Dan Primack of PEHub defends U2’s front-man against 24/7 Wall St’s charge that he’s hopeless at investing:Is Elevation Partners “the worst run institutional fund of any size in the United States?” That was the assertion of a Wall Street 24/7 post earlier this week, and a bunch of readers have emailed me for reaction.
So I decided to take a dive into the media/tech-focused firm’s portfolio, from a financial perspective. What I found was hardly cause for celebration, particularly for a shop whose high-profile partners include Bono, Roger McNamee and Fred Anderson. At the same time, however, calling Elevation “the worst” is to give hyperbole a bad name.
The knock on Elevation is that three of its largest investments are major duds: Palm, Move.com and Forbes Digital Media. So let’s look at them one by one: