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U2's Bono joins new private equity firm

Bono, the lead singer for Irish rock group U2, is to serve as a managing director at a new Silicon Valley private equity firm. Elevation Partners, which was launched by former Silver Lake Partners' co-founder Roger McNamee and former Electronic Arts executive John Riccitiello in April this year, will invest exclusively in media and entertainment companies.

Fred Anderson, who retired earlier this month from his position as finance chief at Apple Computer, will also be joining Elevation. Anderson is a board member of Apple as well as eBay. His appointment brings the number of managing directors at the firm to six.

Elevation Partners is targeting commitments of $1bn and will make investments in the music and entertainment industries in an attempt to profit from ongoing turmoil in these sectors, including online piracy and competing home entertainment technologies such as DVDs and videogames, according to a report by the Wall Street Journal.

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