Makers Fund is a global venture capital firm dedicated to games and interactive entertainment, founded in 2016 and headquartered in San Francisco with teams in London, Reykjavik, Tokyo, Singapore, New York, and Los Angeles. The firm was the first investor in and largest shareholder of Dream Games, reportedly acquired by CVC for $5 billion, and has backed more than 90 portfolio companies including General Intuition, FaceIt, PixAI, and Voldex. Makers closed its fourth flagship fund at $250 million in August 2026, bringing total assets under management to $1.5 billion.
Makers Fund invests globally and across stages in interactive entertainment, taking a broad view of the category that spans games, consumer apps, entertainment, and creation platforms, anywhere entertainment is central to the product experience or gamer needs are uniquely served.
The firm has historically led or co-led early rounds and then stayed in as a long-term partner through subsequent financings, including in some cases all the way to exit, rather than making one-off early bets.
Makers has continued backing gaming and interactive entertainment companies through a period in which many other investors pulled back from the category, and has more recently extended its thesis into AI-native platforms adjacent to gaming and creator communities, such as General Intuition's frontier AI research, which grew out of the Medal.tv clipping platform.
Makers Fund closed its fourth flagship fund at $250 million on August 20, 2026, bringing the firm's total assets under management to $1.5 billion.
The firm's $180 million debut fund (Fund I) has distributed 3.6x invested capital to date, placing it in the top 1% of venture funds globally; Fund III closed at $500 million in 2022.
The size of Fund II was not disclosed in available sources. Limited partners for Fund IV were not named.
Leadership
The wider investment team includes Alli Ottarsson, Andrew Willson, Curtis Urbanowicz, Garry Hill, Ryann Lai, Walter Paleari, Yohei Ishii, and Yoyo Yang. Advisors include Anna Sweet, Donovan Duncan, Jiang Li, Lia Zhang, Matthew Ball, Alexander Eichinger, Joost van Dreunen, Nathaniel Wattenmaker, and Greg Gunadi.
Investment Strategy
Jay Chi previously led McKinsey's video games practice as a partner and was a founding partner of Kowloon Nights before co-founding Makers Fund; Michael Cheung spent a decade in the interactive entertainment and consumer industries, including as a senior director leading international live streaming at Tencent.
The firm describes its approach as flexible on capital structure, equity, project financing, or marketing financing, built around whatever a founder needs to build a generational company, and emphasizes deep, long-term partnership over transactional deal-making.
Notable Investments
Notable Exits
Dream Games, in which Makers invested in every round from first check to exit, was reportedly acquired by CVC for $5 billion. FaceIt, an early Makers investment, was acquired in a reported billion-dollar deal.
Jay Chi — General Partner, Founding Partner
jay@makersfund.com
Michael Cheung — General Partner, Co-Founder
michael@makersfund.com
Andrew Wilson — General Partner
andrew@makersfund.com
Walter Paleari — Investment Associate
walter@makersfund.com
Tyler Matheson — Principal
tyler@makersfund.com
Ryann Lai — General Partner
ryann@makersfund.com
Jiang Li — VC
jiang@makersfund.com
United States
