Two men remain at large after one man was shot dead and two others injured at a Melbourne boxing match attended by some of the city’s high profile underworld figures.

The trio were shot at the Melbourne Pavilion in Kensington on Friday night, with police describing it as a targeted attack.

The gunmen fled the scene on foot.

The two surviving victims are currently in hospital - one of them fighting for his life.

Homicide squad Detective Sergeant Sol Solomon confirmed a number of shots were fired during the event, and that the victims were “known to police”.

He added the three were not related to each other.

“I have no information as to the motive of the shooting or whether it was gang-related or otherwise,” he told reporters on Saturday.

"At this point in time, we have not identified those responsible for the shooting."

Det Sgt Solomon said the venue was “packed to capacity” and that police didn’t believe there was any further risk to public safety.

"(It's an) extremely disturbing incident to take place at a well organised, well managed boxing event, a regular event at this venue," he said.

He said the incident was captured on CCTV.

Underworld figure Mick Gatto, ex-Bandidos bikie Toby Mitchell as well as members of the Haddara family were among those at the match, according to The Age.

Mr Gatto briefly attended the scene on Saturday morning before driving away in a Mini Cooper with associates.

Police have cordoned off the area on Stubbs Street, which is a semi-industrial area.

The fatal shooting occurred outside the building, with a number of cars also being sprayed by bullets.

One of the non-fatal shootings occurred inside the venue's foyer.

A witness, who declined to be named, told AAP he heard the shots but didn’t see the fatal shooting.

He said there was chaos inside the venue when the shots were fired, with patrons jostling to get away from the fight.

He also confirmed the fight went ahead as planned.

The event was a seven-bout card, headlined by Melbourne boxer Kane Watts fighting Tasmanian Jayden "the plugger" Joseph for the WBA Oceania Cruiserweight title.