CD3 Elephant Partners interest in KnowBe4, page-4

Good point.

Again using CD3's values at 31/3/22, KNBE is also held by US SelectDirect PE II with A$37.2m = 26.9% of CD3’s LP investments. So pro-rata to my first analysis, the total net proceeds might be (12.1+ 26.9)/12.1= 3.223 x about A$2.0m after tax. say A$6.5m cash to CD3.

As you say, holdings in each subfund may be bigger than my 10-15% guess. In general , one would expect the 30 Sept NAV of CD3 to be based on the subfunds’ values at 30 June for their unlisted assets (ie typical 3 month lag) , but I don’t know if they would update the values of listed holdings to the 30/9 market values.