But video games aren't particularly high upside. They're something very difficult to predict performance and they're costly. Most VCs aren't playing with the kind of money that multiple AAA game development would require.
Plus, the typical endgame for a VC is selling a company or taking it public.
What would a VC do? Would they finance a game? I don't see them liking that, as that's a loan not VC. They'd prefer to buy a studio. Again, as others said, new boss same as the first. VCs typically sell to PE firms, who wipe out old management and put in their own.