Although performance remains a critical due diligence point for institutional investors, other aspects of the hedge fund advisory business now play a more prominent role in the investment decision-making process of institutional investors; after all, performance can be subverted by inadequate risk management, compliance and controls. In particular, institutional investors (and regulators) are increasingly focused on adviser business continuity plans (BCPs), which identify the range of events and risks that can interrupt business operations and investment activities, and detail the steps that a manager will take if those events or risks come to fruition. Events that may trigger the procedures in a BCP can be natural (e.g., hurricanes, earthquakes and pandemics), man-made (e.g., terrorism, theft and other crimes) or technological (e.g., power outages, disruption of exchanges and computer viruses). The procedures used to address those risks must be tailored to the manager’s strategy, technology, network of service providers and geographic location. Moreover, the BCP has to be a living document – something that is tested, communicated to employees and other constituents and updated as relevant. This article offers a comprehensive analysis of BCPs in the hedge fund context, including defining a BCP; enumerating key elements of a hedge fund manager BCP; and discussing, among other things, the impact of a hedge fund’s strategy on its manager’s BCP, regulatory requirements, institutional investor expectations, disclosure considerations and the frequency with which a BCP should be reviewed and updated. See also “Can Emerging Hedge Fund Managers Use Technology to Satisfy Business Continuity Requirements and Mitigate Third-Party Risk?” (Sep. 3, 2015); and “What Are the Key Elements of a Comprehensive Hedge Fund Adviser Disaster Recovery Plan, and Why Are Such Plans a Business Imperative?” (Feb. 25, 2010).