Australia's The International Wine Investment Fund is to place A$6m (US$3.11m) into the French wine group Gabriel Meffre in the Rhone Valley as part of an international expansion strategy.

The move comes shortly after unitholders in the IWIF voted to free up the Fund's borrowing limits and the restrictions on overseas investments, according to reports in Industry Search.com.au.

According to reports the fund will now look to other countries for investment opportunities such as Spain, Germany, Chile, Argentina and the US, as well as Australia.

The Gabriel Meffre deal is the Fund's largest overseas venture and complements its other French investment in Michael Laroche last year.