Pioneer CAT Bond Fund grows by more than $1bn in 2026 to reach $2.76bn AUM

The Victory Pioneer CAT Bond Fund has now grown by over $1 billion in assets through 2026 year-to-date, with the strategy reaching $2.76 billion in AUM this month. Meanwhile, the combined AUM across dedicated mutual insurance-linked securities (ILS) funds managed by the Pioneer Investments team now stands at almost $3.66 billion.

Impressively, the Pioneer Investments team has now added roughly 46% in assets under management over the course of 2026 so far to the two mutual ILS fund strategies they manage.

When we last reported on the two dedicated catastrophe bond and ILS mutual investment funds that are managed by the Pioneer Investments portfolio management team and operated by Victory Capital, the catastrophe bond strategy had reached $2.2 billion in assets by June 30th.

The Victory Pioneer ILS Interval Fund, which invests across a wider range of reinsurance-linked assets, including cat bonds, quota shares and collateralized private deals, had assets of almost $837 million by late June 2026.

Now, both have grown further, with the Victory Pioneer CAT Bond Fund accelerating to $2.76 billion as of this week, while the Victory Pioneer ILS Interval Fund also grew to $898 million.

The cat bond fund has added a billion dollars of AUM this year, having been at $1.74 billion at the end of 2025 and over half of that came since June, reflecting very strong investor interest in cat bond investments at this time.

The interval ILS fund strategy has also grown, from around $760 million in late 2025.

While the cat bond fund growth is very impressive and now the Victory Pioneer CAT Bond Fund has reached $2.76 billion less than four years since its launch, the interval ILS funds growth is also a promising statistic.

The Victory Pioneer ILS Interval Fund is now at its largest size since at least the first-quarter of 2022, with its recent growth in 2026 suggesting rising investor appetite for the more private reinsurance and sidecar focused fund.

That aligns with market sources who tell of rising investor appetite for private ILS strategies and collateralized reinsurance funds in recent months.

The Victory Pioneer ILS Interval Fund had almost 62% of its assets invested in reinsurance sidecars as of July 31st, the last official reporting date, while 19.5% were in collateralized reinsurance and 14% in catastrophe bonds.

The Victory Pioneer CAT Bond Fund had the vast majority of its investments in catastrophe bonds, as you would expect.

For Victory Capital and the Pioneer Investment team the continued growth of the catastrophe bond fund will be pleasing, while the slower, but now very steady growth of the interval ILS fund signals growing awareness and understanding of the more private ILS focused strategy as well among investors.

Across these two mutual ILS funds branded under Victory Capital, the Pioneer institutional ILS fund strategies, plus multi-sector fund ILS assets, total cat bond and ILS assets under management continue to sit around the $5 billion mark at this time, we understand.

Pioneer Investments is just one of the dedicated insurance-linked securities (ILS) fund managers, multi-asset managers and reinsurers offering ILS-style investment opportunities, listed in our Insurance-Linked Securities Investment Managers & Funds Directory.