Fidelity Investments has closed its second real estate debt opportunities fund at $451m (£340.4m), more than double the committed capital of its predecessor.

The Fidelity Real Estate Debt Opportunities Fund II drew backing from institutional investors, family offices, registered investment advisers and high-net-worth individuals, the firm said.

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The fund invests in private real estate loans across property sectors and, opportunistically, in tradeable real estate debt securities.

“I believe there is a compelling opportunity set in real estate debt today, as investors increasingly seek strategies tied to tangible assets as a source of income and diversification,” said Bill Maclay, who manages the fund with fellow co-portfolio manager Matthew Torchia.

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Harley Lank, head of high income and alternatives at Fidelity Investments, added: “The strong response to Fidelity Real Estate Debt Opportunities Fund II underscores investor confidence in the portfolio management team and the firm’s broader investment platform.”

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