,105                    12,981,367         9,875,131
  Interest and fees receivable                      37,125           124,498
  Other assets                                       1,065             1,065
                                               -----------       -----------
                                               $13,076,280       $11,391,930
                                               ===========       ===========


                        LIABILITIES AND PARTNERS' EQUITY 

  Liabilities:
   Accounts payable - trade                    $    51,627       $    52,834
   Accounts payable - related party                834,071            69,033
                                               -----------       -----------
      Total liabilities                            885,698           121,867
                                               -----------       -----------

  Partners' equity: 
    General partner                                 48,638            39,433
    Limited partners (128.86 units)             12,141,944        11,230,630
                                               -----------       -----------
      Total partners' equity                    12,190,582        11,270,063
                                               -----------       -----------

                                               $13,076,280       $11,391,930
                                               ===========       ===========

  See accompanying notes to financial statements.
<PAGE>






    <PAGE> 3
                              RENAISSANCE CAPITAL PARTNERS, LTD.
                                    Statement of Operations

                                         (Unaudited)

    <TABLE>
    <CAPTION>
                                                 Three Months Ended June 30,             Six Months Ended June 30,
                                                    1996             1997                  1996             1997  
                                                -----------       -----------           ----------       -----------
    <S>                                             <C>              <C>                   <C>               <C>
    Income:

         Interest                               $    3,048        $   49,002            $    6,726       $   89,481
         Dividends                                      -              1,430                    -             2,314
         Other investment income                        -             15,129                    -            16,467
                                                ----------        ----------            ----------       ----------
           Total income                              3,048            65,561                 6,726          108,262
                                                ----------        ----------            ----------       ----------
    Expenses: 
         General and administrative                 68,040           204,010               124,304          299,958
         Management fees                            41,344            56,637                84,065          112,738
                                                ----------         ---------            ----------       ----------
           Total expenses                          109,384           260,647               208,369          412,696
                                                ----------         ---------            ----------       ----------
           Investment income (loss) net           (106,336)         (195,086)             (201,643)        (304,434)

         Loss from investment in
          Sunrise Media LLC                             -            (86,040)                   -          (143,084)
         Net realized and unrealized
          gain (loss) on investments              (167,629)          111,192            (1,496,724)        (473,001)

         Net decrease in net assets  
          resulting from operations            ($  273,965)      ($  169,934)          ($1,698,367)     ($  920,519)
                                                ==========        ==========            ==========       ==========

       Income (loss) per limited
          partnership unit                     ($    2,105)      ($    1,306)          ($   13,048)     ($    7,072)
                                                ==========        ==========            ==========       ==========
    </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)                     (9,025)       (911,314)     (920,519)
                                     ---------     -----------   -----------
  Balance, June 30, 1997             $  39,433     $11,230,630   $11,270,063
                                     =========     ===========   ===========

  </TABLE>













  See accompanying notes to financial statements.
<PAGE>






    <PAGE> 5
                         RENAISSANCE CAPITAL PARTNERS, LTD.

                             Statement of Cash Flows

                                  (Unaudited)
    <TABLE>
    <CAPTION>
                                                               Three Months ended June 30,            Six Months Ended June 30,
                                                                  1996              1997                1996             1997
                                                               ----------        ----------          ----------       ----------
    <S>                                                           <C>               <C>                 <C>              <C>
    Cash flows from operating activities:
         Net increase (decrease) in net assets
          resulting from operations                         ($  273,965)        ($  169,934)        ($1,698,370)    ($  920,519)
         
         Adjustments to reconcile net decrease to  
          cash flows from operating activities:       
             Loss from Sunrise Media, LLC                            -               86,040                  -          143,084
             Unrealized (gain) loss on investments              342,934            (111,194)          1,807,414       3,241,099 
             Realized (gain) loss on investments               (175,305)                 -             (310,687)     (2,768,100)
             (Increase) decrease in accounts receivable          (7,114)            (47,052)            (12,099)        (87,373)
             Increase (decrease) in accounts payable             74,093              14,211             103,428        (763,831)
                                                             ----------          ----------           ---------       ---------

