Upon first encountering the phrase, “Bono is a Managing Director and Co-Founder of Elevation Partners”, one can be forgiven for feeling a titillation not normally associated with the reading of a private placement memorandum. And yet, there he is in Elevation Partners' PPM, listed alongside fellow managing directors and cofounders Fred Anderson (ex-Apple Computer), Marc Bodnick (ex-Silver Lake Partners), Roger McNamee (ex- Silver Lake), Bret Pearlman (ex-Blackstone), and John Riccitiello (ex-Electronic Arts).

Bono (current lead singer of U2, in case you've been living on the moon), is described in the dry language common to PPMs, but we'll have to admit that in the context of the proposed $1 billion fund's strategy – investments in media and entertainment business and assets – his bio really seems to fit in, once you get over the fact that the guy sells out stadiums as a day job.

The other partners are listed under either “Investing Experience” or “Operating Experience and Expertise”. Bono gets his own category: “Media and Entertainment Domain Knowledge and Relationships”.

The bio reads, in part: “Bono is the lead singer and co-founder of U2, one of the most successful bands in the history of the recorded music industry. Since 1977, U2's albums have sold over 120 million units worldwide… U2 has also been an industry leader in the management of its business operations and intellectual property. Unlike most bands, U2 owns and controls the exploitation of most of its own catalogue”.

In the “Certain Investment Considerations” section, potential investors are warned that certain principals may have to devote time to other projects. McNamee, for example, retains interests in Silver Lake and Integral Capital Partners. Bono, the section notes, “is directly involved as a performer with a substantial entertainment enterprise, which is expected to place heavy demands on his time”.

U2 guitarist The Edge should prepare himself for due diligence calls.