Responses to the Commonwealth Bank-KangaNews survey on ESG in Australian Private Debt suggest that ESG is an integral part of private debt investors’ process. The most common driver is the growing understanding that ESG risk is a core component of overall credit risk. At the private debt roundtable, investors suggested the heterogenous nature of their asset class makes uniform ESG overlays less useful. This also explains why most ESG approaches do not produce a red-line outcome for investment decisions.