As U2 gears up for the band's upcoming arena tour, frontman Bono is said to be busy firming up his status as a venture capitalist. The New York Post is reporting the 54-year-old singer has become a special advisor to a new growth fund from mega-investment firm TPG Capital.
The new mystery fund from the company's TPG Growth arm is currently near its target goal of raising $3 billion from investors, Post sources say. Previously, Bono invested a reported $3 million in TPG Growth's car-pooling service Ride, and he sits on the board of Growth-owned Fender Musical Instruments. It also helps that Bono is friends with William E. McGlashan, Jr., TPG Growth's founder and manager partner.
The Post also reports that there is now a "strong working relationship" between TPG and Sound Ventures, a new investment firm from actor Ashton Kutcher and U2 manager Guy Oseary.
Bono is co-founder and managing director of the San Francisco-based venture capital outfit Elevation Partners, which has a portfolio that includes Facebook, Forbes and Yelp, and previously sunk money into former mobile giant Palm. This new play is taken as a sign of the wind-down of Elevation Partners.