In the world of Silicon Valley private equity, Elevation Partners has long stood out. It has a rock star among its founding partners, for a start.

It also takes big, hairy bets. You need a strong stomach to plough $460m into Palm. At last count that investment had roughly doubled in value, though Palm is still a long way from the finish line.

It’s equally hard to pass final judgment on some of its other big bets. A $300m-plus investment in games studios BioWare and Pandemic produced a 2X return within two years, though chunky investments in Forbes and internet real estate company Move look much tougher sledding.

Still, this week’s news of the first addition to the Elevation parternship in five years is a sign that it is now getting ready for round two.