World Library  
Flag as Inappropriate
Email this Article

AlpInvest Partners

AlpInvest Partners
Industry Private Equity
Predecessor NIB Capital
Founded 1999
Headquarters New York, New York, U.S.
Amsterdam, Netherlands
Hong Kong
Key people
Volkert Doeksen, Chairman
Paul de Klerk, CFO/COO
Products Fund investments, Secondaries, Co-Investments, Mezzanine
Total assets $48 billion (June 30, 2013)[1]
Number of employees
130+ (2013)
Parent The Carlyle Group

AlpInvest Partners is a leading PFZW), which were previous shareholders of the company, as well as institutional investors from North America, Asia, Europe, South America and Africa.

AlpInvest operates three investment teams focused on private equity: Fund Investments, Secondary investments and Co-Investments.

AlpInvest pursues investment opportunities across the entire spectrum of private equity including: large buyout, middle-market buyout, venture capital, growth capital, mezzanine, distressed and sustainable energy investments.

In 2011, the firm was acquired by a joint venture between AlpInvest management and The Carlyle Group and since August 2013, AlpInvest has operated as a subsidiary of Carlyle.

Founded in 1999, AlpInvest has offices in New York, Amsterdam, Hong Kong and Indianapolis with over 75 investment professionals and over 130 employees.


  • Investment Programs 1
  • Investors and beneficiaries 2
  • History 3
    • Milestones 3.1
    • Awards 3.2
  • Private equity fund investments 4
  • Secondary investments 5
  • Private equity and mezzanine co-investments 6
  • See also 7
  • Notes 8
  • References 9
  • External links 10

Investment Programs

The company flag outside its office in Amsterdam

With over $48 billion of funds under management, AlpInvest is one of the largest investors in the private equity asset class globally.[2][3][4][5] AlpInvest pursues investment opportunities across the entire spectrum of private equity including: large buyout, middle-market buyout, venture capital, growth capital, mezzanine, distressed and sustainable energy investments. AlpInvest also invests across the range of private equity investment channels:

AlpInvest invests primarily in private equity limited partnerships and effectively acts as a fund investor, making commitments to private equity funds globally. Among the most notable firms with which AlpInvest is invested include: Kohlberg Kravis Roberts, Blackstone Group, Providence Equity Partners and TPG Capital as well as many of the leading middle-market private equity firms and venture capital firms.[6]

AlpInvest will invest with these firms either by making commitments to new investment funds or by purchasing funds through the private equity secondary market. AlpInvest is one of the largest private equity fund investors and is also among the largest and most active and experienced investors in private equity secondaries.

AlpInvest also invests directly alongside some of the largest private equity investors through an active co-investment program and will make mezzanine debt investments into companies owned by financial sponsors.[7]

Following this spin-off of its European middle market leveraged buyout platform, which was subsequently renamed Taros Capital[8] AlpInvest, by itself, no longer makes control investments directly in privately held companies, but rather invests alongside selected private equity managers.

Investors and beneficiaries

AlpInvest's primary beneficiaries are the 4.8 million participants in the Netherlands.

ABP and PFZW collectively had assets of over $500 billion as of December 31, 2012 and are among the largest pension funds in the world.

Prior to 2011, AlpInvest had not historically solicited capital from other investors or institutions. Following its spinout from the Dutch pension funds, AlpInvest has been actively raising capital from institutional investors in North America, Europe, Asia, South America and Africa.

Among AlpInvest's most notable U.S. clients are Municipal Employees' Retirement System of Michigan (MERS)[9] and Indiana Public Retirement System (INPRS).[10][11]


The logo used by Alpinvest N.V., a publicly quoted investment vehicle and predecessor of AlpInvest Partners
The logo used by NIB Capital Private Equity, the direct predecessor of AlpInvest Partners

AlpInvest as it is currently known, was established in 1999 as an initiative by its two sponsors, the Dutch pension funds ABP and PFZW (then PGGM), to create an independent and professional manager for their private equity allocations.[12]

AlpInvest's predecessor, NIB Capital Private Equity, originally operated as one integrated investment firm with distinct teams focusing on fund investments as well as lead buyout investments in mid-sized companies located in the Benelux and Germany. As the firm evolved, AlpInvest shifted its focus toward an expansion of its investment management business.

