Whisky Fund Plans to Liquidate Assets After Beating Cash TargetBy
Cheers! A fund that aims to make money out of rare malt whiskies has closed after exceeding its money-raising target.
The Whisky Investment Fund, launched in Hong Kong three years ago, set out to attract $10 million but ended up with commitments worth $12 million from 50 private investors around the world.
So far $9 million has been spent on 14,000 bottles, with the remaining cash to be invested over the next 12 months. The fund will be wound down over four years through sales to private clients, hotels, bars and other outlets, said Rickesh Kishnani, the fund’s chief executive officer, who said he expects the total collection to have a retail value of more than $20 million.
The Rare Whisky Apex 1,000, an index of collectible bottles, outperformed other assets including gold, fine wine and the shares of drinks giant Diageo Plc in the first six months of the year.