 In 2004, McNamee left Silver Lake to found Elevation Partners, an entertainment and media focused private equity firm, with Bono.On December 20, 2007 Cisco Systems' development chief, Charles Giancarlo, announced his departure from Cisco and his new position as partner and managing director at Silver Lake.In January 2008, as the mid-2000s buyout boom was coming to an end, Silver Lake sold a 9.9% stake in its management company to CalPERS for $275 million, implying a valuation of approximately $2.8 billion for the firm.