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Renaissance Technology's Medallion Fund, an employees only offering, recently allowed employees to increase their stake by 50%. This is a surprising development as the firm has long maintained that Medallion, considered the "blackest box in finance," can only accommodate so much cash without reducing returns. The fund has helped to mint at least two billionaires with two others on the cusp, including current CEO Robert Mercer.
It was a remarkable about-face for RenTech, the secretive quant firm that has restricted Medallion’s size since the early 1990s to protect its ability to generate 40 percent annualized returns after fees. Only current RenTech employees are allowed in Medallion, and even they had faced strict limits designed to keep net assets from exceeding roughly $10 billion. As a result, many RenTech staffers were caught off guard when told in early December that these limits would be significantly raised for the first time in years. At least six executives entered into borrowing arrangements, according to regulatory filings, including co-Chief Executive Robert Mercer, whose financial and strategic support is widely thought to have helped propel Donald Trump into the White House.
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