Beijing-based internet technology firm Zhaomi Group has partnered with fellow China-based company Kee Ever Bright Decorative Technology to start a $360 million M&A fund for games.
The investment fund plans to raise $140 million in its first round of funding.
The money will be used to acquire and invest in all aspects of games, including development, publishing, and distribution.
The fund is also said to have an international scope, with the companies presumably offering help releasing games in China.
It aims to unlock and create value for games studios through its mergers and acquisitions.
"The global video games industry has a history of over 50 years, and there are many advanced technologies in the world. It is an opportune time to launch a buyout fund targeting the international market," said Chen Yang, founder of Zhaomi Group.
China is known for its M&A moves, some of which can appear slightly strange.
A China-based chemical firm bought Talking Tom developer Outfit7 for $1 billion in January 2017, for example.
[Source: Inside Games Asia]