Irish rock star Bono has become one of six managing directors of a US$1bn Silicon Valley-based venture capital fund, Elevation Partners, which will focus on opportunities in new media and entertainment.
Bono (pictured) will be joining some older heavy hitters in the technology industry at the firm, which include Apple Computer’s former finance chief Fred Anderson, former Electronics Arts president John Riccitiello and veteran technology investor Roger McNamee.
Bono’s participation in Elevation – the same name as a U2 song is a coincidence – will help boost the profile of the venture capital firm, which aims to initially raise US$1bn for buyouts and investments in media and entertainment companies.
The company would not reveal any further details about Bono – aka Paul Hewson – citing a quiet period mandated by the Securities and Exchanges Commission for private equity firms involved in fund raising.
It is understood that Bono will bring a network of connection in entertainment and politics to the fund. Long regarded as a canny businessman as well as promoting an anti-poverty agenda to reduce Third World debt, Bono’s band U2 has a combined fortune of €634m, according to the Sunday Times’ rich list.
By John Kennedy