In recent years Joseph Perella, one of the giants of the American private equity world, has become obsessed with Italy’s history. The periods that normally attract attention, such as the Renaissance or the Roman empire, are not what interests Perella. Instead, what has sparked his passion is a saga that is relatively unknown in America today, namely how ordinary Italians treated their Jewish minority during the second world war.

This week Mr Perella (whose parents hail from Italy) shares this obsession. Rome’s film festival, which opened on Thursday, showcases a documentary that Perella has financed, along with a group of powerful Italian-American business leaders. This film relates how men such as Gino Bartali, an Italian cycling legend, worked with hundreds of other largely unknown Italians to keep thousands of Jews alive during the Holocaust.

It is a fascinating project for all manner of reasons. For one thing, it is a powerful reminder of how ethnic heritage creates networks among the US business elite. The consortium of Italian Americans that Perella pulled into this $1.5m project features people such as Kenneth Langone (head of retailer Home Depot), Maria Bartiromo (the television journalist) and Joseph Tucci (head of EMC, the computer data storage company).