In 2000, AlpInvest expanded its investment platform, by creating a dedicated equity co-investment team to invest in transactions alongside its core private equity managers. The following year, in 2001, the firm began a formal effort to make mezzanine investments. A year later, in 2002, AlpInvest launched a secondary investment platform, which has emerged as one of the largest buyers of private equity assets in the secondaries market.

Today, AlpInvest focuses exclusively on its investment management business as a fund investor as well as secondary investor and equity and mezzanine co-investor and has grown into one of the largest investors in the private equity asset class.


The headquarters of AlpInvest in Amsterdam

The following is a timeline of significant milestones:

  • 1980s - Both ABP and PGGM begin separate in-house private equity investment programs, investing primarily in private equity funds.
  • 1990s - Alpinvest Holding N.V., a evergreen investment fund, is founded and Stan Vermeulen is named CEO in 1993. Alpinvest Holding N.V. provided private equity and mezzanine capital to middle market companies in Benelux and Germany until its acquisition by ABP and PGGM in 2000.
  • 1999 - ABP and PGGM form NIB Capital Private Equity, the predecessor of AlpInvest under the leadership of Volkert Doeksen, in order to increase position in the private equity market. NIB Capital is formed from several separate teams from NIB Bank NV and Parnib Holding NV.
  • 2000 - Alpinvest Holding N.V. is acquired by ABP and PGGM, and integrated into Parnib Holding N.V. and NIB Capital Private Equity to form what would become AlpInvest Partners. ABP and PGGM topped a bid from GIMV to acquire the listed investment fund.[13] NIB Capital receives its first mandate of €13 billion from ABP and PGGM of which close to €7 billion is designated for new investments in the period 2000–2002. The remainder comprised existing investments made by ABP, PGGM and NIB Capital’s predecessors.
  • 2000 - AlpInvest begins a dedicated equity co-investment group.
  • 2001 - NIB Capital opens New York office.
  • 2003 - NIB Capital receives a new €7 billion mandate from ABP and PGGM, covering the period 2003–2005, for fund investments, secondary investments, co-investments and lead investments in the Benelux/German mid-market.
Press conference announcing the creation of a joint venture with The Carlyle Group.
  • 2004 - NIB Capital Private Equity spun out to ABP and PGGM and renamed "AlpInvest Partners".[14][15]
  • 2006 - AlpInvest receives a new investment mandate from ABP and PGGM initially amounting to €11 billion, covering the period 2006–2008 (the mandate size increased over time). This represented one of the largest mandates ever granted in the international private equity markets.[16]
  • 2006 - AlpInvest spins off its European middle market buyout business, which is subsequently renamed Taros Capital[8][17] in order to focus exclusively on investments in private equity funds and alongside relationship financial sponsors.
  • 2006 - AlpInvest opens its first Asian office in Hong Kong.
  • 2007 - AlpInvest receives a €2 billion mandate to invest in global mezzanine debt transactions[18] and a €500 million Cleantech investment covering the period 2007–2009.
  • 2008 - AlpInvest opens London office.[19]
  • 2011 - AlpInvest acquired by a joint venture between management and The Carlyle Group
  • 2013 - AlpInvest raises $4.2 billion of investor commitments for its AlpInvest Secondaries Program, focused on secondary investments[20]


In recent years, AlpInvest has won several industry awards based on its position as a leading limited partner.

Year Award Publication Ref.
2012 #1 Largest Private Equity Fund of Funds Towers Watson, Financial Times [22]
2008 Limited Partner of the Year Private Equity International [23]
2008 Most Influential European Limited Partner Private Equity News [24]
2007 Limited Partner of the Year Private Equity International [25]
2007 Most Influential European Limited Partner Private Equity News [26][27]
2007 Buyout of the Year: VNU (Co-Investment) Thomson Financial's Acquisitions Monthly [28]
2006 Limited Partner of the Year Private Equity International [25]
2006 Large investment of the year: NXP (Co-Investment) Financial News [29]
2005 Limited Partner of the Year* Private Equity International [30]

* This award was initiated in 2005. AlpInvest was the first recipient.

