Bono, might be a great singer, but in my mind he will never be a great investor. He has been roped in by the likes of wannabe rocker Roger McNamee to become a managing director at Elevation Partners. EP was launched by former Silver Lake Partners’ co-founder McNamee and former Electronic Arts executive John Riccitiello. Now these guys are pretty smart, when it comes to say ERP stuff, or shuffling money, but digital media is a whole different beast. This$1 billion dollar fund is a lame attempt to capture the upside in the “digital lifestyle” revolution, which Silicon Valley is woefully clueless about.
I think regular reader Charlie Sierra sums it up best when he says, “So are the other guys going to have to get themselves some letterhead rockstars just to keep up with the Jones? If we think the tone of political campaigns in the greatest nation on earth is an insult to all of its citizens, then what do the pension funds and other apathetic wealth stewards think of the nature of the VC business. VC’s are just slimmy record producers with Italian suits.”
Great points, because I wonder how would any pension fund even put money into this venture. Why should anyone be allowed to play with citizen’s dollars for an utterly frivilous fund.