Baring Asia invests $150m in Singapore game developer
Baring Private Equity Asia has invested $150 million in Singapore-based game developer Virtuos, becoming the largest external shareholder.
China’s 3D Capital Partners, which backed a $15 million round in 2018, will retain a significant stake. The company will continue to operate under CEO Gilles Langourieux who, together with the rest of the management team, still owns more than 70%.
Founded in 2004, Virtuos claims a unique value proposition around art production and game development services as a specialist in delivering integrated end-to-end game development services to some of the industry’s most successful game franchises. Operations span Asia, North America, and Europe.
Virtuos works with 18 of the top 20 digital entertainment companies, including Activision Blizzard, Bandai Namco, Take Two Interactive, and Ubisoft. It has been involved in successful game titles such as Assassin’s Creed, Call of Duty, Final Fantasy XII: The Zodiac Age, Horizon Zero Dawn, League of Legends, NBA 2K18, and Shadow of The Tomb Raider.
The company has also contributed art services to film industry franchises such as Black Panther, Jurassic World, The Avengers, and Star Wars. It will use the fresh capital to finance a buy-and-build strategy, including strategic partnerships and acquisitions, and build out technology platforms across its global studio network.
“Virtuos has achieved a number of impressive milestones in a short space of time and we are delighted to support the business at such an exciting stage in its growth journey,” Janice Leow, a managing director at Baring, said in a statement.
“The gaming industry has tremendous potential for growth. Virtuos’ diverse and loyal client base, deep global talent pool, inclusive and innovative workplace culture, and long track record of partnering with clients to develop some of the world’s most popular games, positions it well to achieve strong growth in the years ahead.”
Baring is currently raising its eighth pan-regional fund, seeking $8.5 billion. Previous investment activity in the gaming, media and entertainment sphere includes China’s Giant Interactive. The private equity firm supported a $2.8 billion take-private of the US-listed company in late 2013. It relisted through a reverse merger in Shenzhen.
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