Investors - JUNE 23, 2021

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TCDRS backs European hotel fund

by Kali Persall

Texas County & District Retirement System (TCDRS) has committed €65 million ($77 million) to Victory European Real Estate Fund II, according to a list of recent commitments.

The fund is managed by London-based Victory Group, an investment firm focused on real estate and hotels throughout Western Europe. Victory was founded by former Blackstone managing director Erik Moresco.

The firm’s second European real estate fund opened to investors in October 2020, according to an SEC Form D. The document did not disclose a fundraising target.

According to an SEC filing from 2012, the fund’s predecessor, Victory European Real Estate Fund I, had a $150 million fundraising target. The final closing amount could not be confirmed at

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