Millions of parents across the globe will be hoping to put a smile on their children’s face this Christmas by buying them the latest must-have video game. Little do they know they will be putting a smile on the faces of many private equity bosses too.

From small venture capital start-ups to the world’s largest buyout shops, PE firms of all sizes have been piling into the video gaming market, which has been given a gigantic boost by the Covid pandemic lockdowns.