Fermat UCITS Cat Bond Fund grows 182% so far in 2025, over $1.3bn added in Q2 alone

Fermat Capital Management, the specialist catastrophe bond and insurance-linked securities (ILS) investment manager, has benefited from meaningful and consistent inflows to its UCITS catastrophe bond fund strategy this year, growing the funds AUM by 182% to reach almost $2.12 billion as of this week.

Fermat Capital Management launched its own-branded Fermat UCITS Cat Bond Fund strategy in February 2024 and rapidly grew it to over $530 million in cat bond assets under management before the end of May that year.

It was the first Fermat branded UCITS cat bond fund, as the largest investment managed in the catastrophe bond sector looked to capitalise on its name and track-record to take greater ownership of a strategy for UCITS clients.

Of course, Fermat had been the portfolio manager for the GAM Star Cat Bond Fund UCITS strategy for many years, a relationship that came to an end in early April 2025.

As we’d reported, following that change, the GAM Star Cat Bond Fund experienced outflows, at the same time as which Fermat’s own UCITS cat bond fund was growing at pace.

Fermat’s UCITS cat bond fund had reached $751.67 million in assets under management by the end of 2024.

But, now, in surpassing $2.12 billion of assets this week, the Fermat UCITS Cat Bond Fund is a stunning 182% larger than it was at December 31st 2024.

The rate of growth accelerated significantly from April onwards too.

By the end of the first-quarter of 2025, the Fermat UCITS Cat Bond Fund had grown to almost $803 million.

But, by the end of April 2025, it had increased further to $1.19 billion, then jumped again to $1.58 billion by the end of May 2025.

The expansion of cat bond assets under management in Fermat’s UCITS fund accelerated further through June and into the first week of July, to surpass the $2 billion mark and reach $2.12 billion as of this week’s NAV.

In fact, Fermat’s UCITS cat bond fund has now grown by almost 164% since the end of the first-quarter of 2025, adding over $1.31 billion of assets in the process.

It’s certainly become one of (if not the) fastest growing UCITS cat bond fund strategy ever. Looking over the short period since April, data we’ve seen on UCITS cat bond fund AUM’s suggests no other fund has added quite so much in assets over such a short amount of time.

Just this week, Bloomberg had reported that Fermat Capital Management has seen $1.7 billion of inflows since early April. Roughly $1.3 billion of that has flowed to the UCITS strategy, while other cat bond funds under Fermat’s control have also been beneficiaries, it seems.

We’ll report in more depth on UCITS cat bond fund assets under management once all the data is in for the first-half of the year.

But you can analyse UCITS cat bond fund assets over time to the end of Q1 2025 in our interactive chart at any time. We expect to see a big jump once full first-half 2025 data is added.