The groups ${\mathbb Z}_N$ may be viewed as a series, $N=1,2,3,\ldots$, which in the limit $N\to\infty$ approaches $U(1)$. I realize this is a bit hand waving but I'm pretty sure it can be made precise.
What other examples are there? For instance can $S_N$, the permutation groups, be viewed as approaching a Lie group in the $N\to\infty$ limit? If not, why not?
Is there an example with a non-abelian Lie group as the limit?