How to make vr pawn to follow a third person character

I am not familiar with the game, but from the video you linked it seems that the VR pawn is moving from area to area depending on where the little character is.

You can define some zones (using spheres or boxes) and then associate an observer position to each one, placing the VR pawn there. Once the character moves from one zone to another, you can move the VR pawn to the observer position of the new zone. You can also use splines as transition path from one zone to the other, but this is slightly more complicated as you will need to implement a path following mechanism.

Hope this helps!