From: David Kim <dkim@brickfieldep.com>
To: Amanda Foster <afoster@brickfieldep.com>
Date: April 30, 2023 12:00 AM
Subject: Co-investment opportunity - Urban Dynamics

**From:** Jessica Tran <jtran@highlinecapital.com>  
**To:** Marcus Wu <mwu@highlinecapital.com>  
**Date:** November 15, 2023  
**Subject:** Co-Investment Opportunity with Urban Dynamics  

Dear Marcus,

I hope this email finds you well. Following our recent discussions regarding Urban Dynamics, I wanted to provide you with an update on a potential co-investment opportunity that I believe merits our attention.

As you know, Urban Dynamics has been a strong performer in our portfolio since we acquired it in March 2021 for $150 million. The company's innovative approach to urban planning and sustainable architecture has allowed it to capture a significant share of the market, leading to a 40% increase in revenue year-over-year. Their recent project in downtown Seattle, which is slated for completion in Q2 2024, is projected to generate an additional $25 million in EBITDA annually.

In our last board meeting on November 10, 2023, the management team presented an opportunity to expand their footprint into the Midwest market, specifically targeting Chicago. They are looking to raise an additional $50 million to support this initiative, with a co-investment structure proposed to existing investors. Given our current stake of 30% in Urban Dynamics, I believe it would be advantageous for us to consider increasing our investment.

The anticipated return on this expansion is robust, with internal forecasts suggesting a potential IRR of 25% over a five-year horizon. Additionally, the Chicago market has been showing resilience and a strong demand for urban development solutions, which aligns well with Urban Dynamics’ capabilities.

I recommend we schedule a meeting with the Urban Dynamics management team next week to discuss this opportunity further. We can dive deeper into the financial projections and assess the implications for our portfolio. 

Please let me know your availability, and I’ll coordinate accordingly.

Best regards,  
Jessica Tran  
Senior Associate  
Highline Capital Partners  
(415) 555-0132  