In mortar and pestle, add the peanuts and pound to finely ground. If you don’t have a mortar and pestle, use a Ziploc bag and a rolling pin. Put the peanuts in a Ziploc bag and use the rolling pin to pound the peanuts. It is kind of like a chunky peanut butter.
In a small bowl, mix the ground peanuts with curry paste. Set aside.
For the coconut milk, do not shake the can. Open the can and scoop out 1/3 cup of the thick coconut cream on the top of the can.
In a large skillet over medium heat, add the 1/3 cup thick coconut cream. Stir and heat for 2 minutes. Add the curry paste mixture. Mix well. Add the beef slices and coat evenly with curry. Stir and mix the rest of canned coconut milk. Add 2/3 cup coconut milk and water into the curry. Bring the liquid to a boil and the beef is no longer pink, stirring occasionally. Add kaffir lime leaves, basil leaves, fish sauce and sugar. Cook for another 1 – 2 minute. Taste and adjust with more fish sauce and sugar if needed. Transfer to a medium serving bowl. Serve immediately with hot steamed rice.