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One of the foremost behind-the-scenes investors and dealmakers in sports just got a big pot of new money for more large-scale activity.
The Raine Group — a backer of major entities such as DraftKings, Premier Lacrosse League, and TelevisaUnivision, and a broker on record-setting team sales such as Chelsea FC — has closed on a new, $760 million fund focused on growth-stage companies in sports, media, entertainment, and gaming.
Raine Partners IV was developed from a variety of institutional investors — including undisclosed public pension plans, sovereign wealth funds, and family offices — and gives the New York-based Raine nearly $4 billion in assets under management.
“We appreciate this vote of confidence from our limited partners, and we look forward to building on our firm’s strong track record,” said Sherri Williams, Raine partner and head of investor relations and fundraising.
The first investment from Raine Partners IV is in Tripledot Studios, a London-based mobile games developer boasting about 50 million monthly active users across its suite of products.
Raine also played a key role in brokering Endeavor’s $9.3 billion takeover of WWE and is leading the long-running sale process for Manchester United, which also could set another industry record.
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