Terms of Use
These Terms of Use constitute a legally binding agreement between Alpine Investors and its affiliates (together, “Alpine,” “our,” “us,” “we” or “company”) and you, the user of
https://alpine-investors.com/ (the “Site”). By accessing the Site you acknowledge that you have read and agree to these Terms of Use. These Terms of Use govern your use of the Site. Please read these Terms of Use carefully. If you do not agree with any of the terms and conditions contained herein, please do not access the Site.
Alpine reserves the right to amend these Terms of Use in its sole discretion. Alpine will post any changes to these Terms of Use on the Site, and changes are effective immediately upon posting. Your continued use of the Site after any such changes constitutes your acceptance of the new terms and conditions. You should consult the “Terms of Use” bar on the Site each time you visit the Site.
The Site is offered and available to users who are 18 years of age or older. By using the Site, you represent and warrant that you are of legal age to form a binding contract with Alpine. If you do not meet all of these requirements, you must not access or use the Site.
Certain information on the Alpine Site includes financial information and reports and other historical information regarding financial performance, other investment metrics and/or investment processes of Alpine and was prepared for use prior to November 4, 2022, the effective date of Rule 206(4)-1 under the Investment Advisers Act of 1940, as amended. To the extent that the information contain references to the historical performance of a fund or any investment thereof, investors must consider the information only in the broader context of other information prepared by Alpine, and particularly subject to the gross, net and other performance disclosures and data contained in the relevant Alpine funds’ governing documents.
Purpose of the Site; Not Investment Advice; No Recommendations
The information presented on or through the Site is made available solely for informational purposes in relation to Alpine and its financing capabilities for prospective portfolio companies. Alpine does not warrant the accuracy, completeness, or usefulness of any information on the Site. Any reliance you place on such information is strictly at your own risk. Alpine disclaims all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the Site, or by anyone who may be informed of any of its contents.
This Site is not intended to provide legal, business, tax, accounting, investment, or other advice. You agree not to construe any of the Content (as defined below) provided in connection with the Site as legal, business, tax, accounting, investment, or other advice. You agree that the Content provided in connection with the Site does not, and shall not be deemed to, constitute an offer to sell, or a solicitation to any person to buy, any security or similar investment. You understand that none of the Content constitutes a recommendation that you or any other person purchase, sell or hold any security, company, investment product or similar investment, or that you should pursue any investment strategy, and the Content is not to be relied upon for the purpose of making investment or other decisions. In addition, you understand and agree that all Content provided in connection with the Site is published without consideration of your individual circumstances, financial, or otherwise. Accordingly, you agree that you are solely responsible for any investment decisions or other determinations made, including, the evaluation of any investment or other risks, with respect to any of the Content provided in connection with the Site. You agree to consult your own professional advisors as to any legal, business, tax, accounting, financial, or other advice regarding any Content provided in connection with the Site.
Regulatory Disclosures
Alpine does not solicit or make its services available to the public. The Content provided on or through the Site may include information regarding past and/or present portfolio companies or investments managed by Alpine, its affiliates and/or personnel. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to past and present portfolio companies should not be construed as a recommendation of any particular investment or security. Current and previous portfolio companies listed on the Site are not to be considered a complete list of all investments historically made by Alpine. The portfolio companies listed should not be assumed to have been profitable. Any past performance information on the Site is not necessarily indicative, or a guarantee, of future results.
Certain information contained on this Site constitutes “forward-looking statements.” All forward-looking statements represent only the intent and belief of Alpine as of the date such statements were made. None of Alpine or any of its affiliates (i) assumes any responsibility for the accuracy and completeness of any forward-looking statements or (ii) undertakes any obligation to disseminate any updates or revisions to any forward-looking statement contained on the Site to reflect any change in their expectation with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements.
Alpine is registered with the U.S. Securities and Exchange Commission as an investment adviser, which does not imply a certain level or skill or training.
