Birch and Waite ......latest Blue Sky project, page-29

Haaaaa, I've been doing more research on BAF assets to better understand the BLA issues.   And I just found this:

February 14, 2017 (BAF Market Update January 2017) Page 3:

Blue Sky Early Learning Fund

The carrying value of the Alternatives Fund’s investment in the Blue Sky Early Learning Fund increased by 26.3% in January. This fund holds private equity investment in Foundation Early Learning, a premium Australian childcare operator. The acquisition of several early learning centres in December and January, as well as a particularly pleasing operating performance through the first half of FY17, has led to a step change in run rate operating earnings. With further business development opportunities progressing,  and positive early signs for centre occupancy in 2017, Foundation Early Learning is well placed to continue to deliver its investment case this year.

No further updates at all, even in its annual report in March 2018, nor in the NTA update on January / February where they are required to complete a fair value review of each investment. At no point in any of the communication from BLA or BAF did Blue Sky disclose that the asset was over valued or that there were issues, the last mention was February 14, 2017 "Foundation Early Learning is well placed to continue to deliver its investment case this year"

Glaucus was right to call this out, they took $20mil of investors ($4 mil from BAF) money, purchased a 63% stake in this company, systematically uplifted the companies value on paper, wrote substantial performance fees, lied thru omission and have sold the company at a 22% discount to book value.   How anybody can have an confidence in the management decisions of BLA is a joke.