Bono Reportedly Adds Special Advisor Role at New Venture Firm, May Sunset Elevation Partners
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.
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.
Chamillionaire Is Now Working As A Venture Capitalist
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.