Tradition and Heritage creating exclusivity and prosperity
Regulated Alternative Investment Fund
Asset Backed Investment Strategy
Global Team with Deep Network in Spirits Industry
Stellar price performance over the long term
Distillery Tours and Curated Experiences
This investment product is accessible to accredited investors only. Please see Disclaimer.
The Caledonian Malt Fund L.P. is an alternative investment fund focused on investment in Scotch Whisky as an institutional asset.
The Caledonian Malt Fund L.P. (CMF) is registered with the Bermuda Monetary Authority under the Investment Funds Act as a professional, closed fund. Fund’s investment objective is to seek total return through investment in premium whisky casks and bottles.
Scotch whisky, often simply referred to as Scotch, is globally acclaimed for its distinct flavor and quality, and is rooted in centuries of heritage. Single malt Scotch whiskies from the highly reputed producer distilleries of Scotland have long been the gold standard for global whisky.
Whether from the Islay, Speyside, Campbeltown, or any of Scotland’s renowned whisky-producing sub-regions, the global demand for Scottish whisky has witnessed consistent and growing demand both from consumers and investors.
Experience and diversity
The Caledonian Malt Fund L.P. brings together a team of experienced professionals who come with a deep network in the global spirits industry and carry out a range of investment management functions, right from sourcing and portfolio management to value creation and exit. This breadth of experience and diversity provides us the perspectives to invest dynamically for the long term, for and with our partners around the globe.
The Caledonian Malt Fund L.P. will make direct investments in casks and bottles, leveraging our preferential sourcing capabilities in primary and secondary markets. Assets purchased by CMF will be insured and stored in HMRC approved and regulated bonded warehouse in Scotland. CMF will explore and deploy multiple exit options to maximize returns.
Fund’s investment thesis hinges on market forces of supply and demand underpinning Scotch whisky industry. Investment performance is a function of supply scarcity, intrinsic value and quality of the iconic Scotches acquired at lowest possible acquisition costs at any point of their maturing lifecycle ensuring margin of safety on the investment. By leveraging its access to long term capital, the Fund will have a unique ability to optimize the cost structure in both acquisitions and exits, thereby realizing better unit economics and returns on investment.
Non-correlated diversification
On the backdrop of returns volatility from conventional asset classes in both public and private markets, which impacted treasuries, currencies, bonds and stocks worldwide, there is a fundamental market shift towards alternative asset classes which offer non-correlated diversification to the investment portfolio.
Whisky casks are physical, tangible assets and considered a luxury commodity whose investment characteristics are not tethered to conventional asset classes such as Fixed Income and Equities. Controlled release of cask whisky from premium distilleries has ensured long-term price appreciation offering potential risk mitigation and downside protection to the investment portfolio.
Global Scotch Whisky market
The global Scotch whisky market is expected to be worth around USD 38 billion by 2033, up from USD 21 billion in 2024, which represents a CAGR of circa 7%. The total Scotch exports from the UK was USD 7 billion in 2024, representing 22% of all UK food and beverage exports. This rapidly growing and continued demand of premium Scotch has resulted in stellar performance of price which is up by 365% over the past ten years.
Data from the Scotch Whisky Association indicate that two of the largest markets – India and the USA – continue to see volume growth in premium and super-premium Scotch consumption. Today, India is the world’s number one Scotch whisky export market by volume, with 192 million bottles exported. At the same time, the United States retains its long-held position as the largest export market by value, worth USD 1.3 billion in 2024. Key growth drivers outside of higher consumption in the traditional consumer base include rising disposable incomes in emerging markets and a growing consumer base among millennials and the nouveau riche.
Where craftsmanship, heritage and prestige come together
The Caledonian Malt Fund L.P. provides an opportunity to be part of a legacy where craftsmanship, heritage, and prestige come together for the most sophisticated whisky connoisseurs who can turn their passion into a fulfilling investment opportunity.
Fund Partners
Legal Advisor
Fund Administrator
Fund Auditor
Fund Banker
Regulatory Oversight
HMRC
SWA
Bonded Warehouse Association
