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I believe (not that I know more than anyone else) it's because their own money is invested in the Medallion fund (and not the other funds).


This is wrong. The people at Renaissance have a lot of their money invested in the other two funds. This is one of the main reasons they built the other two funds; they needed a way of managing money that didn't fit in Medallion.

Simons, for example, has a ~$21B fortune, and I doubt he gets more than 1/3rd of Medallion's $10B capacity. He's probably got more money in RIEF than in Medallion.




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