E241: How Spirits Became a $1 Trillion Alternative Asset Class

How do you turn whiskey barrels into an institutional asset class? In this episode, I sit down with Giuseppe Infusino, Chief Investment Officer and Managing Partner at InvestBev Group, to explore how a real asset like aged whiskey is quietly becoming one of the most uncorrelated and profitable investments in alternative markets. From his early years at RVK advising multi-billion-dollar allocators to managing institutional portfolios in a niche category few understand, Giuseppe shares how InvestBev has built an entirely new asset class from the ground up. We discuss the economics of whiskey aging, how barrel pricing creates asymmetric returns, and why alcohol performs differently across economic cycles. This conversation breaks down incentives, alpha generation, and how to educate LPs on emerging strategies long before they go mainstream. Highlights: The incentives that keep consultants from finding the “best and brightest” managers—and how RVK broke the mold Why 90% of RVK’s fund allocations were self-sourced, and how that approach drives better returns The conversation that led Giuseppe to co-found InvestBev—and how whiskey became a new institutional asset class The real asset characteristics of whiskey barrels—and why they appreciate over time like fine art How InvestBev’s analysis with Kellogg proved near-zero correlation between whiskey and traditional markets Why barrel investments deliver equity-like returns with half the volatility of equities How to educate LPs when creating a new asset class—and what early adopters get right Why InvestBev’s edge comes from deep beverage-industry relationships across Bacardi, Molson, and Coors The scaling lessons from Fund I to Fund V—and how institutional credibility compounds over vintages Why operational excellence, data, and early hiring decisions define fund longevity The best LP advice he ever received: “No investor ever complains about getting their money back.” Guest Bio: Giuseppe Infusino is the Chief Investment Officer and Managing Partner at InvestBev, where he leads the firm’s investment strategy, sourcing, diligence, and structuring processes across consumer brands, beverage services, and hard assets. Prior to InvestBev, he spent over a decade managing institutional investment portfolios for prominent allocators deploying multiple billions in private markets. He holds an MBA in Marketing & Entrepreneurship from the Kellogg School of Management, Northwestern University, and a B.S. in Finance & Real Estate from the University of Wisconsin-Madison. Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com . #VentureCapital #VC #Startups #OpenLP #AssetManagement Stay Connected: X / Twitter: David Weisburd: @dweisburd LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Giuseppe Infusino: https://www.linkedin.com/in/giuseppe-infusino-331b198/ Links InvestBev: https://www.linkedin.com/company/investbev/ Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com . (0:00) Introduction (1:30) Incentive structures in consulting and investment staff (3:20) Consultants and emerging managers (4:55) Sourcing and transitioning to bourbon investments (7:54) Market dynamics and correlation of bourbon investments (10:27) Asset allocation in bourbon investing (12:05) Educating LPs on bourbon investments (14:15) First mover challenges in new asset classes (16:21) Organizational influence on investment decisions (17:14) Economics of alcohol production (19:07) The three-tiered system in the alcohol industry (19:30) Lessons from starting and scaling a fund manager (21:11) Growth rates and transitioning to private credit (25:43) Operational investments and valuation models (28:27) Best LP advice and perspectives on capital return (31:01) Utilization of AI in investment strategies (33:14) Closing remarks