In the current political environment, “diversity, equity and inclusion” (DEI) have become loaded words. Political changes in 2025 have affected how private employers, universities and institutional investors are approaching DEI, noted Akin partner Ira P. Kustin at a PLI program on demographics, inclusion and performance in the alternative investment industry. Some have determined that it is not important to their business; others continue to see its importance. Kustin and his co-panelists – who approached the issue through the lens of asset managers in general and hedge fund managers in particular – discussed the Trump administration’s anti-DEI efforts; their impact on fund managers and allocators; and how the desire to find and retain the best talent can be consistent with DEI efforts. This article synthesizes their insights. See “Advancing Diversity, Equity and Inclusion in the Alternative Investment Industry” (Jul. 18, 2024).