Private fund managers are increasingly incorporating artificial intelligence (AI) into their investment processes. AI models, which incorporate vast amounts of data and may be hard to understand, present unique regulatory risks. Legal and reputational consequences of improper handling of AI should be avoided by fund managers. A recent Debevoise & Plimpton program addressed the current state of AI regulation, AI governance, mitigation of risks associated with the use of AI and where AI regulation may be headed. The program also examined the potential use of AI in combating the coronavirus pandemic and the associated risks. The webinar featured Debevoise partner Avi Gesser and associate Anna R. Gressel, as well as Matthew Homer, Executive Deputy Superintendent of the Research and Innovation Division of the New York State Department of Financial Services. This article synthesizes the panelists’ commentary most relevant to hedge fund managers. See “EY 2019 Survey Explores Growing Importance of Talent Management, Diversity and Inclusion; Use of Technology, Big Data and AI; and Cybersecurity (Part Two of Two)” (Dec. 19, 2019); and “AI for Fund Managers: How to Use It to Streamline Operations (Part One of Three)” (Sep. 5, 2019).