Carlyle Group Takes Majority Stake in Jagex: Who Now Owns the RuneScape Empire?

The $230 billion investment powerhouse becomes the new owner of one of gaming’s longest-running franchises as the Cambridge-based studio enters a new growth phase

A major ownership shift has taken place in the gaming world. The Carlyle Group, one of the globe’s leading investment firms with $230 billion in assets under management, has acquired UK-based game developer and publisher Jagex. The announcement marks a turning point for the studio behind RuneScape, the iconic MMORPG that has built a devoted community of millions over two decades.

Who Owns Jagex Now?

With this acquisition, The Carlyle Group—a NASDAQ-listed investment firm operating across six continents—becomes the controlling owner of Jagex. The investment was funded through two of Carlyle’s dedicated funds: Carlyle Partners (CP) VII and Carlyle Europe Technology Partners (CETP) IV. This strategic move positions Carlyle as a major player in the online gaming sector, particularly within the massively multiplayer online RPG market, which remains one of the most robust segments in global entertainment.

The RuneScape Legacy Worth $1 Billion

Jagex’s crown jewel, RuneScape, has evolved into something remarkable. Since its 1999 launch, the franchise has attracted nearly 300 million player accounts worldwide and generated $1 billion in lifetime revenue—a testament to its enduring appeal across generations. The game achieved a new milestone in 2020, when it recorded its highest subscriber count ever, with 1.2 million paid members, while millions more engaged with free-to-play versions.

Both RuneScape and its retro counterpart Old School RuneScape experienced peak global popularity in 2020, with over half of its massive player base located in the United States. The franchise’s success lies in its “living game” model, where continuous content updates and community-driven development keep the experience fresh and engaging.

What’s Next for the Studio?

Under Carlyle’s ownership, Jagex—which employs over 450 people at its Cambridge headquarters—is positioned for aggressive expansion. The investment firm plans to inject capital into research and development, accelerate content release schedules, and fund the creation of entirely new game titles that extend the RuneScape universe.

In 2021, the company launched RuneScape on mobile platforms (iOS and Android) with cross-play functionality, marking a significant expansion of its addressable market. Additionally, Jagex Partners, the studio’s third-party publishing division, began publishing titles from allied game developers, further diversifying revenue streams beyond the RuneScape franchise itself.

Why the Gaming Market Matters to Carlyle

Carlyle’s leadership emphasized the attractiveness of the MMORPG sector within the broader gaming landscape. Patrick McCarter and Michael Wand, both Managing Directors at Carlyle, highlighted Jagex’s strong market position, consistent revenue growth, and the exceptional talent within the organization. The investment signals confidence that RuneScape and future Jagex titles can capture both existing players and an entirely new generation of MMORPG enthusiasts.

For Jagex, the partnership provides access to Carlyle’s global network, operational expertise, and financial resources—all critical ingredients for scaling a gaming business in an increasingly competitive market. The studio plans to expand its development teams, continue investing in cutting-edge technology, and maintain its community-centric approach to game design that has defined its success for the past two decades.