Private equity fund investments

AlpInvest is among the largest investors in private equity funds, globally, historically allocating as much as €4 billion per year to leveraged buyout (large-cap, middle-market, lower middle market), venture capital and special situations funds, among other strategies. AlpInvest maintains relationships with many of the leading managers in difficult to access segments of private equity. In many cases, AlpInvest is a strategic investor and tends to be among the largest investors in each fund in which it invests. AlpInvest follows a deliberate allocation process that includes a top-down segment analysis and bottom-up general manager selection. The firm's funds team is made up of more than 25 professionals based globally in Europe, North America and Asia.

Secondary investments

AlpInvest's secondary investments group focuses on the purchase of existing portfolios of private equity assets.

In the secondary market, AlpInvest operates as an independent investment group with a large dedicated team, comparable to other leading secondary firms and is one of the largest buyers of private equity assets in the secondaries market.[31] AlpInvest's secondary investments include purchases of limited partnership interests, spin-outs of captive private equity groups, stapled secondary transactions, securitizations, joint ventures and secondary direct transactions.

Although most secondary transactions are kept confidential, the following transactions have been disclosed:[32]

Date Deal Description Ref.
2008 AlpInvest, together with Goldman Sachs Capital Partners and CPP, purchased a portfolio of interests in 32 European companies managed by AAC Capital Partners from ABN AMRO for $1.5 billion. [33][34]
2008 AlpInvest, together with Goldman Sachs, purchased $400 million of interests in legacy investment funds managed by Court Square Capital Partners from Citigroup. [35][36]
2008 AlpInvest, together with HarbourVest Partners, Pantheon Ventures, Partners Group, Paul Capital Partners, Portfolio Advisors and Procific completed a takeover of Macquarie Capital Alliance Group in one of the first public to private transactions of a publicly traded private equity company completed by secondary market investors. [37][38]
2006 AlpInvest underwrote the equity of a $500 million newly formed vintage fund-of-funds consisting of approximately 40 underlying private equity partnerships in a joint venture with Swiss Re and Horizon 21, a fund manager. [32][39]
2006 AlpInvest, together with Coller Capital and Goldman Sachs underwrote the equity tranche of Astrea, an $800 million securitization, of 46 private equity fund interests owned by Temasek, a Singapore-based sovereign wealth fund. [32][39][40]
2006 AlpInvest, together with HarbourVest Partners, completed a secondary transaction involving the establishment of a new fund, Paragon Partners. As a result of the transaction, Paragon Partners acquired an existing portfolio of three European companies providing an exit to German private equity fund manager Afinum. [32][41]
2005 AlpInvest, together with AXA Private Equity, purchased a cornerstone interest in West Private Equity, subsequently renamed Lyceum Capital, and simultaneously made a new commitment to Lyceum Capital's second fund. [32][42]
2005 AlpInvest, together with Lexington Partners purchased a $1.2 billion private equity portfolio from Dayton Power & Light, consisting of 46 fund interests. At the time of its completion, the DPL transaction represented one of the largest private equity funds portfolios acquired in the secondary market. [32][43][44][45]
2003 AlpInvest was a lead investor in the €1.5 billion divestiture by Deutsche Bank of its direct and co-investment portfolio of private equity interests, consisting of over 100 underlying companies. The sale was part of a spin-out of what would become the private equity firm, MidOcean Partners. At the time of its completion, the MidOcean transaction was the largest secondary market completed. [32][46]

Private equity and mezzanine co-investments

AlpInvest traditionally invests alongside leading financial sponsors in leveraged buyouts and growth capital transactions. Since inception, AlpInvest has invested more than €3 billion in over 100 transactions and is among the most active co-investors in private equity transactions. The firm's dedicated co-investment team is made up of more than 25 professionals across its equity and mezzanine products operating in Europe, North America and Asia.

The following is a list of selected notable companies that AlpInvest has invested in alongside other private equity general partners, either as an equity co-investor or as a mezzanine debt provider:

