In 2006, the United Nations Secretary-General launched the Principles for Responsible Investment (PRI), a set of aspirational standards designed to guide investors toward creating a sustainable global financial system that fosters good governance, transparency, integrity and accountability. Hedge funds are important investment vehicles for many signatories to the PRI initiative. To assist its signatories in their hedge fund investments, PRI issued a white paper, entitled “Responsible Investment in Hedge Funds: A Discussion Paper.” This article provides an overview of PRI’s paper, including its assessment of the advantages and risks of various hedge fund investment techniques and strategies for ESG investors, as well as a roadmap for responsible investment in and by hedge funds. For a look at another ESG framework, see our two-part series on the Net Zero Asset Managers Initiative: “What It Is and What It Requires” (Feb. 3, 2022); and “How to Make the Commitment” (Feb. 10, 2022)