Raine Group Raises $760M for New Media, Tech Investment Fund
The fund behind Quality Control's sale to HYBE America now has over $4 billion in assets under management
The Raine Group has raised $760 million for investments in fast-growing start-ups in the telecommunications, media and technology space, the London-based investment and advisory firm said on Thursday.
Raine Group raised the money for the new Raine Partners IV fund from public pension plans, sovereign wealth funds, family offices and others. The fund’s first investment was the mobile games developer Tripledot Studios, according to a statement.
With nearly $4 billion in assets under management, Raine Group has grown since its 2009 founding to serve as an adviser or investor in some of the biggest deals in sports, media and entertainment.
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Earlier this year, it advised pro wrestling giant WWE on its $21 billion combination with Endeavor and on the $300-million sale of Quality Control to HYBE America.
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The Raine Group’s music investment and advisory team — Fred Davis and Joe Puthenveetil — have invested in SoundCloud and Firebird Music Holdings, and also worked as advisors to Francisco Partners when it acquired Kobalt and helped Larry Jackson raise $1 billion in capital for his new venture, gamma.
The Raine Group also owns stakes in DraftKings, Moonbug, Imagine Entertainment, TelevisaUnivision and VideoAmp.
Similar to its predecessor funds, Raine Partners IV will invest in growth-stage media and technology companies, with a particular focus on sports, media, entertainment and gaming.
The Raine Group co-founder and partner John Salter said they chose Tripledot Studios for the fund’s first investment because it’s “one of the strongest (companies) in casual gaming.”
“As a highly profitable business with more than 400 staff and about 50 million monthly active users, we look forward to actively working with their team to drive continued growth in the casual gaming market,” Salter said in a statement.
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