WASHINGTON -- (Business Wire)

Today, the Stagwell Group, manager of Stagwell Media LP, announced it has redeemed AlpInvest Partners’ remaining interest in the Stagwell Media LP fund.

“We thank AlpInvest for their successful partnership over the last several years. This move leaves only two investors in Stagwell Media LP: myself and Steve Ballmer,” said Mark Penn, Managing Partner at Stagwell Group, LLC. “We are both excited about and committed to the success of Stagwell Inc.”

About Stagwell Group

The Stagwell Group LLC (the “Stagwell Group”) is a registered investment advisory company formed by Mark Penn. The Stagwell Group manages a private equity fund whose portfolio includes Stagwell Inc., the challenger network built to transform marketing (NASDAQ: STGW).

View source version on businesswire.com: https://www.businesswire.com/news/home/20230626721393/en/

Contacts:

Stagwell Group
pr@stagwellgroup.com

Source: Stagwell Group