The Chinese publishing giant led or participated in over $4 of every $10 invested in games companies worldwide.
It was also a buyer or seller in more than three-quarters of all games M&A activity in terms of value.
Tencent’s most notable deals included its $632 million and $462m investments in games streaming service Douyu and Huya, as well as its $476 million investment in games developer Shanda Games.
Digi-Capital’s report found games investment in the last 12 months reached a record-breaking $4.2 billion-plus.
Most of the money went into games tech and platform companies rather than developers.
While mobile has typically also been a hotspot for investment deals, the last 12 months to Q1 2018 saw a large amount of money pumped into the MMO and MOBA spaces, with esports also generating a lot of funding.