What's the best way to access a market you have no network in?
I work for a PE shop doing LP investments in ground up residential & industrial developments all over the lower 48. We enter into JV agreements with GP's who handle all the development & asset management work, we bring in 70-90% of the equity, and we just monitor the progress at a higher level. Normally through our existing networks we get deals pitched our way, but they're often in markets we're no longer interested in.
We're launching a new fund and I've been seeing some markets that look interesting on paper, but we have no connections there. I'm on the asset management side, but due to the new fund being launched, I'm helping out with some of the acquisitions and market research.
What's the best way to find GP's in a new market looking for an LP investor? Is it better to start with local brokers?