Bono’s private equity firm on tour looking for $1 billion in capital

Elevation Partners, a private equity fund co-founded by Irish rockstar Bono, said that it will be seeking $1 billion for a secondary fund.

The company, named after the hit U2 song, has already made winning investments in Facebook and Yelp and seeks to make more strategic investments, according to Reuters

The private equity firm has a 22 per cent stake in Yelp and in 2009 and 2010 invested a total of $270 million in Facebook while the company was still valued at $16 billion.

Both firms held IPOs this year significantly, increasing their value and share prices.

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Elevation also invests in other media, entertainment and technology industries.

Bloomberg reported that the private equity firm is one of a number of similar firms looking for capital to invest in booming internet start-ups.

According to Reuters, Bono became a founding partner in the private equity firm after he was introduced to Roger McNamee, a technology guru and fellow musician who co-founded private equity firm Silver Lake Partners.