A Hong Kong whisky investment firm is seeking to raise up to US$50 million for its second private equity-style fund, pitching the spirit as a hedge in volatile markets despite a slump in prices across the industry.

“Whisky is a physical asset, [it’s] consumable, so supply declines over time, [and] it gains value as it ages,” Kishnani said. “We see it as a good diversification and potential hedge, particularly in volatile times.”

The fund, launched on Monday, comes at a time when collectible whisky prices have fallen nearly 40 per cent over the past two years.

The decline marks a broader reset after nearly two decades of expansion, when distilleries ramped up output to meet rising demand, particularly from Asia, creating a surplus that is now weighing on prices.

Major producers such as Diageo have cut production, while data from the Scotch Whisky Association showed exports fell in both value and volume in 2025 amid softer demand, tariffs and rising costs.