Blue Sky Alternative Investments has reviewed the valuations of 88 of its 89 investments that are either managed or owned by the Brisbane-based group, leading its listed investment company to downgrade the carrying value of the Blue Sky Shoes of Prey fund by 12 per cent.

The carrying value "has been discounted to reflect the fact that at this stage the terms of the financing are uncertain," the separately-listed Blue Sky Alternatives Access Fund told the market on Friday. The online retailer, which allows customers to design their own shoes, engaged boutique investment bank Ohana & Co to run a dual track process two months ago considering a financing or sale.