Fidelity Closes 2nd Opportunistic Credit Fund with $729M, Doubling Inaugural Vintage 

Fidelity Investments has announced the final close of its Fidelity Credit Opportunities Fund II LP, raising approximately $729 million in commitments—well above its $500 million target and more than twice the capital raised for the first vintage launched in 2020. 

Fund II follows a long-only opportunistic credit strategy, focusing on stressed, distressed, and restructured debt and equity instruments across the U.S. publicly traded secondary corporate credit markets. The strategy is consistent with its predecessor, targeting complex special situations that can offer attractive risk-adjusted returns. 

Harley Lank, portfolio manager and head of Fidelity’s High Income & Alternatives division, co-manages the fund alongside Special Situations managing directors Nate Van Duzer and Bill Wall. “The breadth and depth of Fidelity’s resources – which includes our integrated special situations team, analysts, and traders – help us optimize the investment process and enhance our client experience,” Lank said. 

Fund II adds to Fidelity’s growing alternatives platform, which now comprises more than 60 alternative funds managing over $46 billion in assets. As part of its broader alternatives push, Fidelity also provides access to more than 6,000 third-party alternative investment products through its custodial services platform, overseeing more than $95 billion in assets under administration for institutional and intermediary clients.