Bono, lead singer for the rock band U2, will soon join a Silicon Valley venture capital fund, Elevation Partners, as a managing director to invest in media and entertainment companies, The Wall Street Journal reported on Tuesday.
The 44-year-old rock star's participation in the venture fund will elevate its profile, said WSJ. The fund is likely to raise $1 billion for acquisitions and investments in the media and entertainment arena.
The venture fund has been set up by top technology investor Roger McNamee and former president of videogame maker Electronic Arts Inc John Riccitiello. The fund also has Fred Anderson who recently retired as the finance chief of Apple Computer.
Bono, whose real name is Paul David Hewson, has been the most famous face of U2, which has many hits to its credit, including the 2001 Grammy Award winner 'Elevation.' The venture fund, however, says that the firm's name is coincidental.
Elevation Partners: A Silicon Valley venture capital fund that plans to make buyouts and other investments in media and entertainment companies.
- Expected funding target: $1 billion
Headquarters: Menlo Park, California.
Managing directors: Singer Bono; former finance chief of Apple Computer Fred Anderson; former president, Electronic Arts Inc John Riccitiello; co-founder Silver Lake Partners Roger McNamee; founding principal, Silver Lake Partners, Mark Bodnick; former senior managing director, Blackstone Group Bret Pearlman.
Bono, despite his new venture, will remain the U2 lead singer. The fund declined to elaborate Bono's responsibilities in the company or its own plans, citing the Securities and Exchange Commission mandated 'quiet period.'
However, it is clear that Bono "brings the fund a network of connections that span entertainment and politics," said WSJ.The US media sector has seen a lot of M&A activity recently. In March, a group of private-equity investors led by Edgar Bronfman Jr. bought Warner Music Group from Time Warner Inc. for $2.6 billion. Sony Corp. and Bertelsmann AG are in the midst of an attempted merger of their global music operations, said WSJ.