Bono elevated to $1bn fund’s top team

U2 front man Bono is to become one of six managing directors of a $1 billion media and entertainment fund in the US.

Bono, aka Paul Hewson, 44, has gained access to world leaders such as US President George Bush and British Prime Minister Tony Blair as he vigorously prosecutes an anti-poverty agenda to reduce the debts of Third World companies.

Bono is joining some older heavy hitters at Elevation Partners, a new Silicon Valley fund set up earlier this year. Fred Anderson, 60, who retired earlier this month as Apple Computer Inc's finance chief is also to become a managing director at Elevation.