Fortune has an article out this morning discussing the private investment outfits current state of affairs. The editorial paints a dim picture of Elevations track record to date with a focus on the firms $460 million dollar investment in Palm Inc. The article also points out the posibility that Elevation is considering raising a new fund, while at the same time hinting that they may need to force a sale of Palm to a bigger player.
[…] the fate of Elevation’s first fund rests almost solely on one investment, its $460-million stake in beleaguered smartphone maker Palm (PALM). That investment is barely in the money for Elevation. It’s worth about $500 million currently.Elevation is demonstrably in for the long term: It chose not to sell late last year when the stock peaked around $18, compared to Tuesday’s close of $11.65. Palm recently raised $500 million in a stock offering, so its near term is secure.
