# PE firms backing Gaming (2026 list) > 25 PE firms backing Gaming, 88% active in the last 12 months. Led by Gaingels, Citibank, K5 Global. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-gaming (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms backing Gaming Updated 7 November 2026 PE firms we have observed in a gaming round in the last two years. [See all 25 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-gaming)The top 25 **25** investors on the list *+1* this week **373** cheques in 12 months *-15%* against the market **$15M** median round they joined *+90%* against the market median **88%** wrote a cheque in 12 months **44%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (22) - 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen - 2 [Citibank](https://millionrounds.com/fund/citi) *Deploying now* Growth equity · United States **566** **$20M** median round **Oct 2026** last seen - 3 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen - 4 [Smilegate Investment](https://millionrounds.com/fund/smilegate-investment) *Deploying now* Growth equity · South Korea **122** **$5.4M** median round **May 2026** last seen - 5 [WndrCo](https://millionrounds.com/fund/wndrco) *Deploying now* Private equity · United States **114** **$15M** median round **Sept 2026** last seen - 6 [Fortress Investment](https://millionrounds.com/fund/fortress-investment-group) *Deploying now* Private equity · United States **61** **$100M** median round **Sept 2026** last seen - 7 [Raptor Group](https://millionrounds.com/fund/raptor-group) *Deploying now* Private equity · United States **50** **$15M** median round **Sept 2026** last seen - 8 [Gresham House Ventures](https://millionrounds.com/fund/gresham-house-ventures) *Deploying now* Growth equity · United Kingdom **40** **$6.6M** median round **Sept 2026** last seen - 9 [Nico Rosberg](https://millionrounds.com/fund/nico-rosberg) *Deploying now* Growth equity · Monaco **7** **$50M** median round **Sept 2026** last seen - 10 [PeerCapital](https://millionrounds.com/fund/peercapital) *Deploying now* Private equity · India **3** **$3M** median round **Oct 2026** last seen - 11 [Blockstream Capital Partners](https://millionrounds.com/fund/blockstream-capital-partners) *Deploying now* Growth equity · Switzerland **2** **$29M** median round **May 2026** last seen - 12 [Impact Ventures](https://millionrounds.com/fund/impact-ventures-2) *Deploying now* Private equity · Hungary **2** **$2.8M** median round **Oct 2026** last seen - 13 [Astralis Capital](https://millionrounds.com/fund/astralis-capital) *Deploying now* Growth equity · United States **1** **$20M** median round **Apr 2026** last seen - 14 [Folius Ventures](https://millionrounds.com/fund/folius-ventures) quiet Private equity · United States **1** **$8M** median round **Oct 2025** last seen - 15 [GEM Capital](https://millionrounds.com/fund/gem-capital) *Deploying now* Private equity · Cyprus **1** **$1M** median round **Dec 2025** last seen - 16 [Las Olas Capital](https://millionrounds.com/fund/las-olas-capital) *Deploying now* Private equity · United States **1** **$3.5M** median round **Jan 2026** last seen - 17 [Merak Capital](https://millionrounds.com/fund/merak-capital) quiet Private equity · Saudi Arabia **1** **$1.8M** median round **Aug 2025** last seen - 18 [NOIA Capital](https://millionrounds.com/fund/noia-capital) quiet Private equity · Luxembourg **1** **$12M** median round **Apr 2025** last seen - 19 [Thomas Dimson](https://millionrounds.com/fund/thomas-dimson) *Deploying now* Growth equity **1** **$35M** median round **Oct 2026** last seen - 20 [Zenith Capital](https://millionrounds.com/fund/zenith-capital-2) *Deploying now* Private equity · United Kingdom **1** **$35M** median round **Oct 2026** last seen - 21 [Andy Zhong](https://millionrounds.com/fund/andy-zhong) *Deploying now* Growth equity **1** **$35M** median round **Oct 2026** last seen - 22 [Bayshore](https://millionrounds.com/fund/bayshore) *Deploying now* Private equity · United States **1** **$35M** median round **Oct 2026** last seen - 23 [Mert Gür](https://millionrounds.com/fund/mert-gur) *Deploying now* Growth equity **1** **$70M** median round **May 2026** last seen - 24 [the Nintendo Family Office](https://millionrounds.com/fund/the-nintendo-family-office) *Deploying now* Growth equity **1** **$35M** median round **Oct 2026** last seen - 25 [the ZeniMax Family](https://millionrounds.com/fund/the-zenimax-family) *Deploying now* Growth equity **1** **$35M** median round **Oct 2026** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **27** Oct **[Karta AI](https://millionrounds.com/company/karta-ai)** Seed · $3M *Led by* [PeerCapital](https://millionrounds.com/fund/peercapital) - **23** Oct **[Formic](https://millionrounds.com/company/formic)** Series B · $50M *With* [Citibank](https://millionrounds.com/fund/citi) - **15** Oct **[North Cloud Holdings Inc.](https://millionrounds.com/company/north-cloud-holdings-inc)** Series