Makers Fund Closes $250M Fund IV, Lifting Assets Under Management to $1.5B

Makers Fund, the venture capital firm built around interactive entertainment, has closed its fourth fund at $250 million, lifting the firm’s total assets under management to $1.5 billion, the firm announced in a press release. The new vehicle will back founders the firm describes as shaping what games and interactive entertainment look like next.

The San Francisco-headquartered firm framed the close as a doubling down on a creator-first thesis it has held since its 2016 founding. “Makers was founded on the belief that creators are the constant, even as the landscape shifts around them,” said general partner Jay Chi. “Fund IV is that belief, doubled down. Today’s founders are navigating new user behaviors, new distribution models, and a wave of fresh technology – and we think it’s a powerful moment to back the companies that will define the next era.”

General partner Michael Cheung pointed to the range of capital the firm now deploys around its portfolio. “The industry keeps evolving, and so will we,” he said. “Equity, project financing, marketing financing – whatever it takes to help our founders build generational companies, that’s the partner we want to be.”

Fund IV lands at a smaller size than its predecessor. Makers closed Fund III at $500 million in March 2022, so the new fund comes in at half that amount, even as cumulative assets under management reach a new high.

A Record Built on Dream Games

The firm’s pitch to limited partners rests heavily on a track record it traces to one breakout position. Makers was the first investor and largest shareholder in Dream Games, the Turkish mobile studio behind Royal Match, which private equity firm CVC agreed to value at roughly $5 billion in a strategic investment reported by Reuters in May 2025. Makers invested in every Dream Games round from first check to exit.

The firm says its $200 million Fund I, raised in 2017, has distributed 3.6 times its invested capital, a figure it describes as placing that fund in the top 1% of venture funds globally. That multiple is Makers’ own characterization of its performance, not an independently audited figure. Other outcomes the firm cites include esports platform FaceIt, where early backing preceded a billion-dollar acquisition, and Voldex, which Makers seeded and which has grown into one of the largest publishers on Roblox. Makers was also a seed investor in game-clipping platform Medal.tv, which now powers General Intuition, an AI research lab that raised $133 million from Khosla Ventures and General Catalyst.

The Story So Far

Fund IV is Makers’ fourth vehicle and, at $250 million, its second-smallest — above the $200 million 2017 fund but half the size of Fund III — while still pushing cumulative assets to a record. The firm’s fundraising history runs through a $200 million fund raised in 2017 and a $260 million fund in 2020, before the $500 million Fund III that closed in March 2022. At that 2022 close, Cheung said the fund would back founders ‘from product inception through to global scaling’ and noted the industry had grown from $100 billion in 2017 to $170 billion in 2021.

Between that raise and this one, the firm broadened its aperture. Fund IV will keep a games core but extends into consumer apps, entertainment, and creation platforms, reflecting a wider definition of interactive entertainment than the firm carried in its first decade.

What Fund IV’s Filing Shows

The corporate record behind the fund predates the announcement by more than a year and a half. A Form D filed with the US Securities and Exchange Commission on December 19, 2024 registered “Fund IV, a Sub-Fund of Makers Fund VCC,” a Singapore-domiciled variable capital company, as a venture capital pooled investment fund. That filing listed the total offering amount as indefinite, reported no amount sold, and gave a date of first sale as yet to occur – standard for a notice filed at the start of a fundraising period rather than at its close. It set a minimum accepted investment of $5 million, while noting the manager may accept smaller commitments at its discretion, and named Cheung as a director of the sub-fund.

The structure underscores the firm’s global footing. Makers is registered in Singapore and invests without a geographic mandate, with teams across London, Reykjavik, Tokyo, Singapore, New York, and Los Angeles, and a portfolio the firm says is split roughly evenly across North America, Europe, and Asia.