SG-based game developer Virtuos secures $150m investment from Baring fund

Singapore-headquartered global game developer Virtuos announced that it secured a $150-million investment from funds affiliated with Baring Private Equity Asia (BPEA).

The investment will make BPEA the largest external shareholder in the “League of Legends” owner, alongside the company’s 2018 investor 3D Capital Partners, according to the announcement.

CEO Gilles Langourieux together with the rest of the management team will continue to own over 70% of the company after the transaction. Virtuos will continue to operate under Langourieux.

Founded in 2004 and headquartered in Singapore, Virtuos is a global company with Asian roots. Since its inception, it has built a unique value proposition around art production and game development services.

The company has grown to become a global leader in digital production services for video game development and now operates in 13 locations across Asia, North America, and Europe.

Virtuos said the investment from BPEA will support the company’s next phase of accelerated growth and finance its buy-and-build strategy across different geographies through strategic partnerships and acquisitions.

The investment will also underpin the growth of Virtuos’ digital platform and the digitalization of its production platforms across its global studio network, improving productivity and scaling its ability to innovate and deliver bigger and better games for more hardware.

“The gaming industry and demand for its content continue to grow rapidly, and so will Virtuos as one of the largest entertainment content creators worldwide, with over 2,300 employees spread across three continents,” Langourieux said.

BPEA is one of the largest private alternative investment firms in Asia, with assets under management of $27 billion. It manages a private equity investment program, sponsoring buyouts and providing growth capital to companies for expansion or acquisitions with a particular focus on the Asia Pacific region, as well as dedicated funds focused on private real estate and private credit.

The firm has a 24-year history and over 210 employees located across offices in Hong Kong, Singapore, China, India, Japan, Australia, and the US.