Elevation seeks $1 billion with help from U2's Bono
U2 frontman Bono is embarking on a solo tour but it doesn't involve music. A private equity firm co-founded by the musician is hitting the road to search for more money, according to Reuters.
Elevation Partners, which has invested heavily in social networking, is now looking to dig up $1 billion for a second fund, reports Reuters. The company's largest investment to date has been in Facebook, to the tune of $270 million, which came in three installments and valued the social networking site at $16 billion at the time. (The company is now estimated to be worth $100 billion.)
Other less lucrative investments Elevation has made were in smartphone maker Palm and "Forbes" magazine.