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Elevation’s LPs Refuse Extension for New Deals, Fund Riding on Facebook and Yelp

The hits just keep on coming for Elevation Partners , the one-time digital media, private equity dream team that has reconfigured itself as an investor in late stage Web 2.0 treasures. Earlier this summer, Elevation requested an extension on investing its $1.9 billion fund, and TechCrunch has learned that that request was denied—a move that came as surprise to us and to Elevation, we hear. So what does that mean? Clearly, LPs are sending a strong message that has to do with Elevation, but also has a lot to do with the broader market: They want to see some returns before they pony up more money. But the news isn’t nearly as bad as it sounds.
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