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Elevation Partners Said to Seek $1 Billion for Next Buyout Fund

Elevation Partners LP, the private-equity firm whose founders include Bono and Roger McNamee, is seeking $1 billion for its next buyout fund, according to a person familiar with the matter.

The company, an investor in social media websites Facebook Inc. and Yelp Inc., is raising money after a nearly seven year hiatus from the market, said the person, who asked not to be identified because the fund is private. The Menlo Park, California-based firm collected $1.8 billion for its last fund in 2005.

Elevation is among a number of companies looking to gather capital to invest in closely held Internet companies. Institutional Venture Partners, also based in Menlo Park, is seeking as much as $1 billion for its next fund and Kleiner Perkins Caufield & Byers will start fundraising in April for an early-stage fund that will take stakes in technology firms, among others. Both firms are based in Menlo Park.

Paul Kranhold, a spokesman for Elevation, declined to comment on fundraising.

The firm holds a 22 percent stake in Yelp, a social-media service that raised $107.3 million in an initial public offering earlier this month. Elevation, which was founded by McNamee and the Irish rock band U2’s singer in 2004, also is an investor in Facebook, which has filed plans to go public.

Elevation’s prior fund was generating an 11.1 percent internal rate of return and a 1.38 times multiple of the acquisition cost as of Sept. 30, according to the Oregon Public Employees Retirement Fund, an investor.

The company’s fundraising plans were reported earlier today by the Wall Street Journal.

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