Elevation Partners' first fund raised just shy of $2 billion, which makes it a small fry in the private equity industry (private equity news). But it enjoyed an outsized persona given the reputation of its founder, Roger McNamee, who some consider a legend in Silicon Valley investing. He's an amateur musician with rock star status. Bono is also an investor.

But the firm is limping along, and Fortune notes that the fund seems to be retrenching just a bit. Support staff has been cut and at least one investment professionl has told others she is leaving. "Elevation stresses that its seven top people, including the two new ones, aren't going anywhere. But that's not all that interesting. The question for the firm's longevity is how many of the people below the top level--the ones who show that an institution with staying power is being built--are sticking around."

The fund still has about $200 million to invest. There's no reason to think it will be raising a second fund anytime soon. 

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