Renaissance Technologies

4146.529 - 4172.047 David Rosenthal

So Cary, I've seen different sources of whether it was 20 or 25 percent in the early days. But the management fee on the fund was 5%, which is crazy. The top venture capital firms in the world charge a 3% management fee. And even that is like everybody holds their nose and is like, this is ridiculous. How on earth were these nobodies charging a 5% management fee out the gate to their investors?