Raine Group Prestige
Thoughts on current prestige of Raine Group - are they a top/rising EB? Seems to be on the up in 2023 - working on manutd sale and did the mega WWE/UFC merger.
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Wouldn’t necessarily call them an EB but they are definitely getting more and more well known and landing great deals.
Before they would be largely unknown / only people within their sectors knew them, but they are pretty well known now and will get good looks.
Overall on the rise, with very strong professionals and interesting value proposition / business model. (IB + Growth Equity)
Helpful, thanks! Any idea about their growth equity arm and overall investor reputation? Saw on pitchbook their fund I and II are in top quartile range
Historically, phenomenal exits into the media & entertainment / sports industry. Most of their entering prospects appear to be people passionate about media & entertainment rather than jumping over to big AUM PE / HF shops. This is from observation / surfing through LinkedIn profiles of ex / current Raine bankers.
Not a space I'm personally interested in but I think its considered one of the most prestigious industry boutiques out there.
Is it possible to switch from P&U at a BB to Raine as a VP?
+ the Chelsea sell last year!
Highly interested in the UK team - any insights on recruiting?
Seems on the come up for sure; but don't you think Man Utd sale is a double-edged deal?
Huge name, but current Glazers are really longing it out (think November time they published PR equivalent of "we're exploring the idea to sell") - could create a bittersweet ending.
Speaking of Raine though, can someone explain the rationale of choosing Raine over an established BB? I'm unaware of how it works for a client in choosing an advisor for things like this.
The real question should be imho: why TF would you choose an "established BB" over a top specialised boutique like Raine?
Fair point
I’m not familiar with Raine Group specifically, but considering you are a prospect, I want to point out something frequently overlooked: Different banks have different skillsets and emphases. For example, you might hire Qatalyst if you’re a price-maximizing seller, but when facing a hostile takeover, maybe GS is a better choice. When you need a trusted financial advisor rather than someone to execute a plain vanilla M&A transaction with stapled financing, then an EB will probably be a better choice (and conversely, a BB in the latter case). There’s many nuances, partially depending on the bank, partially on the group.
But the point is, different banks have different strengths. When you’re recruiting, figure out what those are and how much it aligns with your interests, because it will impact your day to day experience. (Not necessarily exit ops though, just for the record.)
Thanks for the non-condescending way of pointing that out to me. I really appreciate it.
I looked into Raine a bit more after the Jaded Rainmaker comment and realised they were specifically focused on M&A - so I answered my own question of "Why not EB over Raine" with that.
Regarding the differing skill-sets & strengths/focuses of such banks - how would you find certain banks that are all specialists in m&a/joint venture, for example - on a macro-level I guess.
And on a more micro level, how would you find out the strengths/focuses of an individual bank? I found Raine Group's focus through google instantly, assuming it's because they're a boutique and it's more noticeable. But for a BB/EB how would you go about this?
On a bank level, for publicly traded firms, you can check their investor presentations and/or filings and see what they say there. The websites may also provide some hints (“why us”)
Alternatively, check their deals if you have access to databases (Bloomberg, CapitalIQ etc) via school. Look at who’s lead left advisor, who provided financing, who did the fairness opinion etc.
On a group level, mostly through word of mouth via coffee chats, summer analysts, and alums.
I hope I’m not causing you or anyone else to obsess about it. Truth is, it doesn’t matter for exit opps and the reality is that people take the offer they get, period.
Just be aware that those nuances are real and go beyond just products (M&A vs. financing). Some banks focus on volume and churn out lots of sell-side deals. Often sponsor backed. That’s different from others that focus on strategic advisory for a handful of clients on a retainer, hoping they’ll land a mega deal here and then. Do the deals lean more towards private companies or large publics? Working mostly with corporates or sponsors? Those are the details that’ll drive what you’ll work on on a day to day basis.
To use the overutilized car analogy, if we were talking about luxury cars, different OEMs and models have different value propositions. A BMW X7, a Rolls-Royce, a Porsche 911, and an Aston Martin are all luxury cars, they all get you from A to B, but at a closer look, they’re very different. Which one is the best depends on you and your needs. IB is somewhat similar if that makes sense.
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