Elevation Partners, the private equity firm backed by U2 front man Bono, has reportedly increased its stake in social networking website Facebook.

Technology blog Techcrunch reported that Elevation purchased five million Facebook shares in the secondary market for $120 million (€97.7 million). Last November the fund bought 2.5 million shares in the Californian internet company for $90 million.

Elevation’s stake was acquired at a $14 billion valuation, said Techcrunch, while the current valuation on the secondary market is $24 billion.