![]() ![]() The lowest performing whiskies were silent stills (bottles from closed distilleries) that were not famous brands. Originally purchased for approximately $200,000 in 2016, it was sold to a private collector for over $1 million only 3 years later. RK: The single best performing investment was bottle number 8, Macallan Adami 1926, 60-year-old. JM: What was the single best performing investment the fund made? What was the worst? The value generally goes up as it reaches milestone ages (18, 25, 30, etc.). The advantage with casks is as they continue to age. The market demand for casks has grown rapidly in the past few years. RK: The Fund’s investment in casks averaged a 150% gross return, outperforming the return from the investment in bottles, which averaged 85% gross profit. JM: Overall how did the return on casks compare to the return on bottles? This made the Fund exit easier given the bottles were affordable to whisky collectors and consumers around the world. Removing the top 50 single ultra-premium bottles, the average price of the bottle collection was kept under $500 per bottle. The remaining $8 million was invested into approximately 12,000 bottles. ![]() The Fund did not bottle any of its own casks – they were all sold as casks and the new owners bottled the casks based on the different agreements for each cask. RK: Approximately 35% ($4 million-plus) was invested into 17 ultra-premium casks (multiple 30-year-old Macallan Sherry casks and several casks from the Diageo Casks of Distinction program such as a 1979 Talisker cask and a 1990 Rosebank cask). JM: What was the allocation between bottles and casks? Did the fund bottle any of its casks or were all of its holdings sold as purchased? This allowed the Fund to plan the purchasing based on the capital coming in. The capital was raised on a rolling basis from 2014 to 2016 with the following drawdown structure – 50% of commitment amount at signing of subscription agreement, 25% of commitment amount 6 months after signing, and final 25% of commitment amount 12 months after signing. It completed its exit as of September 30, 2021, and all dividends have been paid out to the investors. RK: The Fund raised $12 million and exited at over $26 million from 2014 to 2021 – the gross annual rate of return was 17%. Rickesh Kishnani, Founder and Chief Executive Officer, The Platinum Whisky Fund Photo, courtesy The Platinum Whisky Fund ![]()
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