Fidelity Investments has built a financial empire based on consumer products like mutual funds, IRAs and annuities. Well, the firm is going upscale. That is, according to a report in TheDeal.com [a paid service], Fidelity has put together a $500 million private equity fund. If you are a customer of Fidelity, don't expect to get invited. Rather, the fund is for the owners of the company -- not its fund shareholders. In light of all the dealmaking lately, a $500 million fund does seem kind of small. Then again, it may be a way to get some experience and build a strong foundation. The fund has a broad industry focus and will look for deals in both the US and Europe. Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.