WME-partnered bank to focus on investments in entertainment, digital and sports
The Raine Group has completed the fund-raising for its flagship private equity fund, expanding the company’s reach into entertainment, digital media and sports investments with more than $475 million assets under management.Raine said Tuesday it has completed three principal investments with the fund: multimedia company Vice, browser-based games giant Jagex and celeb-driven e-commerce platform OpenSky. “We are pleased to have successfully completed our fund-raising process,” said Jeff Sine, one of Raine’s two founders. “This is a significant milestone for Raine, and we are excited about the prospects for our investments to date and our ability to continue to bring together strong management teams with our limited partners to execute on the global opportunities we see in our focus areas.” Company also announced that media banking vet Glenn Schiffman has joined the firm as a partner. Schiffman hails from Nomura Holdings, where he headed investment banking. Before Nomura, he spent 17 years at Lehman Brothers. Sherri Williams has joined Raine as managing director for private placements and capital markets. She was previously with Montgomery & Co. Sine and Joseph Ravitch founded Raine, a merchant bank focused solely on entertainment, digital media and sports, in partnership with WME in 2009.