Elevation loses founding partner

Co-founder of Elevation Partners Marc Bodnick is reportedly leaving the firm, whose future ability to raise funds has been thrown into uncertainty.

Elevation Partners co-founder Marc Bodnick is leaving the media-focused firm to join Silicon Valley startup Quora, according to Venture Beat.

Bodnick co-founded Elevation in 2004 with managing director Roger McNamee. Both men were also co-founders of Silver Lake Partners in 1999. Prior to working at Silver Lake, Bodnick worked in the principal investment group at The Blackstone Group where he served on teams evaluating, executing, and monitoring private equity investments.

Elevation, which counts U2 lead singer Bono as a partner, was denied a fund extension by limited partners last summer, a move that has raised concerns regarding the firm’s future ability to raise funds.

“[The firm] was told by investors [it] needed to concentrate on the portfolio, get some realisations and return cash to them and hopefully in a year if that all works [the firm] would be able to go out and raise capital and have a Fund II,” former Elevation managing director Kevin Albert told PEO in an earlier interview. Albert left the firm for Pantheon in the summer of 2010, and said the uncertainty surrounding Elevation’s fundraising future motivated his decision to leave the firm.

Elevation is currently investing from its debut fund that collected $1.9 billion in 2005. The fund was generating a .99x multiple and a .4 percent IRR as of 30 September 2010, according to information from the Oregon Investment Council.