CD3 Elephant Partners interest in KnowBe4, page-2

Well spotted. Thecarrying value of CD3’s interest in EP1 fund at 31/3/22 was A$16.8m. At aguess, EP1 is unlikely to hold more than 10-15% in one asset—so the KNBE interestmight be A$1.6 to A$2.4m at carrying value. We don’t know theoriginal cost, but there's likely to be some US capital gains tax that EP1 or the LP will deduct before distributing cash proceeds to CD3 and its other investors. At a guess, CD3 might get up to A$2.0m aftertax.

Since KNBE is NASDAQ listed I assume that EP1 would carryit at stock market price, but it might discount that a bit for prudence. On31/3/22 the stock price was US$23.02 and the bid is at 24.90, so not much upliftfrom then. NB The deal is expected to close in the first half of next year. "Vista entered into support agreements with KnowBe4 (KNBE) founder Stu Sjouwerman and investment funds affiliated with KKR and Elephant Partners. In these agreements, which account for83% of KnowBe4’s voting power, the stockholders haveagreed to vote all of their shares of KNBE common stock in favor of thedeal". [so I assume the deal will not collapse]