From: James Morrison <jmorrison@brickfieldep.com>
To: Elena Rodriguez <erodriguez@brickfieldep.com>
Date: May 03, 2023 12:00 AM
Subject: Co-investment opportunity - TechStart Inc.

**From:** Jessica Thompson <jessica.thompson@capstoneequity.com>  
**To:** Michael Reynolds <michael.reynolds@capstoneequity.com>  
**Date:** October 30, 2023  
**Subject:** Co-Investment Opportunity with TechStart Inc.  

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Hi Michael,

I hope this email finds you well. I wanted to discuss a potential co-investment opportunity that has recently emerged with one of our portfolio companies, TechStart Inc. As you are aware, TechStart has been performing exceptionally well, with a 25% year-over-year growth in revenue, reaching an impressive $50 million in EBITDA for Q3 2023.

As part of their expansion strategy into the AI-driven software market, TechStart is seeking to raise an additional $15 million in equity to strengthen their product development and enhance their marketing efforts. Given their current momentum and a solid customer base—reporting over 200 clients, including Fortune 500 companies—it seems prudent for us to consider a co-investment alongside other institutional investors.

We have the opportunity to participate with a target allocation of $5 million, which would maintain our ownership percentage and allow us to leverage our existing relationship for favorable terms. TechStart’s management has indicated strong interest in bringing on additional strategic partners, which could enhance our overall influence on their growth trajectory.

I recommend we schedule a meeting with our investment committee to discuss this further. If we decide to proceed, we will need to present a detailed analysis of TechStart's market positioning, competitive landscape, and projected ROI, as well as our internal liquidity constraints. 

Please let me know your availability for a preliminary discussion later this week. 

Best regards,  
Jessica Thompson  
Senior Associate  
Capstone Equity Partners  
(415) 555-1234  
jessica.thompson@capstoneequity.com  