Quay Partners co-founders Richard Bowley and Geoff Norman have taken a controlling stake in the private equity firm.

The review of the ownership structure came after the firm's partner Jake Burgess left Quay Partners earlier this month.

Although Bowley and Norman currently hold more than 51 per cent of the firm, it is the intention to bring back the stake to 51 per cent as the firm will distribute shares through its equity ownership program.

The co-founders currently hold non-executive positions with the firm, while Quay Partners is run by the third co-founder and managing director, Stephen White.

The change in ownership structure reflected the desire to compete more aggressively in the global industry, White said.

"The future of private equity advice is in our view moving away from the existing large players towards cost-conscious specialist advisers with remuneration rewarding performance and not scale," he said.

"Over the past few years, we have been building out a global team of highly experienced private equity professionals, many of whom are, like Geoff and Richard, ex-Pantheon executives who have previously worked together for many years."

Recently, the firm added two partners, including secondary investment specialist Jeffery Reed in San Francisco and private equity specialist Lucy Nicholls in London.

In Sydney, Daniel Bowden was promoted to partner in the firm.

Quay Partners expects to announce further additions in the near future.

The firm has $1.25 billion in funds under management, spread out across eight separate accounts and fund of funds.

The firm's clients include large Australian superannuation funds, including AGEST and Telstra Super.