Raine Group LLC — 13F Portfolio

Raine Group LLC is the core U.S. advisory and investment management entity of The Raine Group, a New York–based global merchant bank focused on technology, media, telecommunications (TMT), sports, gaming, and consumer internet. Founded by Joseph Ravitch and Jeffrey Sine, Raine combines principal investing with strategic advisory and capital-raising services for companies and investors across these sectors. The firm structures and manages a range of private funds and co‑investment vehicles pursuing growth equity, private equity, and select venture investments. Capital is typically allocated to businesses at the intersection of digital content, sports and entertainment rights, interactive media and gaming, fintech, and consumer internet platforms, where Raine can pair capital with strategic and industry expertise. In the U.S. regulatory framework, Raine Group LLC is registered as an investment adviser and appears in the SEC’s 13F system as an institutional investment manager under CIK #1887502. Its Form 13F filings report the entity’s reportable long positions in U.S.-listed equities and certain equity-like instruments at each quarter-end. These holdings represent the public component of Raine-managed vehicles and proprietary accounts, and typically include: - Public or recently public portfolio companies originally backed in Raine’s private funds; - Thematic positions in listed media, technology, and sports-related issuers aligned with Raine’s sector expertise; - Occasionally, ETFs or listed vehicles used for liquidity or tactical exposure around core positions. The 13F dataset therefore offers a view of one slice of Raine’s business—the U.S. long-equity sleeve—while the bulk of exposure remains in private companies, structured investments, and non-U.S. holdings that are outside Form 13F’s remit.

Raine Group LLC implements The Raine Group’s merchant-banking strategy in fund format. The investment philosophy centers on backing category-defining companies with durable competitive advantages and strong strategic positioning within TMT, sports, gaming, and consumer ecosystems. Core aspects of the approach include: - Sector specialization: Focusing on digital media and streaming platforms, sports leagues and teams, esports and gaming, online betting and iGaming, creator and influencer platforms, fintech and payments, and high‑engagement consumer internet franchises. - Growth-equity and private-equity orientation: Targeting businesses with scalable unit economics, strong brand and IP, or network effects, and the potential to expand globally or deepen monetization of fan bases and user communities. - Flexible capital structure: Investing through growth equity, control or influential minority private equity stakes, structured equity and convertibles, and later public equity, depending on company stage and transaction context. - Active partnership: Working closely with management on strategy, go‑to‑market, M&A, capital structure, and commercial partnerships—consistent with a merchant‑bank model rather than a purely passive financial investor. Within Form 13F, this manifests as a concentrated set of U.S.-listed holdings that are often public extensions of Raine’s private positions, or ecosystem names that are directly relevant to Raine’s sector theses. A holdings‑based review of Raine Group LLC’s 13F Portfolio Composition across multiple quarters typically shows: - Clustering in media, streaming, sports, gaming, betting, fintech, and consumer internet names; - High-conviction position sizes in a handful of flagship assets; - Relatively low turnover, with positions often held through multi‑year value-creation plans and key strategic milestones. A Portfolio Simulator or Backtesting Service can take the full 13F file set and convert it into a long-only replication that mirrors Raine Group LLC’s disclosed U.S. equity holdings as of each quarter-end. This creates the foundation for a 13F-based Historical Track Record, showing how the public sleeve of Raine’s ideas would have evolved if held passively between reporting dates.

Raine Group LLC, filing under CIK #1887502, is the registered advisory entity for The Raine Group’s merchant-banking activities, providing a position-level window into the public-market expression of its TMT, sports, gaming, and consumer internet theses. While most of Raine’s capital is deployed in private and structured deals, the 13F filings offer a consistent, rules‑based record of its U.S.-listed long-equity holdings. By aggregating these disclosures, an analytics platform can build a 13F-based Historical Track Record that mirrors a portfolio holding Raine Group LLC’s reported positions between quarter-ends. Examining this reconstructed capital trajectory alongside changes in 13F Portfolio Composition—issuer concentration, sector mix, and the timing of entries and exits—helps allocators understand how the public sleeve has behaved across media and streaming cycles, sports and betting regulatory developments, and broader equity market regimes. Overlaying diagnostics such as Max Drawdown Depth and a holdings‑derived Sharpe Ratio provides additional insight into the variability and risk-adjusted characteristics of this long-only, 13F‑implied stream. Used with a Portfolio Simulator and related Performance Backtests Online, these analytics give allocators an independent, public-data-driven perspective on one visible facet of Raine Group LLC’s merchant‑banking platform. The central analytical question is how the regime sensitivity implied by this 13F-based reconstruction—across advertising and content cycles, shifts in sports and gaming regulation, interest‑rate moves, and changes in risk appetite for growth assets—maps onto the behavior and resilience of Raine’s larger, less liquid private portfolios over a full sector and market cycle.

At the platform level, Raine’s risk is driven by concentrated exposure to TMT, sports, gaming, and consumer innovation across both private and public markets. Key underlying risk factors include: - Sector and thematic concentration around media, sports rights, gaming and betting regulation, advertising cycles, and consumer discretionary spending; - Valuation and growth-risk in high‑growth companies whose business models depend on user growth, engagement metrics, and monetization of IP or platforms; - Liquidity and exit risk in private holdings, particularly when capital markets are less receptive to IPOs or strategic M&A. Within the narrower 13F lens, only the long U.S.-listed equity slice can be quantified. Observed risk characteristics in this sleeve include: - Equity market sensitivity, with notable beta to broad indices and additional sensitivity to growth and TMT sub‑indices; - Single‑name and position concentration, as a limited roster of high‑conviction holdings can drive much of the replicated portfolio’s behavior; - Style tilts toward growth, quality of franchise (brand, IP, network effects), and mid- to large-cap companies. By treating each 13F filing as a quarter-end snapshot and applying Performance Backtests Online, an allocator can construct a synthetic, long-only capital path that assumes Raine Group LLC’s disclosed holdings are held until the next filing. From this reconstructed stream, it is possible to estimate volatility, equity beta, and downside characteristics, including Max Drawdown Depth. A holdings-derived Sharpe Ratio can then be calculated to summarize the risk‑adjusted profile of this 13F‑implied long‑equity sleeve. These diagnostics capture only an unhedged, public-equity fragment of a broader private and structured portfolio. They do not incorporate private equity, venture positions, structured and credit exposures, or any hedging or tactical trading that may occur around the public names. As such, 13F-based analytics are best used as a complementary lens on Raine’s public holdings, not as a full proxy for platform‑wide risk.