Sean Parker, Eric Schmidt, and Peter Chernin Not Enough for Raine
Private Equity Group’s Investor List is Impressive, But Is the Firm Losing Momentum?
They debuted last year’s largest new fund, and their investor list is a veritable who’s who of digital media investing. But SEC filings on Raine Group’s fund closings reveal that the private equity firm, launched by two well-connected investment bankers, could be losing steam.
The fund, Raine Partners I LP, held an exciting first close on $303 million from 22 investors on September 24, 2010. For a brand new fund in an ice-cold fundraising climate, managed by professionals with no proven track record—founders Joe Ravitch and Jeff Sine brokered several storied media mergers, but have not worked as general partners in a fund—the blockbuster first close seemed to defy the odds.
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