On September 11, 2018, Ashmore Group announced that it has acquired Avenida Capital.
Under the terms of the agreement, Ashmore Group (“Ashmore”) acquired a majority stake in Avenida Capital (“Avenida”) and Avenida’s founding partners, David Smilow and Michael Teich, will remain at the firm. The firm will be renamed AshmoreAvenida. Further terms of the deal were not disclosed.
Ashmore is a London-based investment management firm that specializes in emerging markets. Ashmore has $73.9 billion in assets under management.
Avenida is a Latin-America based real estate private equity firm that specializes in residential, retail and mixed use property in Colombia, Brazil, Chile and Panama. Avenida has $300 million in assets under management.
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