Liquid Capital?

摘要

Bill Hill Exudes The laid-back charm you'd expect from a California grape farmer. With his silver hair and denim shirt―monogrammed with the name of one of his wineries―he talks about the history of Napa Valley, and how he "scratches the artistic itches" with wine making. Hill, 59, has farmed grapes and turned them into premium vintages since 1974. His William Hill Winery was named among the best in the state before he sold it to beverage company Allied Domecq in 1992, and he has a reputation as an expert at finding land with just the right soil and weather conditions to produce the best vineyards. But he is really unlike the 2,000 other grape farmers in the California wine country in one major respect: he now has $100 million to sink into newvineyards. The grubstake comes from the California Public Employees' Retirement System, a $150 billion pension fund that's betting Hill's knack for scratching bis itches will generate vintage profits.