Partners Group’s $15bn capital raise for its latest PE buyout programme highlights LPs’ growing attraction towards non-traditional fund structures.

Michael St Germain of investment consultant Segal Marco was interviewed at PEI’s Investor Relations, Marketing and Communications Forum. Here are some of the green lights and red flags he looks for in GPs trying to raise capital.

Don’t expect every GP stakes manager and their dog to be listing a portfolio of stakes in alternatives managers anytime soon.