The Raine Group

What The Raine Group does

The Raine Group is a privately held integrated merchant bank founded in 2009 and headquartered in New York, providing M&A advisory, divestitures, private capital raising, and strategic advisory services to clients in sports, content, music, and gaming, with cross-sector capabilities in advertising, commerce, and technology. The firm operates through nine global offices (New York, Los Angeles, San Francisco, London, Paris, Barcelona, Mumbai, Shanghai, Singapore) and a regulated entity stack including Raine Securities LLC (FINRA/SIPC broker-dealer), Raine Capital LLC (SEC-registered investment adviser), Raine Advisors Limited (FCA-regulated), Raine Advisors India Private Limited (SEBI-registered merchant banker), and Raine Singapore Pte. Ltd. Revenue is generated across three streams: advisory fees on M&A and capital raising mandates (transactional, retainer, and success-based), asset management fees and carried interest on approximately $2.8 billion AUM as of December 31, 2025 (across Raine Partners growth equity including the $760 million Raine Partners IV LP and Raine Ventures), and broker-dealer / capital markets fees from Raine Securities LLC. The platform is augmented by Raine Search, an internal semantic search AI tool built in partnership with AfterQuery that supports precedent retrieval and deal workflows.

The firm's go-to-market is relationship-driven and senior-led: partners personally originate and execute mandates, with selective engagement restricted to transactions where the firm believes its involvement can maximize outcomes. Marquee mandates span decades-long relationships (Endeavor across 20+ M&A transactions; DraftKings since 2014) and landmark transactions including the $21 billion WWE-UFC merger forming TKO Group Holdings, the $8.5 billion Disney-Star India/Viacom18-Reliance merger creating JioStar, the proposed $28 billion Skydance-Paramount Global merger, the £4.25 billion Chelsea FC sale, and the $3 billion NBA Europe league launch co-advised with J.P. Morgan. The principal investing arm (Raine Partners IV and Raine Ventures) deploys capital across the same verticals — including recent Series A and Series C investments in Midnite, Duetti, Cypher Games, Kohort, and AfterQuery — generating alignment with advisory clients and reinforcing deal flow.

The firm is founder-led (Joe Ravitch, Jeff Sine, Brandon Gardner, John Salter, Deborah Mei), with a leadership bench drawn predominantly from bulge-bracket institutions (Goldman Sachs, Morgan Stanley, UBS, Credit Suisse, Citigroup). A growing technology and capital markets platform is being assembled through the April 2023 acquisition of Code Advisors and the February 2026 hire of Credit Suisse ECM veteran Anthony Kontoleon, alongside ongoing AI infrastructure investments via the AfterQuery partnership.

Name

The Raine Group

Legal name

The Raine Group LLC

Website

https://raine.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

101–250 employees

Short description

The Raine Group is a private integrated merchant bank that advises and invests across sports, content, music, and gaming, providing M&A advisory, private capital raising, and ~$2.8B AUM growth equity and venture capital through nine global offices.

Ownership category

akta.pro rank

Product category

Investment Banking and Merchant Banking Services

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Miscellaneous Financial Investment Activities (523999)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG)

akta.pro secondary industry

Management Buyouts (MBO/MBI) & Sponsor-Led Transactions Advisory (FSAEAGAI)

Keywords

• Merchant banking
• M&A advisory
• Growth equity investing
• Private capital raising
• Media telecom advisory

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain, Others

Revenue model

1. Investment Banking Advisory Fees: Recurring and transactional advisory fees from M&A, divestitures, private capital raising, and strategic advisory engagements across sports, content, music, gaming, and technology sectors. Mandate-based engagements with retainers and success fees.
2. Asset Management / Fund Management Fees & Carry: Management fees and carried interest from Raine's growth equity funds (Raine Partners I-IV) and Raine Ventures. AUM of approximately $2.8 billion as of December 31, 2025. Raine Partners IV LP is a $760 million growth equity fund.
3. Broker-Dealer Capital Markets Activities: Underwriting fees, private placement commissions, and equity capital markets fees generated through Raine Securities LLC, a FINRA/SIPC registered broker-dealer subsidiary.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

The Raine Group is an integrated merchant bank delivering two core offerings: (1) Advisory services — M&A, divestitures, private capital raising, IPO advisory, and strategic counsel for clients in Sports, Content, Music, Gaming, and Technology, Media & Telecom sectors; and (2) Investment Management — growth equity (Raine Partners funds, including Raine Partners IV LP at $760M) and venture capital (Raine Ventures) deploying approximately $2.8B AUM into the firm's core verticals. Both lines are delivered through regulated subsidiaries including Raine Securities LLC (US broker-dealer) and international entities in the UK, India, and Singapore.

