The Raine Group, which has offices in New York, Los Angeles, Palo Alto, and Beijing, closed its first fund earlier this week with $475 million in commitments.
The fund will be used to make growth equity investments in the entertainment, digital media and sports industries, according to a statement.
The investment bank was founded in 2009 by Joe Ravitch, a former Goldman Sachs banker, and ex-UBS banker Jeff Sine. It was formed in partnership with Hollywood talent management group William Morris Endeavor.
Raine has already made three investments using capital from its maiden fund – multimedia company Vice; e-commerce business OpenSky; and gaming company Jagex.
In tandem with the final close, Raine has also brought in additional personnel. It hired Glenn Schiffman, formerly head of investment banking in the US at Nomura, as a partner. Schiffman has more than 20 years of investment banking experience, the bank said in a statement. As well as a stint as head of investment banking in the Asia-Pacific region at Nomura, he spent 17 years at Lehman Brothers focusing on media and entertainment, rising to becoming global head of the media group.
It also appointed Sherri Williams, formerly of rival boutique bank Montgomery & Co, as director for private placements and capital markets.
Finally, the bank has strengthened its advisory board with three appointments: Miky Lee, chairman of Korean media conglomerate CJ Group; Steven Newhouse, chairman of Condé Nast-owned internet strategy business Advance.net; and Theo Kyriakou, chief executive of Greek broadcasting company Antenna Group.