Last Updated on February 10, 2018
Paul David Hewson has been a very successful investor. Most people are unaware of this because he is better known as the frontman for the band U2 by his stage name, Bono.
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Bono had a hand in creating many hit songs and made a lot of money as part of U2. What he has done with that money is also impressive. He is one of six co-founders of the private equity firm Elevation Partners. Founded in 2004, this firm has assets of nearly two billion dollars.
Elevation Partners has invested in many big-name companies. They invested $300 million to create a partnership between video game developers Bioware and Pandemic. They would later go on to buy them both for $860 million.
Bono’s firm also has a 40% share of Forbes, which they bought for approximately $300 million.
Elevation also considered investing in the Wikimedia Foundation, a US-based non-profit famous for hosting Wikipedia. The company’s other co-founder, Roger McNamee, personally donated $300,000 to the foundation and helped them network with several other people who donated a combined $500,000.
Even more astounding than the above, they own a significant fraction of Facebook (reports range from 1.5% to 2.3%). This share is worth billions, meaning Bono is typically making more money from Elevation Partners than from U2. Through prudent management by a small team, Elevation Partners has recently earned 11% per annum on its investments.
As a philanthropist, Bono often shares this wealth with those who need it. One of his best-known causes is a charity he founded called DATA (Debt, AIDS, Trade, Africa), which helps African nations solve some of their pressing issues.
