The Alternative Investment Management Association (AIMA), in partnership with RSM International, issued its third report on how hedge fund managers align their interests with those of their investors. As in prior iterations of the report, this year’s report focuses on “skin in the game”; transparency; customized investment vehicles; and fee and expense provisions. It also explores how the consideration of environmental, social and governance criteria affect manager-investor alignment. This article discusses the report’s key findings, with commentary from Drew Nicol, associate director at AIMA. See “AIMA Survey Examines Evolution in the Ways That Managers Align With Investors” (Nov. 7, 2019); and “AIMA Survey Identifies Key Ways That Managers Align With Investors, Including Alternative Fee Structures, Skin in the Game and Customized Investment Solutions” (Sep. 22, 2016).