Product overview

The Raine Group is a single integrated merchant bank platform offering two principal business lines: an Advisory practice providing M&A, divestiture, and private capital raising services, and an Investment Management practice operating growth equity (Raine Partners) and venture capital (Raine Ventures) strategies. These two lines are delivered across four core verticals — Sports, Content, Music, and Gaming — with cross-sector capabilities in Advertising, Commerce, and Technology, and are supported by multiple regulated subsidiaries including Raine Securities LLC (registered broker-dealer), Raine Capital LLC (SEC-registered investment adviser), Raine Advisors Limited (FCA-authorized in the UK), Raine Advisors India Private Limited (SEBI-registered merchant banker in India), and Raine Singapore Pte. Ltd. Internally, the firm also operates Raine Search, a semantic search AI tool developed in partnership with AfterQuery to support firm-wide deal workflows.

Differentiator

Problem solved

Functional benefit

Brands

• Raine Ventures: Internal venture capital group within Raine, led by Managing Partner Gordon Rubenstein, focused on early-stage investments in sports, content, music, gaming, and technology.
• Raine Partners
• Raine Next-Gen Communications

Products and services

• Advisory Services Strategic advisory services delivering mergers and acquisitions advisory, divestitures, private capital raising, IPO advisory, restructurings, and other strategic corporate finance counsel for clients in Sports, Content, Music, Gaming, Advertising, Commerce, and Technology sectors.
• Investment Management (Raine Partners and Raine Ventures) Growth equity and venture capital investment strategies with approximately $2.8 billion in assets under management, deploying capital across sports, content, music, and gaming verticals. Includes Raine Partners IV LP, a $760 million growth equity fund, and Raine Ventures.
• Raine Securities LLC (Broker-Dealer Services) FINRA-registered broker-dealer subsidiary providing financial advice on mergers, acquisitions, financial restructurings, private placement of securities, and underwriting activities for Raine clients.
• Raine Capital LLC (Investment Advisory) SEC-registered investment adviser managing Raine's growth equity and venture capital investment strategies, with integration of ESG considerations and sustainable risk assessment in investment decision-making.
• Raine Advisors Limited (UK Advisory) UK-based entity authorized and regulated by the Financial Conduct Authority (FRN: 990522), providing advisory services across the UK and Europe.
• Raine Partners IV LP Growth Equity Fund A $760 million growth equity fund managed by Raine Partners, deploying capital into entertainment and sports deals across the firm's core verticals.
• Raine Ventures (Venture Capital) Venture capital group within Raine, led by Managing Partner Gordon Rubenstein, focused on early-stage investments in sports, content, music, gaming, and technology.

Quantifiable outcome

• $8.5 billion Disney-Star/Viacom18 merger — largest media M&A ever completed in India
• +7 more outcomes

Named customers23 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature2 records

Partnerships

Eight partnerships are on record, tiered minor, core and flagship.