Investment Date Financial Sponsor(s) Company Description Ref.
Alliance Boots Apr 2007 KKR A British-based pharmacist and retailer [47]
Alltel May 2007 TPG Capital, GS Capital Partners A mobile telecommunications company [48]
AMC Theatres Dec 2004 Apollo Global Management The second largest movie theatre chain in North America. [49]
Avago Technologies Dec 2005 KKR; Silver Lake Partners The former semiconductor products division of Hewlett Packard and later Agilent Technologies  
Avaya Oct 2007 Silver Lake Partners A telecommunications company specializing in enterprise telephony and call center technology [50]
Biomet June 2007 KKR A medical device manufacturer of artificial joints [51]
Bushnell Corporation 2007 MidOcean Partners Leading manufacturer of binoculars, spotting scopes, telescopes, night vision equipment, GPS and other optics and imaging products  
Capio Nov 2006 Apax Partners A leading European healthcare provider  
CEVA Logistics Aug 2006 Apollo Global Management A logistics company, formerly known as TNT Logistics [52]
Dollar General Mar 2007 KKR, GS Capital Partners A chain of discount stores operating in the U.S. [53]
Education Management Corporation Oct 2006 Providence Equity Partners, GS Capital Partners, Leeds Equity Partners A private operator of post-secondary educational institutions in North America  
Expro June 2008 Candover, Goldman Sachs A leading British-based oil and gas well management business [54][54][55]
Fairmount Food Group May 2003 GTCR Golder Rauner A food products supplier [56]
Ferretti Motors October 2006 Candover, Permira An Italian yacht-building conglomerate (originally acquired in 1995 and taken private again in 2001) [57][58][59]
Gala Coral Group Aug 2005 Candover, Cinven, Permira A British betting shop, bingo and casino operator  
Gemplus International Dec 2005 TPG Capital A vendor of smart cards and other digital security products  
Grupo ONO Nov 2005 Providence Equity Partners, CCMP Capital, THL Partners, Quadrangle A Spanish broadband company, providing telephone, television and Internet services  
Harrah's Entertainment Jan 2008 Apollo Global Management, TPG Capital A gaming company that owns and operates casinos, hotels, and six golf courses [60]
Iasis Healthcare May 2004 TPG Capital A hospital operating company  
IMS Health Nov 2009 TPG Capital Supplier of sales data and consulting services to the pharmaceutical industry [61]
Jostens July 2003 DLJ Merchant Banking Partners, Investcorp, MidOcean Partners A producer of high school and college class rings and publisher of school yearbooks  
LA Fitness May 2007 Madison Dearborn, CIVC Partners An American health club chain  
Masonite International Dec 2004 KKR A producer of doors, door components and door entry systems, door components and door entry systems [62]
Nielsen Company Jan 2006 Blackstone Group, KKR A global information and media company (formerly known as VNU) [63][64]
Nuveen investments June 2007 Madison Dearborn An investment management company that provides a suite of mutual funds, particularly in municipal securities [65]
NXP Semiconductors Aug 2006 KKR, Silver Lake Partners A semiconductor company formerly part of Philips [66]
Nycomed Mar 2005 Nordic Capital A European pharmaceutical company [67]
Roundy's Jun 2002 Willis Stein & Partners A supermarket chain based in the midwestern U.S. [68]
SBS Broadcasting Group June 2007 Permira, KKR A European broadcasting group, operating television, premium pay channels, radio stations and print businesses [69]
Seven Media Group Dec 2006 KKR A media joint venture between with Australian Seven Network Limited formed in December 2006 [70][71]
Sports Authority Jan 2006 Leonard Green & Partners A leading retailer of sporting goods in the U.S. [72]
Spyder Active Sports July 2004 Apax Partners A manufacturer of branded ski apparel and the largest ski-specialty brand  
SunGard Mar 2005 Silver Lake Partners, Bain Capital, the Blackstone Group, Goldman Sachs Capital Partners, KKR, Providence Equity Partners, Texas Pacific Group A provider of software and services to education, financial services and public sector organizations, acquired by one of the largest consortia of private equity investment firms [73]
TXU (renamed Energy Future Holdings) Feb 2007 KKR, TPG Capital, Goldman Sachs An energy company based in Texas, acquired in a $45 billion leveraged buyout, which at the time of its announcement, was the largest buyout in history [74]
Univision Communications Mar 2007 Madison Dearborn, Providence Equity Partners, TPG Capital, L.P., THL Partners, Saban Capital Group A Spanish language television broadcaster in the U.S. [75]
Vendex (renamed Maxeda) Mar 2004 KKR A Netherlands-based retail group that operates: Brico, de Bijenkorf, Claudia Sträter, M&S, Praxis and Vroom & Dreesmann and formerly operated HEMA, Hunkemöller, and Praxis [76]
Visma May 2006 HgCapital (Engel Holding AS) A Norwegian company providing enterprise resource planning and customer relationship management software and services [77][78]
Warner Chilcott Oct 2004 CCMP Capital, Bain Capital, DLJ Merchant Banking Partners, THL Partners A specialty pharmaceutical company producing branded prescription products in women's healthcare and dermatology in the U.S. [79]
Weather Channel Sep 2008 Blackstone Group, Bain Capital, NBC Universal A media company operating The Weather Channel cable network [80]

