There has been considerable backlash against efforts to address environmental, social and governance (ESG) issues in the asset management industry. Promoting diversity, equity and inclusion (DEI) is a key element of the “S” in ESG. DEI has also come under fire. For example, the U.S. Court of Appeals for the 11th Circuit granted a motion for an injunction pending appeal against a race-conscious grant program sponsored by the Fearless Fund. A PLI program examined the chilling effect of that decision on DEI efforts, ways to insulate DEI programs from similar challenges and other means of advancing DEI in the alternative investment industry. Ira P. Kustin, partner at Akin, moderated the discussion, which featured William Burckart, co‑founder and co‑general partner of Colorful Capital; Chrishon McManus, senior counsel at Allspring Global Investments; Michelle Noyes, Head of Americas for the Alternative Investment Management Association; and Laura T. Schnaidt, founder of Women in Funds. This article distills their insights. See “SEC Releases First Report on Registrants’ D&I Policies and Practices” (Jun. 2, 2022).