A $10 billion hedge fund investor is backing a new launch

• PAAMCO, a $10 billion hedge fund investor, is backing Benn Eifert's QVR Advisors.
• QVR has hired staff from Uber and Wells Fargo.

A $10 billion hedge fund investor is backing a new launch.

PAAMCO, the Irvine, California-based fund of funds firm, is backing QVR Advisors, a new alternative asset management firm, according to a person familiar with the situation.

The amount PAAMCO is investing was not available. PAAMCO managed about $10 billion at the end of last year, per its Form ADV filing.

Benn Eifert, who previously was a co-portfolio manager at relative value fund Mariner Coria, is launching San Francisco-based QVR in mid-August with $75 million, the person said.

Eifert was previously the head of quantitative research at investment firm Overland Advisors.

QVR is not technically a commingled hedge fund, and instead will run several strategy sleeves and build customized separately managed accounts for investors.

A media representative for PAAMCO didn't immediately comment.

QVR has hired:

• Tae Hong as a senior quantitative trader. Hong most recently worked as a data scientist at Uber, and previously worked at the Cutler Group and PEAK6 Investments, per his LinkedIn page.
• Scott Toyama, head of operations, who most recently worked as a business analyst manager at Wells Fargo Securities and was director of operations at Overland, per his LinkedIn page.

NOW WATCH: Netflix is an emerging juggernaut

Please enable Javascript to watch this video