Source: AlpInvest website[81]

See also


  1. ^ Source: Carlye Group website
  2. ^ AlpInvest reaches investment peak (DowJones PE News, 2008)
  3. ^ AlpInvest Top Euro PE Investor (Euromoney Institutional Investor, 2008)
  4. ^ AlpInvest Reaches Summit (Financial Times, 2004)
  5. ^ AlpInvest raises a mountain of money (, 2004)
  6. ^
  7. ^ LPs Seeking Co-investment Opportunities in Emerging Markets (Emerging Markets Private Equity, Quarterly Review Q4 2006). Page 13.
  8. ^ a b
  9. ^ Michigan To Put $750M In Carlyle, AlpInvest. Institutional Investor, July 13, 2011
  10. ^ Indiana Public Retirement System picks Carlyle, AlpInvest for state-focused strategy. Pension & Investments, March 4, 2013
  11. ^ The Carlyle Group and AlpInvest Assume Management of Two Indiana Life Sciences Funds of Funds Totaling $130 Million. Business Wire, October 17, 2013
  12. ^ Superfund ABP takes the crown for fourth year running DowJones Financial News, 13 Nov 2007.
  13. ^ European ABP-PGGM Tops GIMV Alpinvest Bid. Buyouts, 24 January 2000
  14. ^
  15. ^ In 2005, ABP and PGGM sold their interests in NIB Capital Bank to JC Flowers.
  16. ^ Dutch AlpInvest receives €11bn investment mandate from ABP and PGGM
  17. ^
  18. ^ AlpInvest receives €2bn mezzanine mandate from ABP, PGGM
  19. ^
  20. ^ The Carlyle Group's AlpInvest Partners Reaches $4.2 Billion for Secondaries Program. October 16, 2013
  21. ^ Carlyle Buys Remaining 40% of AlpInvest as It Diversifies. Bloomberg, Jun 3, 2013
  22. ^ Top 50 Private Equity FoF Ranking. Towers Watson Global Alternatives Survey 2012, July 2012
  23. ^ Private Equity International Awards 2008
  24. ^
  25. ^ a b
  26. ^
  27. ^ Europeans step up to global battlefield Private Equity News, p. 13-16
  28. ^
  29. ^
  30. ^ Engineering Success, p. 20
  31. ^ AlpInvest hires secondary investment specialists (AltAssets, 2007)
  32. ^ a b c d e f g AlpInvest Secondary Investments : Case Studies
  33. ^ Secondary investment: "Goldman group snags ABN AMRO unit." Pensions&Investments, August 12, 2008.
  34. ^ Secondary investment: Discount offered to offload ABN Amro's Secondaries
  35. ^ Secondary investment: Kreutzer, Laura. "Citigroup shutting down VC arm after Metalmark buy." DowJones Private Equity News, May 29, 2008
  36. ^ Secondary investment: Secondaries players wait on the sidelines
  37. ^ "Macquarie Capital will spend $836m to go private". The Australian, June 17, 2008
  38. ^ "Macquarie Capital soars on buyout plan". The Sydney Morning Herald, June 16, 2008
  39. ^ a b Secondary investment: Structured secondaries increase risk and reward. Private Equity News, 5 Feb 2007
  40. ^ Secondary investment: Credit boom and leverage spark revolution in secondaries. Private Equity News, 5 Feb 2007
  41. ^ Secondary investment: HarbourVest and AlpInvest complete secondary transaction in Germany AltAssets, 22 February 2006.
  42. ^ Secondary investment: West Private Equity to re-brand as Lyceum Capital as the firm goes independent (AltAssets, 2006)
  43. ^ Secondary investment: DPL selling portfolio for $850M (Dayton Business Journal, 2005)M
  44. ^ Secondary investment: DPL to sell PE stakes for $850M (, 2005)
  45. ^ Secondary investment: DPL, Inc. SEC Form 8-K Dated Feb. 18, 2005
  46. ^ Secondary investment: MidOcean Partners hits the fundraising trail Private Equity News, 9 January 2006
  47. ^ Co-Investment: Equity Firm Wins Bidding for a Retailer, Alliance Boots