             Total adjustments                                  234,608             (57,995)          1,588,056        (235,121)
                                                             ----------          ----------           ---------      ----------
             Net cash flows from operating activities           (39,357)           (227,929)           (110,314)     (1,155,640)
                                                             ----------          ----------           ---------      ----------
    Cash flows from investing activities:
         Purchase of investments                                (80,000)           (200,000)           (122,500)       (636,697)
         Proceeds from sale of securities                       221,705                  -              395,265       3,126,850 
                                                             ----------          ----------           ---------      ----------
             Net cash flows from investing activities           141,705            (200,000)            272,765       2,490,153
                                                             ----------          ----------           ---------      ----------
    Cash flows from financing activities:
         Distributions to limited partners                           -                   -                   -               -
                                                             ----------          ----------           ---------      ----------
    Net increase (decrease) in cash                             102,348            (427,929)            162,451       1,334,513

    Cash and cash equivalents at beginning of period             62,926           1,819,165               2,823          56,723
                                                             ----------          ----------           ---------      ----------
    Cash and cash equivalents at end of period               $  165,274          $1,391,236           $ 165,274      $1,391,236
                                                             ==========          ==========           =========      ==========

    </TABLE>


    See accompanying notes to financial statements. 
<PAGE>






  <PAGE> 6
                      RENAISSANCE CAPITAL PARTNERS, LTD.

                        Notes to Financial Statements

                                June 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.
<PAGE>






  <PAGE> 7
                          RENAISSANCE CAPITAL PARTNERS, LTD.

                       Notes to Financial Statements (Continued)

                                    June 30, 1997   


  2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
       ------------------------------------------

       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.

       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 $93,879, and the
  amount determined to be uncollectible and charged against the income was
  $44,877.
          
  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 June 30, 1997 were $56,637. 
<PAGE>






  <PAGE> 8
                      RENAISSANCE CAPITAL PARTNERS, LTD.

                        Notes to Financial Statements

                                June 30, 1997 

  3.   MANAGEMENT (continued)
       ----------

       Renaissance is reimbursed by the Partnership for administrative
  expenses paid by Renaissance on behalf of the Partnership.  For the three
  months ended June 30, 1997, the Partnership incurred reimbursable expenses
  of $12,398 and reimbursed Renaissance $11,675 to be 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.

  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.

  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
  eceive 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.
<PAGE>






  <PAGE> 9
                      RENAISSANCE CAPITAL PARTNERS, LTD.

                        Notes to Financial Statements

                                June 30, 1997 

  6.   INVESTMENTS (continued)
       -----------
       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> 10
                        RENAISSANCE CAPITAL PARTNERS, LTD.

                     Notes to Financial Statements (Continued)

                                 June 30, 1997  
    <TABLE>
    <CAPTION>
                                                                     CONVERSION       FAIR
                                                          COST     OR FACE VALUE      VALUE
    <S>                                                   <C>         <C>             <C>
    BIOPHARMACEUTICS, INC.     
    12.5% Convertible Debenture                       $  700,000     $1,575,000     $1,430,500
     conversion price $.25, maturity 10/10/98
    12.5% Convertible Debenture                          402,941        839,460        789,092
     conversion price $.27, maturity 10/1/98
    Common Stock                                         241,250        542,813        510,245

    GLOBAL ENVIRONMENTAL CORP.     
    Common Stock                                       2,360,948      2,656,067      2,496,703
    10% Term Note                                        150,000        168,750        158,625

    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      1,589,220
    9.25% Term Note                                       50,000         50,000         50,000
    10% Term Note                                        224,000        224,000        224,000
                                                     -----------    -----------     ----------

                          Subtotal                     7,218,359      9,145,310      7,998,385

    OTHER INVESTMENTS

    SUNRISE MEDIA, LLC                                 1,876,746      1,876,746      1,876,746
       formerly CEL                                  -----------    -----------     ----------

                                                     $ 9,095,105    $11,022,056     $9,875,131
                                                     ===========    ===========     ==========
    </TABLE>

         The Partnership advanced $200,000 to Sunrise Media, LLC under terms of
  a 7% note and security agreement during the quarter.

  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.
<PAGE>






  <PAGE> 11
                      RENAISSANCE CAPITAL PARTNERS, LTD.

                   Notes to Financial Statements (Continued)

                               June 30, 1997  

  8.   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 ligitation . . . 

  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 three months, the Partnership's net assets resulting from
  operations decreased approximately $169,934, and the total partners' equity
  account decreased by a like amount.  Investments at fair value increased in
  the second quarter, reflecting a higher overall valuation for those
  investments remaining in the portfolio.