• Fortt Knox Innovation Lab / VersantminorStrategic or Co-development Partner · 9 May 2026Fred Davis (Partner at The Raine Group) was featured discussing partnership and strategic initiatives relating to the Fortt Knox Innovation Lab, which is associated with Versant.
• Kohort (Portfolio Company)coreStrategic or Co-development Partner · 8 May 2026Beyond leading the Series A, Raine Partners provides strategic guidance to Kohort as it scales its AI user acquisition agent suite, including the flagship Ktrl product.
• AfterQueryflagshipStrategic or Co-development Partner · 9 April 2026AfterQuery partnered with The Raine Group to improve enterprise AI infrastructure by building firm-specific data systems, including a semantic search tool called Raine Search. The focus was on organizing scattered precedents and workflows to enable faster, more accurate analysis and to prepare Raine for more advanced AI deployment. This is also an investment relationship (AfterQuery's $30M Series A included participation from Raine).
• Haveli Investments / Budge StudioscoreGTM or Marketing Partner · 9 February 2026Raine Group served as exclusive financial advisor to Haveli Investments on its acquisition of Budge Studios from General Atlantic. Budge Studios is a Montreal-based children's games developer with over 2B mobile game downloads.
• Midnite (Operating Investment)flagshipStrategic or Co-development Partner · 15 January 2026Raine has been a long-term investor in Midnite since at least the Series B round. John Salter (Raine Co-Founder) sits on the board of Midnite. Teddy Kleinman (Raine VP) is a Board Observer. Raine continues to support Midnite's product development and international expansion strategy.
• J.P. MorganflagshipStrategic or Co-development Partner · 22 December 2025J.P. Morgan and Raine Group are serving as joint financial advisors for the launch of NBA Europe — a $3 billion investment by the NBA and FIBA to create a new European basketball league featuring 12 permanent franchises. Co-advisors on the structural design, market sounding, and franchise sales process.
• Emerging Media Ventures (Manoj Badale)coreGTM or Marketing Partner · 8 December 2025Engaged as sell-side advisor to Rajasthan Royals' majority owners Emerging Media Ventures (Manoj Badale, ~65% stake) for the sale of a majority stake in the IPL franchise. Process targeted valuations exceeding $1B with options ranging from majority stake to full exit.
• Reliance Industries LimitedflagshipStrategic or Co-development Partner · 1 January 2024Raine served as lead financial advisor to The Walt Disney Company on the $8.5B merger of Disney's Indian media assets with Reliance Industries to create JioStar — a transformational deal combining Star India and Viacom18. The deal included a $1.4B investment by Reliance Industries Limited.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Allen & Company: Closely comparable boutique merchant bank with a sports, media, and entertainment focus and an integrated advisory-plus-principal-investing model. Raine is widely seen as the modern challenger to Allen & Company in sports and entertainment M&A, with a similar senior-led, selective engagement approach.
• LionTree: Boutique TMT-focused merchant bank founded by Aryeh Bourkoff offering independent advisory services to media, telecom, and technology clients. Directly comparable to Raine in scale, sector specialization, and senior-led boutique execution.
• Centerview Partners: Independent advisory firm founded by former UBS bankers, with a comparable senior-partner model, selective engagement approach, and growing presence in media and entertainment M&A. Comparable scale and business model to Raine.

Broad incumbents

• Moelis & Company: Larger publicly-traded independent investment bank with a global M&A advisory practice. Overlaps with Raine in TMT and entertainment M&A but operates as a broader, generalist platform rather than a sector-specialized boutique.
• PJT Partners: Independent advisory firm spun out of Blackstone with a similar founder-led culture and TMT advisory strength. Comparable in size and boutique positioning to Raine, though more diversified across industries.
• Evercore: Independent advisory firm with a large TMT practice and similar senior-led, independent model. Larger and more diversified than Raine, but directly comparable in serving TMT clients with senior banker attention.
• Perella Weinberg Partners: Independent advisory firm founded by veteran bankers with a strong TMT practice. Jake Vachal, a current Raine Partner, joined from Perella Weinberg, evidencing direct talent flow and comparable positioning in TMT M&A.
• Jefferies: Mid-market focused full-service investment bank with strong sports, media, and entertainment advisory practices. Competes with Raine on sports and entertainment M&A mandates but offers broader capital markets and research capabilities.

Emerging players

• Qatalyst Partners: Technology-focused boutique investment bank specializing in M&A for software, internet, and tech-enabled companies. A new Raine Vice President (Chris Nee) joined from Qatalyst, indicating direct comparability and talent flow in technology M&A advisory.
• Code Advisors: San Francisco-based boutique technology and media M&A advisor co-founded by Quincy Smith and Michael Marquez. Was an independent peer until acquired by Raine in April 2023, with Smith now a Raine Partner. Historically a direct peer in TMT M&A advisory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-raine-group

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments97 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Raine Group