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Microsoft’s Mark Penn Will Start Ballmer-Backed Investment Fund

Bloomberg, Boston
Mark Penn, the Microsoft Corp. executive and former political strategist who popularized the term “soccer mom,” will leave the software company by September to start a private-equity fund focused on digital marketing. The new firm, called Stagwell Group LLC, will invest in advertising, research, data analytics, public relations and online marketing companies, according to a statement Wednesday. It has raised $250 million in funding, which -- together with loans and…

Mark Penn Departs Microsoft to Form Marketing Investment Group

Holmes Report
WASHINGTON, DC—Former Burson-Marsteller CEO Mark Penn has departed Microsoft to form a new marketing investment group that has already raised $250m incapital. Penn, who joined Microsoft in 2012 after six years at Burson, said the Stagwell Group will invest in advertising, research, data analytics, public relations, and digital marketing services. One of Stagwell's core investors is former Microsoft CEO Steve Ballmer. "With Steve's support and my experience in politics, marketing…