Ann: Blue Sky H1 FY19 Results Update, page-58

Blue sky co-invests in most of its funds.

It is common knowledge that the water fund is their only open ended fund and has a waiting list so I think this would be a new raising to increase the fund size. This states the investment coming from Blue Sky Water Fund

The $23.5 m land purchase and submitting of plans for a $24 m  redevelopment states the entity as Blue Sky Alternative Investments. Probably buying land and lodging plans so they can either grow the existing or add a new student accommodation fund. 

That they use their money to buy the land, submit plans and then launch or grow a fund to invest in the asset is feasible.
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