Lingotto Investment Management, a European asset manager backed by the Agnelli family, has expanded its operations to New York. The firm, known for its unique approach that grants portfolio managers autonomy and a long-term investment horizon, aims to capitalize on opportunities in both the U.S. and UK markets.
Lingotto Investment Management, a prominent European asset manager, has recently expanded its operations to New York, aiming to solidify its presence in both the US and UK markets. Founded in 2023 by Exor, the holding company of the Agnelli family, Lingotto boasts $6 billion in assets under management and has garnered significant attention for its unique approach to investing.
The firm operates under a structure that provides seasoned portfolio managers with substantial capital and autonomy to pursue their own investment strategies. This includes backing diverse ventures such as a privately held German robotics company and Paramount, the parent company of CBS. Lingotto's leadership, which includes billionaire Agnelli heir John Elkann as its founder and former UK Chancellor of the Exchequer George Osborne as its chair, has successfully attracted billions in external capital, operating independently from Exor. The firm's 50-person team, based in London, views New York and London as its two primary pillars, according to CEO Enrico Vellano.Lingotto's investment strategies span a wide range, encompassing stakes in other funds, public tech companies, and unconventional private opportunities. Portfolio managers are empowered to execute these ideas independently, often over extended timelines, free from constant intervention or pressure from a central risk manager. This flexible approach has proven highly appealing to both investors and potential backers. Matteo Scolari, whose familial ties to the Agnelli family date back generations, emphasizes the firm's distinctive structure. He believes in the autonomy granted to each team, allowing them to excel in their respective areas.While Lingotto avoids labeling itself as a 'platform,' comparisons with dominant multistrategy managers are inevitable. These platforms have emerged as major players in alternative investing, largely due to their ability to absorb substantial capital from institutions like sovereign wealth funds and pensions, diversifying it across numerous investment teams. Industry giants prioritize multistrategy funds for their consistency and low volatility, achieved through stringent risk limits and short-term investment horizons. Lingotto's structure mirrors this multi-manager approach, with investors operating quasi-independently like Citadel and Millennium. However, key distinctions remain. Lingotto's four core strategies are overseen by their respective heads, rather than a central chief investment officer, reflecting a decentralized decision-making process. James Anderson, a renowned tech investor and former Baillie Gifford partner, leads one of these strategies, managing $700 million in innovation investments alongside Morgan Samet, the strategy's cohead. Anderson emphasizes the appeal of Lingotto's autonomy and highlights the team's willingness to invest through company downturns, capitalizing on opportunities during volatile periods.Lingotto's long-term investment horizon, facilitated by Exor's involvement, allows Anderson and Samet, along with the other three strategy heads, to focus on long-term strategies rather than short-term gains. The firm's confidence in weathering volatility stems from this long-term perspective. While Lingotto strives to be perceived as more than just the Agnelli family's investment arm, having secured external capital from Covéa, the French insurer, the firm's foundation rests on Elkann's vision. In a public statement, Elkann emphasized the family's commitment to investing alongside external capital, adopting a principal rather than agent approach. Named after a historic Fiat factory in Turin, Italy, Lingotto aims to grow through performance rather than capital inflows. The firm's initial strategies were spearheaded by Scolari and Srinivasan, who continue to manage the intersection and horizon strategies respectively.
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