Privacy Policies
In addition to these Terms of Use, your use of and access to the Site is also subject to our Website Privacy Policy (the “Privacy Policy”), California Website Privacy Policy (the “CA Privacy Policy”) and our EU Website Privacy Policy (the “EU Privacy Policy”), which are incorporated by reference herein, as applicable. Our Privacy Policy, our CA Privacy Policy and our EU Privacy Policy contain additional terms relating to our potential collection, use and disclosure of your personal information, as applicable. You agree that you have read, agreed to and understand our Privacy Policy and our EU Privacy Policy, as applicable.
User Accounts
If you choose, or are provided with, a user name, password or any other piece of information as part of Alpine’s security procedures, you must treat such information as confidential, and you must not disclose it to any other person or entity. You also acknowledge that your account is personal to you and agree not to provide any other person with access to this Site or portions of it using your user name, password or other security information. You agree to notify Alpine immediately of any unauthorized access to or use of your user name or password or any other breach of security. You also agree to ensure that you exit from your account at the end of each session. You should use particular caution when accessing your account from a public or shared computer so that others are not able to view or record your password or other personal information.
Alpine has the right to disable any user at any time in Alpine’s sole discretion for any or no reason, including if, in Alpine’s opinion, you have violated any provision of these Terms of Use.
Ownership
The trade names, trademarks, service marks, trade dress, logos and other indicia of source (collectively, “Marks”) found on the Site and any and all information and content available through the Site (including strategies, policies, business plans, research, concepts, and other information (collectively, the “Content”) are proprietary to Alpine or its licensors and are protected by intellectual property rights and unfair competition and other laws. You may not use any Mark or Content without the express written permission of the owner (whether Alpine or otherwise), and nothing contained in these Terms of Use or anywhere on the Site shall be construed as granting any license or right to use any Mark or Content.
Third-Party Links
From time to time, Alpine may provide links from this Site to websites operated by third parties. Alpine’s decision to do so is in no way an endorsement of these sites. Alpine does not monitor, edit or control such third-party sites and is not responsible in any way for the suitability of their content or for the quality of the products or services offered therein. Your choice to follow links to such websites is at your sole risk. When you click on a link to another website you will be leaving the Site. If you have any questions regarding a linked site, please direct them to the administrator of the relevant site. Alpine reserves the right to terminate any link at any time.
Disclaimer of Warranties
THE SITE AND CONTENT ARE PROVIDED “AS IS” AND “AS AVAILABLE” AND, TO THE MAXIMUM EXTENT PERMITTED UNDER LAW, PROVIDED WITHOUT WARRANTIES, CLAIMS OR REPRESENTATIONS MADE BY ALPINE, EITHER EXPRESS, IMPLIED, OR STATUTORY, WITH RESPECT TO THE SITE, INCLUDING WARRANTIES OF QUALITY, PERFORMANCE, NON-INFRINGEMENT, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE, NOR ARE THERE ANY WARRANTIES CREATED BY COURSE OF DEALING, COURSE OF PERFORMANCE, OR TRADE USAGE. ALPINE FURTHER DOES NOT REPRESENT OR WARRANT THAT THE SITE OR CONTENT WILL ALWAYS BE AVAILABLE, ACCESSIBLE, UNINTERRUPTED, TIMELY, SECURE, ACCURATE, COMPLETE OR ERROR- FREE. YOU ACKNOWLEDGE THAT THE ENTIRE RISK ARISING OUT OF THE USE OR PERFORMANCE OF THE SITE REMAINS WITH YOU TO THE MAXIMUM EXTENT PERMITTED UNDER LAW.
Limitation of Liability
ALPINE DOES NOT ASSUME ANY LIABILITY OR RESPONSIBILITY FOR THE SITE OR THE CONTENT. TO THE FULLEST EXTENT PERMITTED BY LAW, ALPINE IS NOT LIABLE TO YOU OR ANYONE ELSE FOR ANY CLAIM OF ANY NATURE WHATSOEVER BASED ON (1) THE SITE OR THE CONTENT, INCLUDING ANY DECISION MADE OR ACTION TAKEN IN RELIANCE ON THE CONTENT OR ANY FEATURE OF THE SITE OR (2) YOUR BREACH OF ANY PROVISION OF THESE TERMS OF USE.