  48. ^ Co-Investment: Seattle Times
  49. ^ Co-Investment: Acquisition of AMC Entertainment by Affiliates of J.P. Morgan Partners and Apollo Management is Completed - - December 23, 2004
  50. ^ Co-Investment: Investment Firms Pick Up Avaya For $8.2 Billion
  51. ^ Co-Investment: Biomet Accepts Sweetened Takeover Offer
  52. ^ Co-Investment: Press Release: TNT Reaches Agreement to Sell its Logistics Division to Apollo Management
  53. ^ Co-Investment:
  54. ^ a b Co-Investment:
  55. ^ Co-Investment: Higher Offer For Maker Of Well Gear
  56. ^ Co-Investment: "GTCR Provides $200 Million Equity Commitment to Start Fairmount Food Group, LLC", Business Wire, May 8, 2003
  57. ^ Co-Investment:
  58. ^ Co-Investment:
  59. ^ Co-Investment: Permira had a 54 times return of its original investment from the company's brief listing on the Italian Stock Exchange from 2000 to 2001.
  60. ^ Co-Investment:
  61. ^ Co-Investment: IMS Gets $4 Billion Leveraged Buyout
  62. ^ Co-Investment: Masonite International Corporation to be Acquired by KKR
  63. ^ Co-Investment: Europe
  64. ^ Co-Investment: Buyout Bid For Parent Of Nielsen
  65. ^ Co-Investment: Nuveen Investments to Be Acquired By Private Equity Group Led By Madison Dearborn Partners, LLC
  66. ^ Co-Investment:
  67. ^ Co-Investment: Press Release: Nordic Capital acquires a major shareholding in Nycomed from DLJ Merchant Banking and Blackstone in 2005.
  68. ^ Co-Investment: Willis Stein picks up Roundy's
  69. ^ Co-Investment: 2 Equity Firms Paying $7.6 Billion for Largest German TV Broadcaster
  70. ^ Co-Investment:
  71. ^ Co-Investment:
  72. ^ Co-Investment: Leonard Green buying Sports Authority for $1.3B
  73. ^ Co-Investment: "Capital Firms Agree to Buy SunGard Data in Cash Deal." Bloomberg L.P., March 29, 2005
  74. ^ Co-Investment: Lonkevich, Dan and Klump, Edward. KKR, Texas Pacific Will Acquire TXU for $45 Billion Bloomberg, February 26, 2007.
  75. ^ Co-Investment: F.C.C. Approves $12 Billion Sale of Univision Communications
  76. ^ Co-Investment: Kohlberg Kravis cancels $1.4 billion debt sale for Dutch retailer
  77. ^ Co-Investment: Offer by Engel Holding for Visma (PDF)
  78. ^ Co-Investment: Condition regarding antitrust clearance is satisfied.
  79. ^ Co-Investment: Warner Chilcott files $1 bln IPO
  80. ^ Co-Investment: NBC, Bain and Blackstone buy Weather Channel
  81. ^ AlpInvest Investment Portfolio: Co-Investments and AlpInvest Investment Portfolio: Mezzanine


  • AlpInvest Partners N.V.: Private Company Information (BusinessWeek)
  • Volkert Doeksen: Financial News 100 Most influential people 2006 (#56)
  • AlpInvest Partners Presentation for Netspar 12 June 2007
  • Firms seek a better class of investor(eFinancialNews, 2008)
  • AlpInvest receives €2bn mezzanine mandate from ABP, PGGM (AltAssets, 2007)
  • AlpInvest cuts support for buyout firms (DowJones Financial News, 2007)
  • Dutch Treat (, 2003)
  • Speech:Volkert Doeksen, The French Senate. AFIC’s Annual Conference on Private Equity, Monday April 3, 2006.
  • Europeans step up to global battlefield Private Equity News, p. 13-16
  • AlpInvest 2008 Annual Review, 2008 Annual Report
  • AlpInvest 2009 Annual Review, 2009 Annual Report

External links

  • AlpInvest Partners (official website)
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.

Copyright © World Library Foundation. All rights reserved. eBooks from World Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.