B · $60M *With* [Gaingels](https://millionrounds.com/fund/gaingels) - **14** Oct **[Minicor](https://millionrounds.com/company/minicor)** Seed · $3.8M *With* [K5 Global](https://millionrounds.com/fund/k5-global) - **14** Oct **[Spill Games](https://millionrounds.com/company/spill-games)** Series A · $11M *With* [PeerCapital](https://millionrounds.com/fund/peercapital) - **13** Oct **[Mogul](https://millionrounds.com/company/mogul)** Series A · $16M *With* [Gaingels](https://millionrounds.com/fund/gaingels) ## Stages This Year 365 rounds - Venture **27%** - Debt **15%** - Series A **13%** - Seed **12%** - Series B **8%** - Other **25%** ## What They Backed Sectors, last 12 months - AI **113** - Fintech **37** - Aerospace & Space **36** - Financial Services **24** - Biotech **22** - Big Data & Analytics **14** ## Cheques by Quarter Led Joined 99 Q1 25 116 Q2 25 119 Q3 25 146 Q4 25 121 Q1 26 117 Q2 26 69 Q3 26 19 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai) - [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech) - [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data) - [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech) - [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics) - [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction) - [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy) - [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai) - [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity) [All investor lists *→*](https://millionrounds.com/lists) ## Reading for founders in media, entertainment and games - Convergence Culture: Where Old and New Media Collide Henry Jenkins · 2006 3.86 from 3,860 ratings on Goodreads Media, entertainment and games About the book Convergence Culture maps a new territory: where old and new media intersect, where grassroots and corporate media collide, where the power of the media producer and the power of the consumer interact in unpredictable ways. Henry Jenkins, one of America's most respected media… On AmazonListen on Audible - Ripped: How the Wired Generation Revolutionized Music Greg Kot · 2009 3.75 from 755 ratings on Goodreads Media, entertainment and games Company building About the book A decade ago the vast majority of mainstream music was funneled through a handful of media conglomerates. Now, more people are listening to more music from a greater variety of sources than at any time in history. And big corporations such as Viacom, Clear Channel, and Sony are… On AmazonListen on Audible - The Chaos Machine: The Inside Story of How Social Media Rewired Our Minds and Our World Max Fisher · 2022 4.26 from 9,592 ratings on Goodreads Media, entertainment and games About the book From a New York Times investigative reporter and Pulitzer Prize finalist, “an essential book for our times” (Ezra Klein), tracking the high-stakes inside story of how Big Tech’s breakneck race to drive engagement, and profits, at all costs fractured the world We all have a… On AmazonListen on Audible - The Creator's Code The Six Essential Skills of Extraordinary Entrepreneurs Amy Wilkinson · 2014 3.76 from 813 ratings on Goodreads Media, entertainment and games Company building About the book Each of us has the capacity to spot opportunities, invent products, and build businesses, even $100 million businesses. How do some people turn ideas into enterprises that endure? Why do some people succeed when so many others fail? The Creator’s Code unlocks the six essential… On AmazonListen on Audible More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&industry=media). As an Amazon Associate we earn from qualifying purchases. ## Quick answers about PE firms backing Gaming ### Who are the most active PE firms backing Gaming? By cheques observed, the most active are Gaingels, Citibank, K5 Global, Smilegate Investment and WndrCo. ### How many PE firms backing Gaming are there? 25 are on record. 88% made an investment in the last 12 months and 44% have led a round. ### Which stages do PE firms backing Gaming back? Of the rounds with a named stage in the last 12 months, mostly Debt (24%) and Series A (20%). ### How big are the rounds PE firms backing Gaming join? The typical (median) round among the leading investors here is $15M. ### Which sectors do PE firms backing Gaming back most? In the last 12 months, mostly AI, Fintech and Aerospace & Space. ### Which PE firms backing Gaming lead the most rounds? Gresham House Ventures (7 led), Citibank (4 led) and WndrCo (2 led). ### Where are PE firms backing Gaming based? Among the most active, most are based in the United States (10), the United Kingdom (2) and South Korea (1). ### What have PE firms backing Gaming invested in recently? Recent rounds include Karta AI (Seed, Oct 2026, with PeerCapital), Formic (Series B, Oct 2026, with Citibank) and North Cloud Holdings Inc. (Series B, Oct 2026, with Gaingels). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)