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Laxman Pai, Opalesque Asia: Fidelity Investments, a privately held financial services company headquartered in Boston, 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 approximately $729 million, surpassing its fundraising target of $500 million. The firm said in a press release that 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.
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, it said.
"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.
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.
"The breadth and depth of Fidelity's resources, which includes our integrated special situations team, an...................... To view our full article Click here
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