Hedge Funds

Renaissance looks again for big outside money

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James Simons' Renaissance Technologies has decided to take another stab at running a fund outside of its best performing Medallion Fund. The firm has put together a new long/short equity fund that will be similar to the firm's flagship entity. The new fund, RIEF, will be quantitatively-focused but will make bets on long-term signals rather than the short-term signal bets the Medallion fund is known for.

Renaissance is said to be targeting large institutional investors who are looking for a substitute for the large-cap equity portions of their portfolios. The firm is looking to raise multiples of the