The Hedge Fund industry employs a broad range of strategies (e.g. global macro, quantitative equities, relative value, specialty finance, equities long/short etc.) and therefore APG takes a tailored approach per strategy. All Hedge Fund mandates that are granted to external managers need a mandatory signoff from APG’s GRIG team. As part of this signoff, conditions on ESG are agreed and included in the legal documentation. The exact conditions are dependent on the type and nature of the strategy and can include, for example, the implementation of an RI policy, the adoption of ESG reporting requirements, and adherence to the Exclusion Policy. The progress of the strategy with respect to ESG integration is monitored. This process is governed by the Responsible Investment Implementation Guidelines for Hedge Fund investments.