The investment company behind one of Italy's most powerful families is to invest in one of Asia's leading alternative investment managers. IFIL, controlled by the Agnelli family, will invest $90 million in Vision Investment Management, one of the largest Asia-based fund of hedge fund managers.
IFIL has signed a five-year mandatory bond which, on conversion, will see it take a 40% stake in Vision. The investment company is the largest shareholder of the Fiat Group, which was founded by the Agnelli family, and actively manages a portfolio of assets across a range of sectors: financial services, business services, real estate services, paper manufacturing and distribution and leisure and entertainment.
The company has been diversifying its portfolio with global investments that focus on financial services. IFIL's experience in the alternative asset management space has been successful in the past with the investment it held in The Permal Group – one of the oldest and largest alternative asset management firms.
Vision was founded in 2000 by Jerry Wang, one of the pioneers of the Asian alternative investment management sector. The company launched its flagship product, the Vision Asia Maximus Fund, in 2002 and has since then become one of the largest Asia-based and focused fund of hedge fund managers.