Artificial intelligence (AI) – and generative AI (Gen AI) in particular – is being incorporated at an unprecedented rate into virtually all areas of the economy. Thus, it is not surprising that virtually all fund managers who participated in a study conducted by the Alternative Investment Management Association (AIMA) said they use Gen AI in their work – and most are increasing their use. In 2025, AIMA asked fund managers about their uptake of Gen AI, including their approaches to governance; policies and procedures; risks and limitations of Gen AI; training and hiring; Gen AI models; and use cases. It also asked institutional investors about their AI-related concerns and communications with fund managers. This article distills the key takeaways from AIMA’s study. See “Limited AI and Alternative Data Adoption for Legal and Compliance Efforts, According to Survey” (May 1, 2025).