Raine Group’s Fund II raises $367 mln just 2 years after closing first fund

Firm: Raine Group

Fund: Raine Partners II LP

Target: N/A

Amount raised: $367 million

Placement Agents: Raine Securities, EFP Capital LLP

Raine Group, whose advisory board includes Marc Andreessen, Willam Morris executive Ari Emanuel and ex-MTV chief Tom Freston, said it received commitments from 35 investors and listed its first sale on Jan 1, according to a Form D filing. No target is disclosed in the document.

Google Inc co-founder Eric Schmidt has reportedly invested in the firm, along with former Facebook president Sean Parker and ex-News Corp COO Peter Chernin.

The latest fundraising effort comes after the firm drew $475 million in commitments for Raine Partners I LP, short of its $500 million target, in a closing announced in October, 2011. 

Joseph Ravitch, a former Goldman Sachs partner, and Jeffrey Sine, a senior banker at UBS, founded Raine Group as a merchant bank in 2009.  Emanuel, co-CEO of William Morris Endeavor, is reportedly a Raine investor. Raine Group was founded in partnership with the talent agency, according to its website. 

Raine Group advised William Morris Endeavor on the effort with Silver Lake to buy IMG Worldwide Inc from Forstmann Little & Co, which acquired the talent agency in 2004 for $750 million. The price tag of IMG was reported at $2 billion. The deal was announced earlier in January.

In one fresh transaction announced in October, Raine Group paid an undisclosed sum to buy beRecruited, an online networking site for high school student athletes seeking college recruitments, from Madion Parker Capital. In 2012, Raine Group led a $23.5 million financing round for Parchment Inc, a service to help educational institutions exchange transcript credentials.

Raine Group has also invested in Zumba Fitness, the dance-oriented exercise program. Other investments include media company Vice, Jagex, the online game developer, and OpenSky, the online social shopping service. Raine Group focuses on three sectors: digital, media and entertainment, sports and lifestyle, according to its website.