Blue Sky Alternative Investments Limited
(ASX:BLA) says it has completed the sale of Millell which trades as Pet Circle. The stake was held across two venture capital funds managed by Blue Sky.
Blue Sky says that since it invested in Pet Circle three years ago it has increased sales by four times and nearly doubled the fund investors money.
Blue Sky has recently defended itself from industry claims that its private equity business was highly leveraged leading to stretched balance sheets.
The alternative asset fund manager called the statements factually inaccurate.
Blue Sky Alternative Investments reported a net profit of $10.5 million to the end of June 2016.