My guess is that the RE will shortly start to buy-back units in...

My guess is that the RE will shortly start to buy-back units in CD1 and CD2 on market with the retained cash. CD3 is trickier because the buy-back resolution for that fund which was part of the merger proposal, of course, has not been passed.. CD4 will use the cash to pay capital calls.

On page 30 of the Explanatory Memorandum for the proposal we were told:

’If the [merger] Proposal is not implemented, the Responsible Entity is likely to use the distributions received [from the limited partnerships after 30 June 2022] to fund capital management initiatives (such as an on-market buyback, to fund working capital requirements, meet future capital calls to the respective LPs (if applicable) and potentially pay distributions for Fund I, Fund II and Fund III. Fund IV will not undertake any capital management initiatives at this time due to the future capital calls expected to LPIV in the near term.”