Private equity firm Elevation Partners, which claims
Bider told The Wall Street Journal his former company had developed a business relationship with U2 and remains close with manager Paul McGuinness, who suggested meeting with Elevation co-founder Roger McNamee.
Bider, who also acts as chairman of the Musicares Foundation, will assist the firm in evaluating investments, primarily in the music industry and related areas. He may become involved in the management of any investments the firm makes in the sector, the company said.
Elevation claims $1.9 billion of invested capital and put $100 million into online real estate company Homestore – renamed Move – in November, according to the WSJ.
Bono became a partner in 2004, which reportedly led to wide speculation on the firm’s interests in music deals.