Ghaffari was a founding partner of FrontPoint Partners. He left FrontPoint in 2006 when it was acquired by Morgan Stanley.

Ghaffari will be responsible for management of the group’s investment activities, which include investing in public and private securities as well as traditional and alternative asset classes.

“He brings a strong track record of managing large funds, making investments across a variety of asset classes, and he shares our commitment to integrity and building value over the long term,” Allen said in a statement.

Ghaffari replaces Chris Temple who left Vulcan in late 2009.

Most recently he was portfolio manager of Palatine Hill Partners, which he founded in 2007, as well as Capitoline, a fund he founded in 2009. He previously served as a portfolio manager at Soros Fund Management.

"I have long respected Paul's tremendous philanthropic, scientific and entrepreneurial endeavors, and I look forward to supporting those efforts by maximizing the value of Vulcan Capital's current portfolio and driving returns through new investments in a diverse array of asset classes," Ghaffari said in a statement.

Allen ranks 37th on Forbes' list of billionaires. He announced earlier this year that he plans to give more than half of his estimated $13.5 billion fortune to philanthropy.