Blue Sky Alternative Investments has finalised terms with Oaktree for a $50 million capital injection that could result in the US hedge fund taking a 30 per cent stake in the troubled Brisbane-based fund manager.

The financing deal, first revealed by AFR Weekend's Street Talk column, will provide vital funding to Blue Sky, which has suffered a 90 per cent fall in its share price and the departure of its chief executive officer as it has been forced to downwardly adjust the value of assets held in its funds.