Simon Zhu launches GreaterThan Group: $100M shared-equity model rewires AAA studio funding
Summary
Former NetEase president Simon Zhu has launched GreaterThan Group with $40M closed and ~$60M in additional commitments
Three founding studios - Arcanaut, BulletFarm, MAGship - hold dual equity in their own studio and in GTG itself
The shared-equity holding structure replaces publisher milestone funding with aligned portfolio incentives
"Making good games has become increasingly challenging in the modern era of game development. Our role is to create the right conditions for creators to work on their dream projects"
01
$100M deployed in tranches across three studios, backed by non-institutional capital
GTG has $40M closed with ~$60M in additional commitments
Capital distributed across Arcanaut (Edmonton), BulletFarm (Los Angeles), and MAGship (Tokyo)
Investors are gaming and tech entrepreneurs, not institutional funds, per Zhu to Bloomberg
GTG is also incubating unnamed "innovative projects" beyond the three anchor studios
02
Dual-equity structure aligns studio founders with portfolio outcomes
Each founding team holds equity in their own studio AND shared equity in GTG
This ties leadership incentives to GTG's total portfolio, not just one title's commercial result
Traditional publisher deals retain IP and offer milestone payouts with no equity upside for founders
Zhu promises "full funding, end-to-end support, and autonomy" to remove operational distractions
The model resembles a PE-style decentralized holding company, rare in games publishing
03
Portfolio spans three distinct market segments to reduce concentration risk
Arcanaut (Casey Hudson, KOTOR/Mass Effect) is building Star Wars: Fate of the Old Republic, announced at The Game Awards 2025
BulletFarm (David Vonderhaar, ex-Treyarch) is in early development on a first-person multiplayer/co-op title
MAGship (Masato Saki, ex-Konami) focuses on Japanese anime IP as a core GTG strategy pillar
Coverage spans narrative RPG, competitive multiplayer, and anime/JP IP
04
GTG traces directly to Zhu's NetEase exit and BulletFarm's orphaning
Zhu stepped down as NetEase president of global investments after the firm cut studio investments
BulletFarm was among the NetEase-reduced studios, now reconstituted as a GTG founding member
Zhu's NetEase deal record includes Sky: Children of the Light, Marvel Snap, Fall Guys, and Minecraft's China entry
GTG rebuilds those studio relationships under co-ownership rather than corporate dependency
"GTG is bringing common sense back to the games industry"
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