We wanted to take a moment to comment on the sate of the spirits industry from our seat as investors and operators within it.

In the last year, we read countless articles and research reports chronicling the industry’s happenings; received and reviewed over 500 inbound investment proposals; met with dozens of stakeholders ranging from pre-revenue entrepreneurs to CEOs of the world’s largest multinational spirits Strategics; attended several major industry conferences; coordinated with distributors big and small; interviewed a handful of industry veterans to join our team; and worked directly alongside the entrepreneurs in our portfolio.

The trends, drivers, and perspectives shared here are the output of all of those efforts. Our focus here is to synthesize much of what we’ve heard in the market, with the recognition that many of the headlines fail to provide a full picture.  As such, our aim is to present perspectives that build upon – and in some cases differ – from the headlines and more casual conversations around some of the industry’s most prevalent topics.  We’ll also share some thoughts on themes that we are starting to consider, which haven’t received as much attention, with the hope of shedding light on what the next years may entail.

You can download the 2025 Eyes Open Report by clicking the button below.