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Rae LaCoste is the owner of a beauty salon on the very renown Rodeo Drive in Los Angeles. She became an occasional lady friend of Tony Stark and was in his life just before his deranged girlfriend, Kathy Dare, tried to kill him.  The attack left Tony paralyzed from the waist down.  Rae was one of the few people who did not shun the injured Stark when he tried to live his life as a paraplegic.
When Tony Stark faked his death and left James "Rhodey" Rhodes in charge of Stark Industries, Rae approached Jim and came on to him, something that Rhodey had no objects to (if she didn't due to their interracial backgrounds).  The two dated for sometime with no mention of them ending the relationship but Rae has not been seen for some time.

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