Andrea Agnelli - The former Juventus president has launched Gamma Waves Partners, a new €100 million sports investment fund aimed at reshaping how audiences and athletes engage with sport — and it arrives amid the legacy and controversy that defined his time at the club.
- In short: Agnelli is targeting €100 million for Gamma Waves, with €55 million already secured and an ambitious 25% internal rate of return.
Why this matters now
Gamma Waves intends to take minority stakes in startups and alternative competitions that use AI for content production and athlete performance. That focus could accelerate the adoption of technologies that change broadcast formats, fan interaction and scouting workflows.
While private equity in sport is not new, a 25% IRR target signals an aggressive return profile that prioritizes rapid value creation and exits — a strategy that often drives consolidation and product shifts in emerging markets. Investopedia explains why such return targets sit above many traditional private equity benchmarks.
"The fund seeks to raise €100 million, of which €55 million are already secured."
Context and potential impact
Agnelli, 50, assembled a team that includes entrepreneur Rocco Benetton and former Juventus defender Giorgio Chiellini — the latter adding frontline sporting credibility to an otherwise finance-driven proposition. Their stated aim is to back established startups to limit risk while accelerating results; the first deal is reportedly in advanced review.
His track record at Juventus is undeniable — 12 years in charge, nine consecutive Serie A titles and two Champions League finals — but his exit followed high-profile controversy, including financial manipulation accusations and a 2025 judicial settlement that led to a 20-month prison sentence. The new fund does not aim to be a redemption, Agnelli said, but a continuation of his career focused on investment.
What do you think? Will a fund led by Agnelli change the business of sport or revive old debates about power and influence in football? For more details, check out our specialized section.