BOSTON, July 17, 2025 – Fidelity Investments® today announced the final close of Fidelity® Credit Opportunities Fund II LP (“Fund II”) at approximately $729 million, surpassing its target fundraise of more than $500 million of committed capital and more than doubling the 2020 fundraise of the first vintage. Fund II held its final closing on July 15, 2025, driven by strong support from a broad investor base.
“Demand for Fidelity’s alternative investment vehicles continues to grow as more and more investors recognize our team’s deep industry knowledge, deliberate approach, and commitment to delivering exceptional value to our clients,” said Harley Lank, portfolio manager and head of the High Income & Alternatives division at Fidelity Investments.
Fidelity Credit Opportunities Fund II is a long-only opportunistic credit fund, investing in a diverse opportunity set of stressed, distressed, and restructured debt or equity instruments. The focus is on the U.S. publicly traded, secondary corporate credit market. This strategy mirrors that of the fund’s predecessor, Fidelity Distressed Opportunities Fund I, which achieved top-quartile performance, according to data from Preqin[i].
“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,” added Lank.
Harley Lank co-manages Fund II alongside Nate Van Duzer and Bill Wall, both of whom are also managing directors of Special Situations at Fidelity Investments. The portfolio management team averages more than 25 years of experience in public and private markets.
Fidelity draws on more than 45 years of investment experience in stressed, distressed, and restructured investments. To learn more about opportunistic credit at Fidelity, listen to episode six of Alternative Angles, “Opportunistic and distressed debt investing: The strategies, stories, and intricacies,” featuring Fund II’s portfolio managers.
Alternative Investments at Fidelity
Fidelity, through its asset management divisions, manages a range of alternative investment (alts) vehicles, including private equity, private credit, real assets, liquid alternatives, and digital assets. Fidelity Investments' alts lineup includes more than 60 funds, comprised of funds for eligible investors and funds available to the firm's investment team for portfolio construction, totaling more than $46 billion in assets under management[ii].
In addition, Fidelity is a leading provider of custodial services, offering access to more than 6,000 alternative products and overseeing more than $95 billion in assets under administration[iii] on its alternative investments platform for institutional and intermediary clients.
About Fidelity Investments
Fidelity’s mission is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses we serve. Fidelity’s strength comes from the scale of our diversified, market-leading financial services businesses that serve individuals, families, employers, wealth management firms, and institutions. With assets under administration of $15.0 trillion, including discretionary assets of $5.9 trillion as of March 31, 2025, we focus on meeting the unique needs of a broad and growing customer base. Privately held for 78 years, Fidelity employs more than 77,000 associates across the United States, Ireland, and India. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company.
# # #
Information provided herein is for informational purposes only and is not a recommendation or an offer or solicitation to buy or sell any security or for any investment advisory service.
Alternative investments may not be suitable for all investors and are not intended to be a complete investment program. Alternatives may be relatively illiquid; it may be difficult to determine the current market value of the asset; and there may be limited historical risk and return data. Costs of purchase and sale may be relatively high. A high degree of investment analysis may be required before investing.
Fidelity Diversifying Solutions LLC ("FDS") is an SEC registered investment adviser, a registered commodity pool operator and a registered commodity trading advisor. "Fidelity Investments" and/or "Fidelity" refers collectively to FMR LLC, a U.S. company, and its subsidiaries, including but not limited to Fidelity Management & Research Company LLC (FMR) and FDS.
Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 900 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 245 Summer Street, Boston, MA 02110
1214021.1.0
© 2025 FMR LLC. All rights reserved.
[i] Based on the 10 funds included in Preqin’s Distressed Debt category as of December 31, 2024, Past performance is no guarantee of future results.
[ii] Data as of May 31, 2025.
[iii] Data as of June 30, 2025.