We study random k-lifts of large, but otherwise arbitrary graphs G. We prove that, with high probability, all eigenvalues of the adjacency matrix of the lift that are not eigenvalues of G are of the order O ∆ ln(kn) , where ∆ is the maximum degree of G. Similarly, and also with high probability, the "new" eigenvalues of the Laplacian of the lift are all in an interval of length O ln(nk)/d around 1, where d is the minimum degree of G. We also prove that, from the point of view of Spectral Graph Theory, there is very little difference between a random k 1 k 2 . . . k r -lift of a graph and a random k 1 -lift of a random k 2 -lift of . . . of a random k r -lift of the same graph.The main proof tool is a concentration inequality for sums of random matrices that was recently introduced by the author. * IMPA, Rio de Janeiro, RJ, Brazil, 22430-040. rimfo@impa.br