Term Sheet

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

Exclusive: New York's next seed fund

September 20, 2011: 8:39 AM ET

Bob Pittman's right-hand man goes out on his own.

New York City is about to get (yet) another seed-stage venture fund, Fortune has learned.

It's called Trigger Media Group and is run by Andy Russell, a co-founding partner of Bob Pittman's Pilot Group. His colleagues so far seem to be a handful of McKinsey alumni, including Vanessa Liu and Jonathan Keidan.

A source familiar with Trigger says that it has raised $23 million for its debut vehicle, which will focus on the digital media space. Russell said that figure was "basically" accurate during a brief phone conversation last night, but added that he did not want to discuss Trigger further until it has made its first investment.

Russell also seems to maintain some sort of formal affiliation with Pilot Group, where he had worked for over eight years. His portfolio companies included Thrillist, Idealbite, DailyCandy and Zynga.

Sign up for my daily email newsletter on deals and deal-makers: GetTermSheet.com

Join the Conversation
About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

Email a Tip | @danprimack | RSS
Current Issue
  • Give the gift of Fortune
  • Get the Fortune app
  • Subscribe
Powered by WordPress.com VIP.