[step:Construct the right Kan extension by the dual limit argument]
For each object $d\in\mathcal D$, define
\begin{align*}
R(d):=\lim_{(c,u)\in(d\downarrow K)} F(c).
\end{align*}
Let
\begin{align*}
\rho^d_{(c,u)}:R(d)\to F(c)
\end{align*}
denote the limiting cone map indexed by the object $(c,u)$ of $(d\downarrow K)$. Define the projection functor
\begin{align*}
\pi^R_d:(d\downarrow K)&\to\mathcal C \\
(c,u)&\mapsto c \\
\alpha&\mapsto\alpha .
\end{align*}
Let $h:d\to d'$ be a morphism in $\mathcal D$. Define a functor
\begin{align*}
h^*:(d'\downarrow K)&\to(d\downarrow K)\\
(c,u)&\mapsto(c,u\circ h)\\
\alpha&\mapsto\alpha .
\end{align*}
This is well-defined because if $\alpha:(c,u)\to(c',u')$ in $(d'\downarrow K)$, then $K(\alpha)\circ u=u'$, and therefore
\begin{align*}
K(\alpha)\circ(u\circ h)=u'\circ h.
\end{align*}
Thus $\alpha:(c,u\circ h)\to(c',u'\circ h)$ is a morphism in $(d\downarrow K)$.
The family
\begin{align*}
\rho^d_{h^*(c,u)}=\rho^d_{(c,u\circ h)}:R(d)\to F(c)
\end{align*}
is a cone over the diagram $F\circ\pi^R_{d'}:(d'\downarrow K)\to\mathcal E$. By the universal property of the [limit](/page/Limit) $R(d')$, there is a unique morphism
\begin{align*}
R(h):R(d)\to R(d')
\end{align*}
such that, for every object $(c,u)$ of $(d'\downarrow K)$,
\begin{align*}
\rho^{d'}_{(c,u)}\circ R(h)=\rho^d_{(c,u\circ h)}.
\end{align*}
Uniqueness gives $R(\operatorname{id}_d)=\operatorname{id}_{R(d)}$ and $R(h'\circ h)=R(h')\circ R(h)$, so $R:\mathcal D\to\mathcal E$ is a functor.
For each $c\in\mathcal C$, define
\begin{align*}
\varepsilon_c:R(K(c))\to F(c)
\end{align*}
by
\begin{align*}
\varepsilon_c:=\rho^{K(c)}_{(c,\operatorname{id}_{K(c)})}.
\end{align*}
We verify that $\varepsilon:R\circ K\to F$ is natural. Let $\alpha:c\to c'$ be a morphism in $\mathcal C$. In $(K(c)\downarrow K)$, the morphism $\alpha:c\to c'$ gives
\begin{align*}
(c,\operatorname{id}_{K(c)})\to(c',K(\alpha))
\end{align*}
because
\begin{align*}
K(\alpha)\circ \operatorname{id}_{K(c)}=K(\alpha).
\end{align*}
Hence the limiting cone relation gives
\begin{align*}
F(\alpha)\circ\rho^{K(c)}_{(c,\operatorname{id}_{K(c)})}
=
\rho^{K(c)}_{(c',K(\alpha))}.
\end{align*}
By the definition of $R(K(\alpha))$, applied to the object $(c',\operatorname{id}_{K(c')})$ of $(K(c')\downarrow K)$, we have
\begin{align*}
\rho^{K(c')}_{(c',\operatorname{id}_{K(c')})}\circ R(K(\alpha))
=
\rho^{K(c)}_{(c',K(\alpha))}.
\end{align*}
Combining the last two identities gives
\begin{align*}
F(\alpha)\circ\varepsilon_c=\varepsilon_{c'}\circ (RK)(\alpha),
\end{align*}
so $\varepsilon:R\circ K\to F$ is a natural transformation.
Now let $G:\mathcal D\to\mathcal E$ be a functor. Composition with $\varepsilon$ defines
\begin{align*}
\operatorname{Nat}(G,R)\to\operatorname{Nat}(G\circ K,F),
\qquad
\beta\mapsto \varepsilon\circ(\beta K).
\end{align*}
Given $\theta:G\circ K\to F$, define for each $d\in\mathcal D$ and each object $(c,u)$ of $(d\downarrow K)$ a morphism
\begin{align*}
\delta^d_{(c,u)}:G(d)\to F(c)
\end{align*}
by
\begin{align*}
\delta^d_{(c,u)}:=\theta_c\circ G(u).
