What does a serious venture capital fund do to stay hip in these heady days of tech investment?
It brings aboard a 54-year-old rock star, of course.
U2 front man Bono now has a legit second career: tech investor.
The 54-year-old rocker is a special adviser to a new growth fund being raised by private equity mogul David Bonderman’s TPG Capital, The Post has learned.
It's a bold move for TPG (which in fairness has some experience with bold statements) looking for star power to help grow its TPG Growth fund, even if the company is maybe picking one celeb with some underwhelming contemporary relevancy.
In fairness to Bono though, he's no stranger to riding the wild horses of the private equity world.
Bono was one of San Francisco-based Elevation’s co-founders.
See? He's a pro at this stuff.
Bono’s Elevation Partners now seems to be winding down after raising its only fund in 2005.
Mediocre investments in mobile phone company Palm and Forbes Media Holdings have dogged Elevation Partners, which has invested practically all its $1.95 billion and as of September 2014 generated an 11.4 percent annual return, according to available public records.
So maybe TPG is just looking past the unforgettable tire fire that is Bono's investment career so far and just assuming he got stuck in a moment and he couldn't get out of it.
Hey, TPG could carve a real niche letting Bono find apps that just appear on devices after software updates, drives users into apoplexy trying to erase them, and then sell them software to remove them,
But like any modern fund, TPG is hedging on its big Bono bet and also bringing on former teen heartthrob/Charlie Sheen replacement/tech investor Ashton Kutcher as yet another special advisor.
There's not yet word if any other VC firms have reached out to The Edge and Jon Cryer.