Renaissance caps monthly subscriptions

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Renaissance Institutional Equities Fund, the $10 billion long-biased U.S. hedge fund launched by Jim Simons last year, is raising capital so quickly it has had to cap inflows at an eye-popping $2 billion per month.

Last month, potential investors were told that the fund was oversubscribed and that fresh capital would not be accepted until at least December 1. Renaissance Technologies, of East Setauket, N.Y., which also runs the high-performing Medallion fund, is planning to introduce an international version of the institutional equities portfolio next year.

RIEF was launched on July 31, 2005, to much fanfare. The fund not