In 2026, the Net Zero Asset Managers Initiative (Initiative) announced its official relaunch, issuing an updated commitment statement to which it claimed more than 250 asset managers as signatories. Originally launched in December 2020, the Initiative represents an international effort to invest in accordance with environmental, social and governance (ESG) principles. The environmental objectives are explicitly presented as being consistent with the Paris Agreement’s overarching objective of achieving net zero greenhouse gas emissions. Although the rebooted Initiative is broadly similar in spirit to the original, it has introduced changes in response to legal and political pressures, according to legal experts interviewed by the Hedge Fund Law Report. For example, the new version encourages fund managers to use their judgment and to pursue ESG investing in a manner that does not contravene their fiduciary duty to clients, the experts said. This article summarizes the Initiative; compares it to the original initiative; considers the possibility for further political and legal pushback; and offers practical takeaways for fund managers, with expert legal commentary. See our two-part series on the original initiative: “What It Is and What It Requires” (Feb. 3, 2022); and “How to Make the Commitment” (Feb. 10, 2022).