Bono's Fund Investment In Facebook Quadruples

The private equity fund owned by U2 front man Bono, Elevation Partners, has seen its initial $210 million investment in Facebook quadruple in value, to $750 million dollars, with the recent growth in the social network’s valuation to $50 billion.

Elevation’s 1.5 percent stake in Facebook has risen with the company’s valuation after Goldman Sachs invested $450 million in the company. Although the megastar’s fund previously hadn’t disclosed the amount it invested, now the San Jose Mercury News and other media outlets say Bono’s fund had picked up about $210 million in private stock when the social network was worth $13 billion.

Elevation Partners was called the “worst investor in America” by 24/7 Wall Street last March based on an unsuccessful investment in Palm; that buy subsequently became a winner when Hewlett-Packard bought Palm to the tune of $1.2 billion.

Now Goldman’s investment in Facebook is giving Bono’s fund some more needed gains. Elevation’s co-founder Marc Bodnick, credited with landing the social network deal along with a stake in Yelp, told the Mercury News, ”this might be the best we’ve had in a year. The investments we made in that category look prescient. Elevation has just needed to stay patient for awhile.”

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