SAN FRANCISCO, July 30 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.