We define game semantics for the constructive $\mu$-calculus and prove its equivalence to bi-relational semantics. We use the game semantics to prove that the $\mu$-calculus collapses to modal logic over constructive variants of $\mathsf{S5}$. Finally, we use the collapse to prove the completeness of constructive variants of $\mathsf{S5}$ with fixed-point operators.
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