How to Identify Alternative Investment Partners in India: A Due-Diligence Playbook Executive summary (allocator-first): Choose mandate and governance before brand. Partner fit is a function of regulation, process, operations, and fee alignment, not marketing. Score candidates on five pillars: Reg/Structure, People/Process, Performance/Risk, Operations/Controls, Economics/Alignment. Close three gaps early: evidence (IDs, policies), liquidity (windows, notice, gates), fees (benchmark, HWM, crystallization). Use the checklists and tables below to move from longlist → IC memo → first ticket without operational surprises. Terms including fees, benchmark conventions, and liquidity are per offering documents. Availability at specific custodians is subject to platform onboarding and investor eligibility. Introduction: The Rise of Alternatives in India India’s alternative investment market spans AIFs (Cat II/III), private credit, PMS, IFSC funds, and offshore vehicles that access listed equitie...