Fidelity Investments has closed its Credit Opportunities Fund II with $729m (£544m), surpassing its fundraising target of $500m.
The firm said the oversubscription – which was more than double that of its 2020 predecessor, Fidelity Distressed Opportunities Fund I – reflected strong support from a broad investor base.
Read more: Market volatility creates distressed debt opportunity
Fidelity Credit Opportunities Fund II (Fund II) is a long-only credit portfolio that invests in a diverse opportunity set of stressed, distressed, and restructured debt or equity instruments.
The vehicle focuses on the US publicly traded, secondary corporate credit market.
Harley Lank is portfolio manager and head of Fidelity’s high income and alternatives division.
He co-manages Fund II with Nate Van Duzer and Bill Wall, both of whom are also managing directors of special situations at Fidelity.
The team averages more than 25 years of investment experience in public and private markets.
Read more: Davidson Kempner to close distressed opportunities fund
Lank said demand for the firm’s alternative investment vehicles continued to grow as investors recognised “the team’s deep industry knowledge, deliberate approach, and commitment to delivering exceptional value to our clients.”
“The breadth and depth of Fidelity’s resources – which includes our integrated special situations team, analysts, and traders – help us optimise the investment process and enhance our client experience,” he added.
Through its asset management arms, Fidelity runs a range of alternative investment vehicles in private equity, private credit, real assets, liquid alternatives and digital assets.
Read more: Fidelity bolsters private assets team
