D.C.-based investment firm The Stagwell Group LLC will seek to expand its portfolio of digital-first agencies after securing a $260 million capital infusion from Dutch global equity investor AlpInvest Partners, reports Washington Business Journal, which added that “Stagwell, founded in 2015, has completed 17 investments and is on track for more than $400 million in consolidated net revenue this year, according to a company press release.”

According to WBJ, ““We created Stagwell as a meaningful alternative to the holding companies, aptly named, since they have long been holding brands back from delivering on their full potential in a digital-first world,” Managing Partner Mark Penn said in a statement.”

WBJ also Penn left his post as executive vice president and chief strategy officer at Microsoft (NASDAQ: MSFT) in 2015 to create Stagwell Group, which launched with $250 million funding from Penn and Steve Ballmer, ex-CEO of Microsoft.

“The new investment paves the way for Stagwell to move on acquisitions of marketing and research firms. The company’s portfolio includes communications agencies SKDKnickerbocker and Wye Communications, and marketing research firm Harris Insights and Analytics,” stated WBJ.

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