The Raine Group, a global merchant bank focused exclusively on technology, media and telecommunications, closed its second fund, at $850m.
Raine Partners II is a growth equity vehicle that focuses on growth investments in digital, media and entertainment and sports and lifestyle companies.
Fund II has completed investments in consumer licensing company Margaritaville and fantasy sports leader DraftKings.
Raine Partners I, the firm’s first growth fund, closed in October 2011 and invested over $400m across 12 portfolio companies.
Raine is led by Brandon Gardner, President and Chief Operating Officer of Raine and has added entertainment industry executive Tom Freston as Senior Advisor, who joined former Demand Media CEO Richard Rosenblatt, former NFL Network CEO Steve Bornstein, digital media entrepreneur Mika Salmi and Eva Jeanbart-Lorenzotti, founder and CEO of luxury goods retailer, Vivre.
The firm’s growth equity investments include South Park creators’ Important Studios, multimedia producer Vice Media, fitness and lifestyle brand Zumba, and the action sports company Nitro Circus. Venture capital investments include digital lifestyle network Tastemade, social TV platform Whipclip, and mobile game developer Super Evil Megacorp.
It has offices in New York, San Francisco, Los Angeles, London and Shanghai.