The US-based Constellation Brands is looking to take the largest single stake in Australia's International Wine Investment Fund (IWIF), according to reports in Australia's Financial Review.

According to the report, Constellation, through its Australian subsidiary Hardy Wine Company, has signed a conditional agreement to buy a 15.4% stake in the fund, from the Grant Samuel entity called GSI Holdings.

The IWIF had been a leading shareholder in BRL Hardy before it sold its stake to Constellation Wines in January.

The Fund is now in an internal battle between a number of unit holders and its management team Berren Asset Management over whether to continue the funds or wind it up. A vote takes place on Thursday to decide its future.