LMM PE sourcing at a new fund?

Curious for anyone who's joined a LMM buyout shop (say ~$5-15M EBITDA) that's either just launched or was in the early innings, what did the early sourcing process look like? How did you get your name out there? Was it just brute force emailing/calling every LMM IB and business broker? Cold calling targets? What was the highest return on time method?

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IMO for a newer shop you should spend 25% of your time on volume and 75% of your time on hyper targeted outreach towards the verticals that your founder have the most experience in. There are 100s of shops emailing good businesses and there’s no reason for them to talk to you given you have no brand name unless you have direct relevant experience you can talk to them about. 

 

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