Local real estate investment firm BlackSand Capital is now led by B.J. Kobayashi after the firm’s other managing partner, Ian MacNaughton, withdrew from his role.

The Honolulu-based firm announced the change Tuesday and said Kobayashi is leading the company as chairman and CEO.

Kobayashi and MacNaughton co-founded BlackSand in 2010 and were co-managing partners of the firm, which raises private equity to fund investments.

The firm’s investments have included a wing of Pearlridge Center, development of the Park Lane condominium at Ala Moana Center and redevelopment of the King’s Village retail complex in Waikiki.

BlackSand said MacNaughton decided to devote more time to The MacNaughton Group, a local real estate development firm where he is CEO and managing partner.

“We have built a great team at BlackSand Capital, and we are well positioned to continue to create value for our partners,” Kobayashi said in a statement. “I fully support Ian’s decision to focus his energy and talent on his family company, and I look forward to continuing to work together.”

MacNaughton said in a statement that he regards BlackSand as one of his career highlights, and that the firm is in good hands with Kobayashi at the helm.

“I have full faith and confidence in him to run the firm with a growth mindset and integrity,” MacNaughton said.