The Untold Story of Whiskey as an Asset Class | Rare Whiskey Holdings | Rickesh Kishnani

In this episode of Funds and Founders, we sit down with a whiskey entrepreneur who has spent over a decade building investment funds, luxury travel experiences, cask storage businesses, and more. From Scotch’s 600-year-old traditions to AI-driven forecasting tools, the whiskey industry is ripe for disruption. We cover: - The $6B Scotch export market & where the real money is - Why whiskey is a unique, high-value alternative asset - Tech & AI opportunities in distillation, warehousing, and customer engagement - How to break into traditional industries as an outsider - Building and exiting a whiskey private equity fund If you’re an entrepreneur, investor, or simply a whiskey lover, this episode will change how you see the liquor business. 📍 What You’ll Learn: - How forecasting works when your product takes 18+ years to make - Which markets (beyond the US) are booming for whiskey - Ways to attract a new generation of drinkers - The role of education & experience in luxury branding Timestamps: 00:00 – Intro & Guest Background 00:46 – Projects in the Whiskey Industry 01:33 – Scotch Whiskey Market Size & Growth 03:08 – Why Forecasting is a 30-Year Game 05:30 – Opportunities for Entrepreneurs & AI in Whiskey 07:12 – How the Customer Experience is Changing 08:48 – New Generation of Whiskey Drinkers 09:45 – How Open Is the Industry to New Tech? 10:53 – Building a Warehouse for Private Clients 12:36 – Industry Adoption Curve: Big vs Small Players 15:16 – Whiskey Trends in Global Markets (India, Taiwan, Middle East) 20:12 – Go-to-Market for Selling to the Whiskey Industry 24:07 – The Luxury Ladder & Aspirational Drinking 25:28 – Whiskey Education as a Business Opportunity 29:23 – Tastes, Palates & Evolving Preferences 31:16 – The Power of Experiences in Luxury Branding 33:33 – Speyside: The Napa Valley of Scotch 35:30 – Building a Whiskey-Luxury Travel Vertical 37:31 – Collecting, Investing & Niche Business Ideas in Whiskey 39:10 – From Wine to Whiskey: Early Journey 42:29 – Raising a $12M Whiskey Private Equity Fund 45:47 – Legal & Fund Management Learnings 48:42 – Finding the Right Team in Niche Industries 50:31 – Fundraising Strategy & Deploying Capital 53:01 – Turning Early Wins into More Investment 56:08 – Exiting the Fund & Market Timing 59:01 – Learning to Control the Exit Strategy 01:03:13 – Why Whiskey is a Stable Alternative Asset 01:05:08 – What Excites the Guest About the Next 5 Years in Whiskey 01:06:48 – How to Work with Rare Whiskey Holdings 01:07:26 – Expanding Your Business Horizons