"New funds that have been created for external investors have so far underwhelmed."
which is highly suspicious.
Renaissance is well-known for being an early, big consumer of alternative data (ie. satellite, consumer, social) to find their edge but at the point that it runs out — you either begin trading inside information or regress.
Unless you’re HUGE in size, you can’t over perform for long without establishing insular networks of insider trading.
Buffet rule number one: "If it sounds too good to be true"