Elevation Partners is most known for one of its investors, U2’s Bono, and it’s big time play with Palm. Now, the first one is good for the headlines but the second one, not so much. It appears as if Elevation is getting beyond its recent history as it invests $120 million in Facebook in the secondary market. This signals a change in the company and also could be a sign of the much vaunted Facebook IPO being a thing of the more distant future than many would like. TechCrunch reports
Elevation’s premature obituary is a popular story these days. Things haven’t worked out as planned for the firm—at all— but that’s not unique in the venture market these days, and the tide is turning for Elevation. The Palm-albatross is gone, and the firm didn’t lose money on the deal—not a trivial milestone considering it was 20% of the fund.