Pioneer dedicated cat bond and interval ILS funds grow, assets up ~100% in a year to $2.16bn

The combined assets under management of the mutual insurance-linked securities (ILS) funds managed by the Pioneer Investments team have now roughly doubled in the last year, as the total net AUM across the Victory Pioneer CAT Bond Fund and the Pioneer ILS Interval Fund has reached almost $2.16 billion this month.

It’s worth remembering that these are the two mutual fund strategies with a dedicated catastrophe bond and ILS investment focus, while the Pioneer Investments portfolio management team also invests in reinsurance-linked assets across a range of multi-strategy funds as well.

At $2.16 billion in total net assets as of the last week of September 2025, this is now roughly double the just over $1.09 billion in assets counted across these two strategies one year ago.

The main driver of growth has been the Victory Pioneer CAT Bond Fund, the firm’s dedicated catastrophe bond investment strategy, which has over the last year grown from around $420 million in assets to a new high of approximately $1.43 billion as of last week.

So the Victory Pioneer Cat Bond Fund has added one billion dollars in assets in just one year, growing by roughly 240%, which is very impressive growth for this fund, which is the newer of the mutual ILS funds managed by the firm.

When we last covered these two dedicated mutual ILS and reinsurance investment strategies their combined assets had reached $1.57 billion at April 30th 2025.

In the next reported quarter they reached $1.92 billion as of July 31st 2025, but since then have carried on growing and data seen by Artemis shows the combined total net assets across the two funds reached nearly $2.16 billion last week.

The Victory Pioneer CAT Bond Fund, which was previously named the Pioneer CAT Bond Fund, had reached $903 million in assets by April 30th 2025, then $1.13 billion by the start of July.

At July 31st 2025, the end of the last reported quarter of record the cat bond fund reached $1.23 billion, but then kept growing to hit $1.31 billion by the end of August and now a new high of $1.43 billion as of September 25th 2025.

Which means the Victory Pioneer CAT Bond Fund has grown by almost $850 million in net assets through the first nine months of 2025, an impressive growth rate.

The Pioneer ILS Interval Fund, which is the other dedicated ILS fund strategy managed by the Pioneer Investments portfolio team, has experienced some more growth over the last few weeks as well.

This interval style mutual insurance-linked securities (ILS) fund invests across private reinsurance and retrocession opportunities including cat bonds, quota shares, sidecars and collateralized reinsurance.

The Pioneer ILS Interval Fund had reached $652 million in assets under management at the end of January this year, then grew to just over $671 million in total assets by April 30th 2025.

As of the last reporting date, at July 31st 2025, the interval style mutual ILS fund had reached almost $688.5 million in assets, but has since also kept growing to reach almost $728 million last week, data seen by Artemis shows.

Which shows that the recovery continues and the latest portfolio disclosure also shows new quota share, private sidecar and other collateralized reinsurance investments being made, some around the mid-year 2025 renewal season.

Like some of the other US mutual ILS funds, the Pioneer strategies have grown through the resent period of strong catastrophe bond market activity.

But the interval fund also shows growing opportunity and investor interest in the private ILS space, with this fund growing while investing into new private reinsurance opportunities.