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K&L Gates Advises on the Establishment of US$100 Million Web3 Gaming Fund

25 April 2024

Global law firm K&L Gates has acted on the establishment of the US$100 million "Inevitable Games Fund" (IGF, or the Fund) launched by Immutable in partnership with King River Capital together with assistance from Polygon Labs. 

The IGF is a flagship global venture fund that will invest across Web3 gaming and infrastructure opportunities. Immutable and Polygon Labs will identify investment opportunities, while venture capital fund King River Capital will manage the investment process and deploy the capital across game studios and Web3 infrastructure firms. 

The Web3 gaming sector has been growing in recent years, including the development of blockchain games on the Immutable platform, which enables players to own their in-game assets in the form of non-fungible tokens (NFTs) or other digital property. The development of the IGF is truly unique and offers investors access to top Web3 gaming projects globally, and Web3 gaming and infrastructure companies a much-needed potential capital source. In addition, the development of partnerships and joint ventures such as this one is a cutting-edge approach to broadening the visibility and appeal of this industry.

Immutable and King River Capital have both been long-term clients of the firm, with K&L Gates having acted on a range of matters from fund establishment, venture capital investments and funding rounds, and global business related matters. 

Ed Bunting, Chief Legal & Risk Officer for Immutable said: "We are excited about the opportunity to grow this sector with the establishment of the IGF. The world of traditional gaming has reached billions and we aim to provide developers and gamers with access to a state-of-the-art platform dedicated to Web3 gaming innovation." 

Dominic Tayco, Chief Financial Officer and Chief Compliance Officer for King River Capital said: "We greatly appreciate the guidance and expertise provided by K&L Gates. The establishment of this fund is testament to the commitment King River and its partners have in supporting and pursuing investments in the web3 gaming sector.”

The team that advised on the establishment of the IGF was led by New York based Asset Management and Investment Funds partner Ed Dartley and Nashville based counsel, Patricia Alcamo together with Sydney-based Asset Management and Investment Funds partner, Matt Watts and Corporate/Venture Capital partner, Daniel Atkin. They were supported by Corporate/Venture Capital partner, Simon Leslie, and Corporate/Venture Capital senior associate, Emanuel Penklis.

K&L Gates' Watts stated: "We are delighted to have assisted Immutable with establishing this fund which is truly the first of its kind in the blockchain gaming world. It is always a pleasure to work with Immutable who continue to move the dial in innovation in the Web3 gaming sector."

Dartley added: “This is a pioneering cross-border fund offering in the cutting-edge space of Web3 gaming. We at K&L Gates, with our deep strengths in the areas of asset management, cross-border funds, and blockchain technology in both the United States and Australia, were a natural fit with Immutable in advising on the launch of this Fund."

K&L Gates is a fully integrated global law firm with lawyers located across five continents. The firm represents leading multinational corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals.

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