Raine Group closes second growth equity fund on $850 million

Tom Freston joins as senior advisor

New York-based Raine Group, has closed its second growth equity fund on $850 million. The fund beat its initial target of $750 million.

Raine Group is a global merchant bank focused exclusively on technology, media and telecommunications. The firm closed its first fund in 2011 on $400 million, and has invested in 12 portfolio companies.

The new fund is already invested in consumer licensing company Margaritaville, and fantasy sports leader DraftKings.

In addition, the firm announced the appointment of Tom Freston as senior advisor. Freston is the founder of Firefly3, a media and entertainment industry-focused investment and consultancy firm. Prior to that, he was chief executive officer of Viacom Inc.

Raine provides investment banking advisory services across TMT, with recent deals including Steve Ballmer’s acquisition of the Los Angeles Clippers.