From wine to beer to spirits, the alcoholic beverage industry has knocked back a significant amount of private equity capital over the years. In fact, PE investors have brewed up 49 investments in U.S.-headquartered companies in the space, according to the PitchBook Platform. The investments have spanned 19 states in all, but with its buzzing wine industry, California has unsurprisingly been home to more of those deals than any other state. Its 31% share of the space's activity is three times the size of that of its closest contender, New York, which accounts for 10% of the activity. Vermont rounds out the top three with an 8% share. This year is already off to a solid start with two completed deals in the alcoholic beverage space, tying last year's final tally. 2011 holds the record with eight completed deals.