Private equity firm Elevation Partners might take its name from U2's 2000 single “Elevation,” but the firm really owes its existence to the Irish rock band's “The Joshua Tree” album, which celebrates its 25th anniversary this month.
The album served as a breakthrough for the band as it topped the Billboard 200 in the U.S. for nine consecutive weeks and produced the band's first U.S. No. 1 hit. It ultimately went multiplatinum not only in the U.S. but across the English-speaking world, and won a Grammy Award.
Following the success of “Joshua Tree,” U2 began earning a king's fortune. For example, Billboard magazine estimated U2 earned $255 million in 2005 from music sales and concert tickets, according to the magazine's first Money Makers report.
While most rock stars eventually turn to alternate careers, such as acting, U2's lead singer Bono sought a second career as a private equity executive.
In 2004, Bono shocked not only Hollywood but also Wall Street when he joined former Silver Lake Partners founder Roger McNamee and former Electronic Arts President John Riccitiello to form his latest act: Elevation Partners. His new band has gone on to raise a $1.9 billion fund.
And now with Elevation Partners' investment in Facebook, which is poised to go public later this year, Bono could be looking at his biggest moneymaker yet.
