I've worked in the industry, and yeah is a good explanation. The problem is that there is a reason why some strategies are uncorrelated to the market ; because they are not trading liquid vanilla products. Institutional investors cannot invest in crazy stuff that easily. Renaissance and other unicorns are not always open to new institutional investors, and certainly not one with tons of compliance to deal with.

1) Portfolio size, 2) low market correlation, 3) above market performance.

Choose two. You cannot have all three.