Fidelity Pulls in More Than $700 Million for Alternatives Fund

Fidelity Investments raised a second opportunistic credit fund as the world’s third-largest asset manager expands its push into alternatives.

Fidelity Credit Opportunities Fund II closed at about $729 million, according to Harley Lank, the firm’s head of high income and alternatives. The new vehicle will invest in both public and private credit that’s considered stressed and distressed, as well as restructured debt or equity instruments, but the mix will depend on opportunities, Lank said.