Elevation Partners, the private equity firm that famously counts Irish rock star Bono among its co-founders, sold 5.2 million of its Facebook shares (or 13% of its stake) for $198 million as part of Facebook’s IPO on Friday.

Will Facebook will knock Baidu from the No. 1 spot on the list of IPOs with the biggest first-day gains? Take our poll and let us know what you think.

Shares of Yelp rocket 60% in their first day of trade. Is this the rebirth of the IPO market?

Benchmark Capital Partners, Bessemer Venture Partners and Elevation Partners as a group own 31.7 million shares worth in excess of $475 million at $15 per share.

If Yelp is valued at $14 per share, Benchmark’s shares would be worth $163M, Bessemer’s would be worth $163M and Elevation’s would be worth $118M.

(Reuters) – Groupon Inc opened the IPO window a crack earlier this month and now companies, including Yelp Inc, Angie’s List and even social-gaming giant Zynga, are climbing through it, too. Yelp Inc, which offers online reviews of local businesses and services, filed on Thursday afternoon for an initial public offering of up to $100 [...]

Yelp joined the parade of Internet companies angling toward the public market by unveiling plans for a $100 million IPO and bringing a potential payday to backers Bessemer Venture Partners, Benchmark Capital and Elevation Partners. The IPO market for established Internet companies is heating up again, at least for bigger name players, such as Groupon [...]

Elevation Partners, the PE firm that sports Bono as a co-founder, is expected to begin formally raising a second fund soon, five sources tell peHUB. With offices in New York and San Francisco, Elevation is currently “unofficially” marketing to LPs, placement sources say. Officials for Elevation declined comment. Elevation is expected to seek a smaller [...]

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Private equity firm Elevation Partners plans to raise a new seed stage fund, peHUB has learned.

As peHUB previously reported, Elevation Partners co-founder Roger McNamee said in a speech late last month that his firm would start make seed stage investments. A source with knowledge of Elevation’s plans tells peHUB that the firm will not make the seed investments out of its $1.8 billion PE fund, raised in 2005. Instead, the firm will raise a new fund, the source says, noting that the size of the vehicle has yet to be determined.

McNamee first spoke about his interest in seed deals at the Paley Center for Media in Los Angeles, telling the audience that