UNDER NO CIRCUMSTANCES WILL ALPINE BE LIABLE FOR ANY DAMAGES OR LOSSES (INCLUDING DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES, LOST REVENUES, LOST PROFITS, LOSS OF BUSINESS, LOSS OF DATA OR ANY OTHER DAMAGES OR LOSSES) ARISING OUT OF OR IN CONNECTION WITH THESE TERMS OF USE OR YOUR USE OF ANY SERVICE OR CONTENT, REGARDLESS OF THE THEORY OF LIABILITY, WHETHER TORT (INCLUDING NEGLIGENCE OF ANY KIND), CONTRACT OR ANY OTHER LEGAL OR EQUITABLE THEORY, EVEN IF ADVISED OF THE POSSIBILITY OF THE DAMAGES OR IF THE DAMAGES COULD HAVE BEEN FORESEEN.
THE FOREGOING DOES NOT AFFECT ANY LIABILITY THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.
Indemnity
You agree that you will be solely responsible for, and that you will defend, indemnify and hold Alpine, its parents, subsidiaries and other affiliates and each of their respective officers, directors, agents, employees and representatives harmless from and against any and all claims, demands, liabilities, costs or expenses, including reasonable attorneys’ fees, resulting from your violation of these Terms of Use or otherwise resulting from your use of the Site. Alpine reserves the right, at its own expense, to assume the exclusive defense and control of any matter for which it is entitled to indemnification, but you must still indemnify Alpine for all liabilities, losses, or damages. You agree to provide Alpine with whatever cooperation it reasonably requests.
Limitation on Time to File Claims
ANY CAUSE OF ACTION OR CLAIM YOU MAY HAVE ARISING OUT OF OR RELATING TO THESE TERMS OF USE OR THE SITE MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES, OTHERWISE, SUCH CAUSE OF ACTION OR CLAIM IS PERMANENTLY BARRED, UNLESS OTHERWISE REQUIRED BY LAW.
Miscellaneous
You may not assign or otherwise transfer these Terms of Use or your rights or obligations under it without Alpine’s prior written consent, and any attempted assignment or other transfer in violation of this provision shall be null and void. Alpine may assign these Terms of Use or any rights under these Terms of Use without your content and without notice. Nothing in these Terms of Use may be used to construe you and Alpine as joint venturers, co-employers, partners, or agents of each other, and neither you nor Alpine has the power to obligate or bind the other in any way whatsoever. Should any term or provision hereof be deemed invalid, void or unenforceable either in its entirety or in a particular application, the remainder of these Terms of Use shall nonetheless remain in full force and effect. The failure of Alpine at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same unless the same is waived in writing. These Terms of Use shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its conflict of law rules. Any legal proceeding arising out or relating to these Terms of Use against or relating to Alpine or any indemnified party under these Terms of Use will be subject to the exclusive jurisdiction of any state or federal court sitting in San Francisco, California and you irrevocably consent to the jurisdiction of such courts. The terms and conditions set forth in these Terms of Use and any agreements included or referred to in these Terms of Use constitute the final, complete and exclusive agreement with respect to the Site and may not be contradicted, explained or supplemented by evidence of any prior agreement, any contemporaneous oral agreement or any consistent additional terms.
Headings and captions throughout these Terms of Use are for convenience only and should not be considered part of these Terms of Use. The word “including” means “including without limitation.”
If you have any questions or concerns about these Terms of Use or any issues raised in these Terms of Use or on the Site, please contact Alpine’s compliance team at
privacy@alpineinvestors.com.
CASE STUDIES
Case studies presented on this Site may contain the opinions of past and present Alpine portfolio company executives and are intended to be viewed by potential portfolio company executives. Alpine makes no representation or warranty as to the accuracy or completeness of the information presented here. It should not be assumed that the portfolio companies discussed in these case studies were profitable or that future portfolio companies or experiences will be comparable. Past performance is not necessarily indicative, or a guarantee, of future results. Under no circumstances should these case studies be construed as an offer to sell, or a solicitation to buy, any security or as opinions regarding the provision of investment advisory services by Alpine. Viewers should familiarize themselves with the full Terms of Use and other disclosures regarding the Alpine website, which fully apply to these case studies.
