Avenida Capital has raised $140m (€102m) from institutional investors for a Colombian real estate investment strategy. 

Avenida’s Colombia Real Estate Fund has attracted capital from pension funds, foundations and institutions in the US, Canada, Europe and Latin America.

The fund, which closed above its initial target amount, will invest in retail and residential development across Colombia.

The fund has invested in 10 projects in nine different cities across the country.

Michael Teich, managing director and founder of Avenida, said: “The emerging middle class is driving increased consumption for retail goods, as well as demand for new housing, and we are seeing great opportunities for investment as a result.”