Industry News

Homestore gets $100 million

Private equity firm invests in company that operates Realtor.com

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Bono, the lead singer of rock group U2, and Fred Anderson, former executive vice president and chief financial officer for Apple Computer, are part of a team that now has a vested interest in Homestore, a company that operates home-search Web sites including Realtor.com and HomeBuilder.com. Homestore announced today that Elevation Partners, a private equity firm, has agreed to invest $100 million in the company in the form of convertible preferred stock. Anderson is a managing director and co-founder of Elevation Partners, and the firm's leadership also includes Bono; Marc Bodnick, a founding principal of Silver Lake Partners; Roger McNamee, a co-founder of Silver Lake Partners and Integral Capital Partners; Bret Pearlman, a former senior managing director of The Blackstone Group; and John Riccitiello, the former president and chief operating officer for Electronic Arts. Elevation Partners, according to its Web site, seeks to "invest in companies with an attractive core business mode...