Certifications, Awards and Ratings
Certifications, awards and rankings are based upon third-party reviews and opinions and are not indicative, or a guarantee, of Alpine’s or any of its portfolio companies’ performance. All certifications are produced by third parties which are not affiliated with Alpine. Alpine pays an annual fee for all certifications. These certifications may not be representative of any one person’s experience. Further, these recognitions are not to be construed as indicative of Alpine’s future performance or person’s future experience. These certifications should not be construed as a testimonial regarding Alpine’s advisory capabilities and do not necessarily relate to the profitability or performance of its clients. There can be no assurance Alpine will maintain any rating or certifications. For more information of the selection criteria of B Corp, Great Place to Work, and the UNPRI, please visit
https://bcorporation.net/about-b-corps,
https://www.greatplacetowork.com/our-methodology, and
https://www.unpri.org/pri/about-the-pri, respectively.
We nominated our firm to be considered for GrowthCap’s Top 25 Private Equity Firms list and did not pay a fee in the submission. Awardees needed to pay a fee to confirm their acceptance of the award. Alpine is not affiliated with GrowthCap. For more information about GrowthCap’s awards and selection process, please visit its website: https://growthcapadvisory.com/the-top-25-private-equity-firms-of-2022/
Portfolio Leader Statements
Certain statements about Alpine made by portfolio company executives herein are intended to illustrate Alpine’s business relationship with such persons, including with respect to Alpine’s facilities as a business partner, rather than Alpine’s capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in Alpine-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein.
Alpine Operations Group (“AOG”) (including without limitation CEO-in-Training (CIT), CEO-in-Residence (CIR), and other “In Residence” programs, PeopleFirst, Talent/Recruiting, Corporate Development, Direct Sourcing, Sales and Marketing, Pricing and Customer Experience)
Any fees, compensation (including incentive equity), reimbursements or other amounts received by AOG members generally will be paid by a portfolio company or prospective portfolio company and/or the applicable Alpine Fund and do not offset such Alpine Fund’s management fee. Accordingly, the fees and expenses of AOG members are not covered by the Alpine Fund’s management fee and will not otherwise reduce the management fee. There can be no assurance that no other service provider is more qualified to provide such services or could provide such services at a lesser cost. Similarly, there can be no assurance that AOG services will be deployed on behalf of a portfolio company, or if deployed, that they will lead to investor returns.
ESG
Alpine Investors maintains an ESG policy and intends to apply that policy to certain Funds’ investment activities. Depending on the investment, certain ESG factors, such as product environmental and conservation considerations, corporate governance and employee relations, could have a material effect on the return and risk of the investment. Alpine Investors endeavors to consider material ESG factors in connection with its investment activities. However, the act of selecting and evaluating material ESG factors is subjective by nature, and there is no guarantee that the criteria utilized or judgment exercised by Alpine Investors or a third-party ESG specialist will reflect the beliefs or values of any particular Limited Partner or align with the practices of other asset managers or with market trends. Considering ESG factors when evaluating an investment may cause a Fund not to make an investment that it would have made in the absence of such consideration. Additionally, ESG factors are only some of the many factors Alpine Investors may consider in making an investment, and there is no guarantee that Alpine Investors will make investments in companies that create positive ESG impact or that consideration of ESG factors will enhance long-term Limited Partner value and financial returns. Although Alpine believes its ESG policy will enhance the performance of the Portfolio companies in which a Fund invests over the long term while also having a beneficial impact, Alpine cannot guarantee that its ESG program will positively impact the financial or ESG performance of any individual investment or any Fund as a whole. Similarly, to the extent Alpine Investors or a third-party ESG specialist engages with portfolio companies on ESG-related practices and potential enhancements thereto, there is no guarantee that such engagements will improve the financial or ESG performance of the investment. Successful engagement efforts on the part of Alpine Investors or a third-party