Rare Whisky Holdings has announced the launch of Platinum Whisky Investment Fund II ( PWIF II )  which seeks to raise up to US$50 million to pursue long-term capital appreciation for professional investors who want exposure to an alternative asset class, subject to market conditions and investment risks.

The fund is available only to professional investors as defined under the Securities and Futures Ordinance ( Cap. 571 ), is not authorised by the Securities and Futures Commission of Hong Kong, and any investment involves risk including the possible loss of principal.

“With our exclusive access to supply, market tailwinds in India and China, and prices falling considerably from their peak two years ago, we believe this is the opportune moment to introduce PWIF II,” said Rickesh Kishnani, chairman of Rare Whisky Holdings. “Building on the strong foundation from PWIF I and our enhanced infrastructure, this five-year fund allows us to deploy capital through a proactive strategy focused on long-term value creation in the Scotch single malt whisky industry.”

PWIF II builds directly on the achievements of PWIF I, the world’s first private equity whisky fund. Launched in 2014, PWIF I completed its full exit in 2021, returning capital to investors and demonstrating the viability of whisky cask investing as an alternative asset class. Past performance is not indicative of future results. Capital from PWIF I has enabled Rare Whisky Holdings to expand its inventory, strengthen operations and distribution channels, and build a compelling market reputation, laying a solid foundation for this next-generation strategy.

Seeking to raise up to US$50 million, PWIF II is structured as a closed-end Cayman LP with independent oversight. It is managed by AOP Capital Limited, a Hong Kong Securities and Futures Commission-licensed corporation. The fund is open for subscription by professional investors only.

PWIF II employs a tech-driven, vertically integrated supply chain in Scotland that delivers rigorous quality control, cost efficiency, and supply security. This infrastructure, combined with 12 years of unique sourcing relationships and the ability to acquire distressed assets, powers the Fund’s operating platforms including its dedicated in-house trading desk ( operated within the Rare Whisky Holdings platform and forming part of PWIF II’s integrated operating infrastructure ) and Casks of Significance, a bespoke service line for private-client commemorative and legacy cask purchases.

The rare whisky secondary market has consolidated since its 2022 peak, with Rare Whisky 101's public bottle indices ( Vintage 50, Icon 100, Japanese Icon 100, Single Grain 100 ) each falling materially from their highs. These track bottles, not casks, but remain the most widely followed public view of the category. Post-peak markets of this kind typically deliver better sourcing for a cask-focused strategy – motivated sellers, disciplined pricing, fewer competing bidders. PWIF II is built to deploy into that environment over five years.

Independent industry sources indicate that Scotch whisky continues to benefit from a long-term structural shift in consumer spending toward premium spirits, even as near-term export volumes have faced cyclical pressure from tariffs and cost-of-living headwinds. According to IWSR Drinks Market Analysis, the post-pandemic "drink less, drink better" premiumisation pattern has persisted, with premium-and-above segments continuing to outperform value segments in developing markets over the medium term. The Scotch Whisky Association's 2025 export statistics ( published February 2026 ) valued global Scotch exports at approximately US$6.7 billion, with single malt accounting for approximately US$2 billion and India retaining its position as the industry's largest market by volume.

The UK-India Free Trade Agreement, set to take effect around April 2026, will immediately reduce import tariffs on Scotch whisky from 150% to 75%, with a phased plan to reach 40% by 2035.

The recent reduction in China’s import tariffs on Scotch whisky from 10% to 5%, effective 2026, improves access to one of the world’s fastest-growing consumer markets.

According to the data from SkyQuest, the global whisky market was valued at approximately US$95.35 billion in 2024 and is poised to grow from US$101.93 billion in 2025 to US$173.84 billion by 2033, growing at a CAGR of 6.9% during the forecast period ( 2026–2033 ).

Independent benchmarks point to rare whisky's long-run appreciation as an alternative asset category. The Knight Frank Luxury Investment Index, published in Knight Frank's Wealth Report, has ranked rare whisky among its strongest-performing categories on a cumulative ten-year basis, though the sub-index has also recorded declines in recent years amid the broader secondary market's post-2022 consolidation. As with the Rare Whisky 101 indices, Knight Frank's rare-whisky sub-index tracks bottles rather than casks. Auction data from Sotheby's Wine & Spirits similarly indicates long-run appreciation across multiple economic cycles. These market-level observations describe the broader category, not PWIF I or PWIF II; past performance is not indicative of future results.

“PWIF II has been structured with institutional-grade governance, independent oversight and a disciplined investment approach designed to provide professional investors with access to a specialist alternative asset strategy,” said David McCann, Founder & Principal, AOP Capital Limited.