Hina launches $100m wine fund
Hina Group, one of the leading Chinese private equity and M&A corporate finance boutiques, has teamed up with Richard Wollack, the founder of Premier Pacific Vineyards, to create the $100 million Hina Vineyard Fund. Capital will be raised from high net worth individuals in Beijing and other Chinese cities.
Other partners of the fund include Skip Whitney from independent real estate firm Kidder Mathews, and Frank Farella, a founding partner of law firm Farella Braun + Martel.
"We anticipate our first closing of one-quarter to one-third of (the $100 million goal) in the next two to three months," Wollack told Wines & Vines, adding that the initial targets of investment are Napa and Sonoma in the US. The fund will also source opportunities in Mendocino and Santa Barbara.
"The potential investors are not looking for high current yield but are drawn to the properties because top vineyard property doesn't go down in value, and it shows long-term appreciation."
Winery investments have experienced increased demand in recent years. According to the latest Cap Gemini and Merrill Lynch Wealth Report, Asia-Pacific high-net-worth individuals hold 18% of their investments of passion in the form of wine and other collectibles, compared to 14% in 2009, and 15% globally.
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