Davis Polk is following the development and evolution of environmental, social and governance (“ESG”) frameworks by various organizations that are being employed by private equity general partners and limited partners. This article, covering the Principles for Responsible Investment’s ESG Guidance for Private Equity trilogy issued in full on June 13, 2018, is the first item in our series. Our next article will describe the related United Nations Global Compact ESG principles and its use and relevance in private equity. Our third article will discuss the United Nations Sustainable Development Goals, seventeen cutting-edge principles which the investment community is beginning to incorporate. We plan to end this series with a wrap-up article that provides practical, user-friendly advice to GPs and LPs on how to address ESG matters during the fundraising, investment and post-investment stage and what’s to come on the horizon.