Bessemer Venture's Rob Chandra leaves to start hedge fund

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.