The relationships between private equity firms and their investors are becoming increasingly strained, according to new research that shows clients feel less aligned to the interests of fund managers than 12 months ago – with such frustrations already forecast to cost buyout firms more than $1bn (€710,847) in fees this year.

A total of 69% of limited partners said that their interest were aligned with those of the private equity firms they are invested in, according to research from Preqin. This compares to the 82% who agreed last year.