\end{align*}
If $\alpha:(c,u)\to(c',u')$ in $(d\downarrow K)$, then $K(\alpha)\circ u=u'$, and naturality of $\theta$ gives
\begin{align*}
F(\alpha)\circ\theta_c=\theta_{c'}\circ G(K(\alpha)).
\end{align*}
Therefore
\begin{align*}
F(\alpha)\circ\delta^d_{(c,u)}
&=F(\alpha)\circ\theta_c\circ G(u)\\
&=\theta_{c'}\circ G(K(\alpha))\circ G(u)\\
&=\theta_{c'}\circ G(K(\alpha)\circ u)\\
&=\theta_{c'}\circ G(u')\\
&=\delta^d_{(c',u')}.
\end{align*}
Thus $\delta^d$ is a cone from $G(d)$ to $F\circ\pi^R_d$. By the universal property of the [limit](/page/Limit) $R(d)$, there is a unique morphism
\begin{align*}
\widehat{\theta}_d:G(d)\to R(d)
\end{align*}
such that
\begin{align*}
\rho^d_{(c,u)}\circ\widehat{\theta}_d=\theta_c\circ G(u)
\end{align*}
for every $(c,u)\in(d\downarrow K)$.
The morphisms $\widehat{\theta}_d$ are natural in $d$. For $h:d\to d'$ in $\mathcal D$, both morphisms
\begin{align*}
R(h)\circ\widehat{\theta}_d,
\qquad
\widehat{\theta}_{d'}\circ G(h):G(d)\to R(d')
\end{align*}
have the same composite with every limiting projection $\rho^{d'}_{(c,u)}$, where $(c,u)$ is an object of $(d'\downarrow K)$. Indeed,
\begin{align*}
\rho^{d'}_{(c,u)}\circ R(h)\circ\widehat{\theta}_d
&=\rho^d_{(c,u\circ h)}\circ\widehat{\theta}_d\\
&=\theta_c\circ G(u\circ h)\\
&=\theta_c\circ G(u)\circ G(h),
\end{align*}
while
\begin{align*}
\rho^{d'}_{(c,u)}\circ\widehat{\theta}_{d'}\circ G(h)
&=\theta_c\circ G(u)\circ G(h).
\end{align*}
The uniqueness part of the limit universal property gives
\begin{align*}
R(h)\circ\widehat{\theta}_d=\widehat{\theta}_{d'}\circ G(h),
\end{align*}
so $\widehat{\theta}:G\to R$ is a natural transformation. Moreover,
\begin{align*}
\varepsilon_c\circ\widehat{\theta}_{K(c)}
&=\rho^{K(c)}_{(c,\operatorname{id}_{K(c)})}\circ\widehat{\theta}_{K(c)}\\
&=\theta_c\circ G(\operatorname{id}_{K(c)})\\
&=\theta_c.
\end{align*}
Conversely, let $\beta:G\to R$ be a natural transformation and define $\theta:=\varepsilon\circ(\beta K)$. For each object $d\in\mathcal D$ and each object $(c,u)$ of $(d\downarrow K)$, naturality of $\beta$ for $u:d\to K(c)$ gives
\begin{align*}
R(u)\circ\beta_d=\beta_{K(c)}\circ G(u).
\end{align*}
Composing with $\varepsilon_c=\rho^{K(c)}_{(c,\operatorname{id}_{K(c)})}$ and using the defining property of $R(u)$ gives
\begin{align*}
\rho^d_{(c,u)}\circ\beta_d
&=\rho^{K(c)}_{(c,\operatorname{id}_{K(c)})}\circ R(u)\circ\beta_d\\
&=\varepsilon_c\circ\beta_{K(c)}\circ G(u)\\
&=\theta_c\circ G(u).
\end{align*}
Thus $\beta_d$ has the same composites with every projection $\rho^d_{(c,u)}$ as the morphism constructed from $\theta$. By uniqueness in the definition of $\widehat{\theta}_d$, we get $\widehat{\theta}_d=\beta_d$ for every $d$. Hence
\begin{align*}
\operatorname{Nat}(G,R)\cong\operatorname{Nat}(G\circ K,F)
\end{align*}
naturally in $G$, so $(R,\varepsilon)$ is a [right Kan extension](/page/Right%20Kan%20Extension) of $F$ along $K$.
[/step]