ESG specialist will depend on the relevant General Partner’s skill in properly identifying and analyzing material ESG and other factors and their value, and there can be no assurance that the strategy or techniques employed will be successful. In addition, the General Partner’s ESG programs and policies may change over time. It is possible that market dynamics or other factors will make it impractical, inadvisable or impossible for the Manager to adhere to all elements of the General Partner’s investment strategy, including ESG considerations, whether with respect to one or more individual investments or to the Fund’s portfolio generally. Similarly, in evaluating a company, Alpine Investors often depends upon information and data provided by the company or obtained via third-party reporting or advisors, which may be incomplete or inaccurate and could cause Alpine Investors to incorrectly assess the company’s ESG practices and/or related risks and opportunities. Further, Alpine Investors does not independently verify all ESG information it receives from investments or third-party advisors or data sources, and it may decide in its discretion not to use certain information. Alpine Investors makes no representation or warranty, express or implied, with respect to the accuracy, fairness, reasonableness, fitness for use, or completeness of any of the information contained herein, and expressly disclaims any responsibility or liability therefor. Although Alpine Investors will endeavor to present material ESG reports to investors, the issuance of such reports will be based on its sole and subjective determination of whether a material ESG issue has occurred in an investment. Further, Alpine Investors is not obligated to produce such reports.
Alpine’s status as a PRI signatory or Certified B Corporation does not necessarily mean that the General Partner will gradually improve its ESG program or process over time, reduce ESG-related risk or otherwise create positive ESG outcomes through its investment activities. There can be no guarantee that Alpine will continue to be a PRI signatory or Certified B Corporation in the future.
‘Our Impact’ Page
Bain & Co developed employee Net Promoter Score (eNPS) metric to measure employee engagement. eNPS is measured by asking employees on a scale of 0 to 10, how likely they are to recommend their organization as a place to work. It is calculated as (Promoters-Detractors) / (Total Respondents), where Detractors score 0–6, Neutrals score 7–8, and Promoters score 9–10. eNPS may not be representative of any one employee’s experience because the rating reflects an average. eNPS ratings are not indicative of future fund.
Alpine’s carbon footprint, for FY2022, includes three office locations (San Francisco, New York City, and Salt Lake City) and remote employees as of 12/31/2022. The emissions inventory was conducted by the third party Bridge House Advisors in accordance with the World Resource Institute’s GHG Protocol Corporate Standard, reviewing Scopes 1 and 2 (emissions from Alpine’s own operations and electricity consumption) and select Scope 3 emissions (including emissions from employee business travel, employee commuting, purchased goods and certain categories of waste). Alpine’s carbon footprint includes Alpine Operating Group and excludes Alpine’s portfolio companies (“financed emissions”). While Alpine seeks to mitigate its GHG emissions, for the avoidance of doubt, Alpine makes no claims of carbon neutrality or of having achieved significant emissions reductions.
As a part of Alpine’s efforts to help mitigate the climate impact of its operations, Alpine purchased ex ante, nature-based carbon removal credits from the third party Working Trees’ Brazilian carbon project (the “Project”), which is intended to fund the planting of ~28,000 trees across ~300 acres of degraded pasturelands in the Brazilian Amazon. The Project involves a practice called silvopasture, or the planting of trees on pasture with the intent to store carbon, improve pasture productivity, and provide for other ancillary benefits. Pursuant to Alpine’s purchase of ex ante carbon credits, the Project expects to generate carbon credits that will be verified according to the methodology for GHG emissions reductions or removals approved by a third-party carbon standards body and issued through a registry authorized by and in accordance with the rules of such voluntary standards body. Alpine is relying on the representations of Working Trees and makes no independent claims regarding verification or validity of the Project and/or the carbon credits.
Alpine has provided Working Trees with financial and professional development resources through the Alpine Social Ventures program. For the avoidance of doubt, Alpine does not market or sell carbon credits on behalf of Working Trees or any other entity.
