Blue Sky founder Mark Sowerby to step back

Sowerby's retirement will take effect at the end of September, with current COO Rob Shand assuming the role of managing director. Shand joined Blue Sky as an investment manager in 2010 after six years at Bain & Company and has served as COO since 2013.

In a statement, Blue Sky said the transition has been in the works for the past three years, with Sowerby and chairman John Kain working to prepare the way for the firm's next generation of leadership. For example, Shand has been overseeing day-to-day operations at Blue Sky since last year.

Sowerby is stepping down to focus on his family and charitable works, but will remain involved with Blue Sky as an advisor. He has led the firm since its founding in 2006.

"I have had the privilege and pleasure of being intimately involved with Blue Sky since its formation," said Kain. "In that 10 years, never have I seen the business in such outstanding health. I look forward to continuing to work with Rob, our partners group and the team as they continue to grow Blue Sky as Australia's leading alternative asset manager."

Blue Sky had A$2.1 billion ($1.6 billion) in fee-earning assets under management as of the 2016 financial year, up from A$1.4 billion the previous year.

Currently its venture capital division, Blue Sky Venture Capital, is raising a A$200 million fund focused on later-stage local start-ups. Recent investments include a A$25 million commitment to online wine retailer Vinomofo and a $10 million round alongside MDI Ventures and DKSH for Southeast Asia-focused e-commerce solutions provider aCommerce.

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