FORTUNE -- Sonos, a maker of wireless home audio systems, has raised $135 million in a growth equity round led by Kohlberg Kravis Roberts (KKR). Elevation Partners and Redpoint Ventures also participated, while existing company shareholders include Index Ventures and BV Capital.
1. According to All Things D, only about $45 million of the round is primary capital. The remainder is founder/early shareholder liquidity. Unclear if BV is retaining a stake, given partner Andreas Von Blottnitz is leaving the Sonos board (KKR's David Kerko and Elevation's Fred Anderson are joining).
2. Sources tell me that Elevation Partners isn't investing out of a fund, because the investment period is long expired on its 2006 debut vehicle (and its fabled second fund has yet to materialize). Instead, the Elevation investment is actually coming from Elevation's general partners.
3. I can't recall any other time that KKR has participated in a pre-IPO funding round for a venture-backed company. I know it looked at late rounds for companies like Groupon, but passed because such transactions don't really fit the firm's private equity investment model (namely the lack of control). Maybe it got more comfortable with Sonos because it's high-end hardware, but I'm interested in learning if a deeper strategy shift is at play.
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Reports of Bono's payday have been greatly exaggerated.
FORTUNE -- There have been a lot of silly things written about Facebook (FB) in the past 24 hours, but this item over at HuffingtonPost takes the cake:
Of course, HuffPo was not alone. Similar sophistry was posted at MSN, music blog NME and, most egregiously, on NASDAQ's own website.
Here's the reality: Bono is a partner with Elevation Partners, a private equity firm that invested MOREDan Primack - May 18, 2012 5:39 PM ET
How Elevation Partners fared with Yelp.
Online review site Yelp (YELP) went public earlier today, with shares rocketing more than 64% as of 2:20pm. The last time Yelp raised money was in January 2010, through a private investment from Elevation Partners. So, now that we have a third-party valuation, let's see how Elevation is making out.
Before beginning, let me stress that Elevation did not sell any shares in the IPO and MOREDan Primack - Mar 2, 2012 2:30 PM ET
After default, emergency restructuring was needed to satisfy lenders.
FORTUNE -- The Forbes family has poked itself in the eye with its "capitalist tool."
Like many publishers, Forbes Media has struggled during the financial crisis. But according to nonpublic documents made available to Fortune, the company has been under more financial strain than previously believed. Forbes Media violated covenants on a revolving credit line that it took out in 2006, according to MOREKatie Benner - Jul 28, 2011 5:00 AM ET
Success, it seems, is all in the eye of the beholder.
For most of us, Silver Lake Partners would fit the bill. Since being founded in 1999, the tech-focused private equity firm has amassed $14 billion in assets under management, opened offices around the globe, produced strong returns for investors and diversified its investment strategy. For Silver Lake co-founder Roger McNamee, however, Silver Lake is about opportunity lost.
McNamee was one of MOREDan Primack - Mar 18, 2011 2:22 PM ET
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