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

       BIOPHARMACEUTICS, INC.  On June 24, 1997, the Company effected a one
  share for four shares reverse split of its common stock.  Accordingly, the
  conversion price of the $700,000 of Convertible Debentures issued in 1992
  was reset to $1.00 per share, and the conversion price of the $402,941 of
  Convertible Debentures issued in 1996 was reset to $1.08 per share.

       GLOBAL ENVIRONMENTAL CORP.  On July 31, 1997, in accordance with the
  provisions of the loan agreement, the Partnership converted the entire
  principal of its $150,000 10% Promissory Note into 600,000 shares of the
  Company's common stock.  This conversion was required when the Company
  obtained a loan secured by a lien on the land and improvements owned by its
  Danzer Industries, Inc. subsidiary, located in Hagerstown, Maryland.

       SUNRISE MEDIA, LLC.  On April 1, 1994, the Partnership entered into an
  agreement with Alvin H. Perlmutter, Inc. ("AHP") and Richardson &
  Associates ("R & A") to restructure and activate Sunrise Media, LLC
  ("Sunrise").  This agreement provides for AHP to contribute to Sunrise its
  entire interest in all of the original programming in production or in
  development, together with AHP's entire share of revenues derived from
  properties in distribution, along with film production equipment, for a 37%
  interest in Sunrise.
<PAGE>






  <PAGE> 12

  (1) MATERIAL CHANGES IN FINANCIAL CONDITION (continued)

       R & A is to render ongoing consulting services and is to coordinate a
  private equity financing effort to raise additional working capital.  R & A
  received a 7 1/2% interest in Sunrise.  Pursuant to the agreement, the
  Partnership advanced a working capital loan of $200,000 ("the note") under
  three different advances.  One advance of $100,000 was made on April 15,
  1997 and two advances of $50,000 each were made on May 15, 1997 and June
  15, 1997.  The note bears interest at a rate of 7% per annum and, upon the
  closing of a private equity offering, will be converted to equity on the
  same basis as the private equity financing.

       In the second quarter, the investment in Sunrise was adjusted to
  reflect the Partnership's 55.5% share of net loss for the period ended June
  30, 1997.

       No additional investments were made during the quarter ended June 30,
  1997, except as outlined above.


  (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 recorded a net investment
  loss of $195,086.  Interest income has increased as a result of accruing
  interest in new advances to portfolio companies, but an overall investment
  loss was recorded due to increased expenses.  General and administrative
  expenses rose to $204,010 for the quarter ended June 30, 1997, primarily
  due to increased legal and other expenses incurred in monitoring the
  portfolio.  In addition, the net decrease in net assets resulting from
  operations is due mostly to the loss incurred by the Partnership as a
  result of its investment in Sunrise Media, LLC.

       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.  UNICO, Inc. has
  certain Term Notes outstanding with the Partnership in which interest is
  payable annually.  As of June 30, 1997, all companies are deliquent on
  interest payments.  Biopharmaceutics, Inc. is in arrears in interest  
<PAGE>






  <PAGE> 13

  (2) MATERIAL CHANGES IN OPERATIONS (continued)

  payments to the Partnership in the aggregate amount of $360,089.11.  Global
  Environmental is in arrears in interest payments to the Partnership in the
  aggregate amount of $34,107.65.  International Movie Group, Inc. is
  inarrears in interest payments to the Partnership in the aggregate amount
  of $450,246.55.  UNICO, Inc. is in arrears in interest payments to the
  Partnership in the aggregate amount of $173,479.32.                         


                             PART II - OTHER INFORMATION

  ITEM 1.  LEGAL PROCEEDINGS
  --------------------------

       The Partnership has been included by consolidation with Renaissance
  Capital Group, Inc. in the pending Pembroke lawsuits previously reported in
  the Partnership's December 31, 1996 Form 10-K, Item 3.    



                                    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.         

  August 13, 1997                    /s/ Russell Cleveland
                               -------------------------------------
                                   Renaissance Capital Group, Inc.,
                                       Managing General Partner
                                     Russell Cleveland, President 



  August 13, 1997                    /s/ Barbe Butschek
                              -------------------------------------- 
                                   Renaissance Capital Group, Inc.,
                                       Managing General Partner
                              Barbe Butschek, Chief Financial Officer
<PAGE>