Investor Interview: InvestBev

InvestBev is one of the largest alcohol-focused private funds in the world. Giuseppe, the CIO, has deep experience in portfolio allocation and sets the bar for sophistication and quality in the alcohol investing space. You can read a 5-minute summary here or check out the full 20-minute interview in the links below.

Personal disclaimer: InvestBev has funds dedicated to brand investing (which I love and we discuss in the interview) as well as funds dedicated to investing in barrels. My personal opinion (which is as fallible as the next guy) is to avoid barrel investing given the current dynamics. None of my content should ever be considered investment advice, but want to be on the record specifically about that.

Can you give a quick overview of InvestBev?

We bring together industry and financial expertise to support the adult beverage space. We invest, lend, and partner with brands across the beverage industry to be the preeminent partner for growth.

What’s your background, and how did you join InvestBev?

I started in investment management, working with state pension plans, endowments, and private market deals. I noticed specialized expertise outperformed generalist strategies. When Brian Rosen approached me to start InvestBev, I saw the potential in focusing solely on the adult beverage space.

How is the alcohol industry different from other consumer packaged goods (CPG)?

Adult beverage is highly regulated and has fewer institutional investors due to these complexities. That creates a unique opportunity for those who understand the space. It’s like having a 'regulatory moat' that limits competition while still offering a significant market.

Why should portfolio managers allocate to alcohol?

Alcohol has limited correlation with other asset classes. People drink in good times and bad, which stabilizes returns. It can rise with inflation and maintain purchasing power, while also being resilient during downturns. It complements a portfolio and mitigates volatility.

Where do returns come from in the spirits industry?

Returns primarily come at the exit, usually via strategic acquisitions. Companies like Diageo or Constellation Brands are incentivized to buy rather than build because they can acquire traction in new demographics. Strong brands command high revenue multiples—double digits in some cases.

What made Casamigos so successful, and how has the market changed since then?

Casamigos succeeded because tequila was already growing, and it was authentic—George Clooney and his team actually consumed it. At the time, celebrity-backed brands were novel. Now, the market is saturated with celebrity spirits, and consumers are more skeptical. Authenticity is key.

What drives your investment decisions today?

The most critical factor is knowing your customer. Brands like Beatbox succeed because they deeply understand their target demographic, like music festival-goers, and tailor everything—from marketing to placement—accordingly. That clarity is attractive to strategic acquirers who are focused on competing for wallet share.

Can you share a recent investment you’re excited about?

We just invested in Renais, an ultra-premium gin founded by Alex and Emma Watson. The ingredients are sourced from their family’s vineyard in France, providing authenticity and transparency. The gin market hasn’t fully premiumized yet, so there’s significant white space for growth.

How does InvestBev structure its funds?

We offer two sub-funds: a barrel fund and a growth equity fund. They’re complementary, but investors can choose based on their preferences. Both focus on maximizing returns in the beverage space.

Giuseppe’s Final Note: "Transparency and authenticity are key for brands to stand out today. Consumers want to know the story behind their drinks. That’s where the industry is heading."

Disclaimer: This interview is for educational purposes and should not be relied on for investment advice. Contact an investment professional and conduct your own due diligence when evaluating any investment. I received no compensation from InvestBev for this interview. Bourbon Bubba is not affiliated with SP Securities.