Vision foundation models pre-trained on massive data encode rich representations of real-world concepts, which can be adapted to downstream tasks by fine-tuning. However, fine-tuning foundation models on one task often leads to the issue of concept forgetting on other tasks. Recent methods of robust fine-tuning aim to mitigate forgetting of prior knowledge without affecting the fine-tuning performance. Knowledge is often preserved by matching the original and fine-tuned model weights or feature pairs. However, such point-wise matching can be too strong, without explicit awareness of the feature neighborhood structures that encode rich knowledge as well. We propose a novel regularization method Proxy-FDA that explicitly preserves the structural knowledge in feature space. Proxy-FDA performs Feature Distribution Alignment (using nearest neighbor graphs) between the pre-trained and fine-tuned feature spaces, and the alignment is further improved by informative proxies that are generated dynamically to increase data diversity. Experiments show that Proxy-FDA significantly reduces concept forgetting during fine-tuning, and we find a strong correlation between forgetting and a distributional distance metric (in comparison to L2 distance). We further demonstrate Proxy-FDA's benefits in various fine-tuning settings (end-to-end, few-shot and continual tuning) and across different tasks like image classification, captioning and VQA.