In a small saucepan, whisk the sugar and vinegar together over medium high heat until the sugar dissolves. Bring to a boil and cook until the sugar caramelizes, constantly stirring.
Add the white wine and whisk vigorously for a few seconds.
Add the shallots, bring to a boil and reduce by one third.
Add the raisins and capers.
Reduce until the sauce is thick enough to coat a spoon. Season with salt and pepper.