Bessemer Venture's Rob Chandra leaves to start hedge fund

SAN FRANCISCO, July 30 Tue Jul 31, 2012 6:38am IST

Stocks

   

SAN FRANCISCO, July 30 (Reuters) - Bessemer Venture Partners' Rob Chandra is scaling back his role at the venture firm to launch Avid Park, a $250 million hedge fund, an investor in the new fund said.

The hedge fund will use a long-short strategy -- meaning it will buy and hold shares in companies it thinks will do well while shorting, or betting against, companies it is less confident in. It will make plays based on volatility in the technology sector, the investor said.

Chandra, who helped raise the $1.6 billion fund that Bessemer closed last year, plans to keep a part-time role at the venture firm for the next few years, the investor said. Until recently, he had overseen Bessemer's investments in India.

Bessemer's investments have included companies such as job network LinkedIn, online bulletin board Pinterest, office-supplies retailer Staples and online restaurant-review service Yelp. It is one of a handful of venture firms able to raise $1 billion-plus funds.

Avid Park has already raised the full $250 million and is closed, the investor said. A Bessemer spokeswoman did not immediately respond to a request for comment.

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage