Agnelli Returns to Sport Investment with New Fund

Andrea Agnelli Returns to Sports Investment with New Amsterdam-Based Venture, Gemini Waves Partners; Giorgio Chiellini Among Co-Investors

Andrea Agnelli is making a return to the sports business landscape through a new investment vehicle focused on the future of global sport. The former Juventus chairman has launched Gemini Waves Partners, an Amsterdam-based firm targeting innovative sports formats, emerging competitions, teams, and athletes.

According to reporting from the Financial Times, the firm will manage both Agnelli’s capital and that of its co-founders, which include Rocco Benetton and former Juventus captain Giorgio Chiellini, who currently serves as Director of Football Strategy at the Italian club while also building a profile as a sports-tech and startup investor.

Agnelli left Juventus in November 2022 amid the fallout from the plusvalenze investigation. In 2025, he reached a plea deal in the Prisma case, receiving a suspended 20-month sentence without admitting guilt, while continuing to maintain his innocence. Despite his departure from executive duties, he remains connected to Juventus through his stake in Giovanni Agnelli BV, the family holding company tied to Exor, which controls a majority share of the club.

With Gemini Waves Partners, Agnelli is now repositioning himself on the investment side of sport. The firm’s strategy focuses on minority stakes in companies aiming to deepen fan engagement, as well as ventures in artificial intelligence-generated content and performance-enhancing sports technologies.

“I’m not trying to prove anything anymore,” Agnelli told the Financial Times. “I’ve just turned 50, and there is space to write an exciting new chapter with Gemini Waves.”

Financially, the firm has already secured €55 million in commitments toward a €100 million target fund size. Chief Investment Officer Kyang Yung outlined an internal rate of return goal of 25 percent, with a focus on late-stage startups. Due diligence is already underway for its first investment, signaling an imminent deployment phase.