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Mon, Mar 19 2012 Strong 7.6 earthquake rattles Mexico City Tue, Mar 20 2012 Bono's private equity firm on tour for $1 billion Tweet Share this Email Print Related News Facebook underwriters to get 1.1 percent fee: source Tue, Mar 20 2012 Insight: Pre-IPO stock trading boom could be scary for investors Thu, Mar 15 2012 Yahoo sues Facebook for infringing 10 patents Mon, Mar 12 2012 Yelp soars in market debut on Facebook optimism Fri, Mar 2 2012 Exclusive: Facebook seeking bigger credit line Fri, Mar 2 2012 Analysis & Opinion SecondMarket’s unnecessary Facebook Fund The meltdown explanation that melts away Related Topics Tech » People » Media » Facebook » Singer Bono of the band U2 walks at the Inca citadel of Machu Picchu in Cuzco, Febraury 25, 2012. Credit: Reuters/Andina Agency/Handout By Greg Roumeliotis NEW YORK | Tue Mar 20, 2012 7:32pm EDT NEW YORK (Reuters) - The private equity group co-founded by Irish rock star Bono has approached investors seeking $1 billion for its second fund, buoyed by its success with investments in Facebook Inc and Yelp Inc, a person familiar with the matter said on Tuesday. Elevation Partners LP, which shares its name with a hit song released by Bono's U2 band in 2000 and invests in the media, entertainment and technology industries, is hitting the fundraising trail as Facebook, its most high-profile investment, prepares for a $5 billion initial public offering (IPO). Elevation invested $270 million in the world's biggest social network in three installments between 2009 and 2010, valuing Facebook at $16 billion, the source said, setting it up for huge gains, as the IPO could now value the company at between $75 billion and $100 billion. The firm also committed $100 million in an investment in consumer review website Yelp in 2010 on the basis of a valuation of $500 million, the source said. Yelp completed its stock market flotation earlier this month and currently has a market capitalization of $1.4 billion. Not all of Elevation's investments have been as successful. A quarter of its first $1.8 billion fund invested in smartphone maker Palm Inc, which yielded just a 1.5 percent return once it was sold to Hewlett Packard Co in 2010, the source said. But overall, the first fund, which was launched in 2004, managed a net internal rate of return of 11.1 percent as of September 30, according to Washington State Investment Board, one of its investors. Its returns are set too be boosted by Yelp's and Facebook's IPO. Bono became a founding partner in Elevation after he was introduced to Roger McNamee, a technology guru who co-founded private equity firm Silver Lake Partners LP, by Sheryl Sandberg, currently Facebook's chief operating officer. McNamee is also a musician and performs 100 shows a year in the band Moonalice, where he plays bass and guitar. Moonalice's single, "It's 4:20 Somewhere" has been downloaded more than 960,000 times, according to Elevation's website. Other heavy hitters involved in setting up Elevation include Apple Inc veterans Fred Anderson and Avie Tevanian, and former Blackstone Group LP senior managing director Bret Pearlman. Elevation declined to comment. The launch of its second fund was first reported by Thomson Reuters peHUB. 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