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Avenida launches second fund
Avenida Capital has a second fund in the market, according to a filing with the SEC. A final close date or fundraising target were not disclosed within the filing; however, the firm has raised $21 million thus far for itsColombia Real Estate Fund II.
Avenida’s Colombia Real Estate Fund I closed in 2014 with $140 million in equity commitments from pension funds, foundations and institutions in the United States, Canada, Europe and Latin America. The opportunistic fund invests in retail, commercial, residential and industrial properties located in the major cities of Colombia.
On the day of CREF’s final close, it invested in 10 projects in nine different cities across Colombia and made Avenida one of the largest independent real estate fund managers in the country.