There is a growing expectation among institutional investors that fund managers develop and disclose their approaches to responsible investments (RI), according to the Responsible Investment Policy Framework (Framework) issued by the Standards Board for Alternative Investments (SBAI), an association of alternative investment managers. The Framework discusses the fundamental considerations for developing an approach to RI and the key components of RI policies. The goal is to offer “a non-prescriptive framework for alternative investment managers to develop an approach to RI and to document this approach in an RI policy,” according to SBAI. The first article in a two-part series explains how to use the Framework, identifies five approaches to RI in general and discusses four approaches to incorporating RI principles into investment strategies. The second article analyzes governance, disclosure and measurement, as well as three key considerations for fund managers. For more from SBAI, see our two-part series on avoiding parallel fund conflicts: “New SBAI Standards and Case Study Provide Guidance for Mitigating Conflicts” (Jun. 11, 2020); and “Common Challenges for Hedge Fund and Credit Strategies” (Jun. 18, 2020).