Elevation Partners, the private equity fund featuring star investor Roger McNamee and Bono, is raising a new fund, reports Adam Lashinsky at Fortune.
Elevation’s current fund is about 70% used, so it needs more money to invest. Elevation raised $1.9 billion in 2004.
Its investment record to date has been spotty.
- Its only successful exit came from an investment in a gaming company that it eventually sold to EA.
- It invested in “online real estate dog” Move.com.
- It bought into Forbes Media, which is slashing staff and trying to hang on.
- Its most important investment is Palm. Elevation invested $460 million in Palm. That investment is worth $500 million today.