Inside Bay Area: Elevation Partners story

"In late 2003, Silicon Valley investor Roger McNamee got a phone call from rock star Bono with a proposal. The U2 lead singer, who'd previously sought business advice from McNamee, had an idea for investing in the entertainment industry, McNamee says.
"Bono had a big idea but needed a partner," he says. "A mutual friend reminded Bono that he knew me."

Less than one year later, Elevation Partners LP was born.

The Menlo Park-based private equity firm, which includes Bono, whose real name is Paul Hewson, and McNamee as managing directors, raised almost $1.9 billion from more than 50 pension funds, institutions, college endowments and individuals for its first fund, which began investing in 2005.

Integral produced a 32.7 percent average annual gross return from December 1991 to May 2004, McNamee says."