The Wittelsbach Equalization Fund (WAF) is a foundation under public law established in 1923 as part of the equalization of assets between the Wittelsbachs and the Free State of Bavaria. The WAF is the owner of the palaces used by the royal family until 1918, various forests, the art collections and the Wittelsbach family archives. Today, the fund is active in the areas of real estate, art, tourism, forestry and agriculture, among others.