The Victory Pioneer CAT Bond Fund is approaching a new milestone of $2 billion in assets under management, while the combined AUM of the dedicated mutual and institutional insurance-linked securities (ILS) funds managed by the Pioneer Investments team is now over $5.2 billion.
The Pioneer Investments team also invest in ILS and reinsurance-linked assets across a range of institutional and multi-strategy funds as well, so total ILS AUM under management is far higher (for example the institutional Pioneer Insurance-Linked Securities Strategy alone had assets of a further $2.5 billion at the end of 2025).
But the mutual cat bond and interval ILS fund are the easiest to track, hence we’ve been reporting on these for some time now.
The mutual cat bond and interval ILS fund had a combined $2.16 billion in total net assets as of the last week of September 2025.
But this rose to more than $2.5 billion by early January 2026, while for the last calendar year of record the pure cat bond fund strategy delivered a 12.82% return and the interval ILS fund 18.66%.
Now, the latest reported data from the two dedicated mutual ILS funds portfolio managed by the Pioneer Investments team shows combined assets of just over $2.6 billion as of January 31st 2026.
Within that, the Victory Pioneer CAT Bond Fund had grown further to almost $1.83 billion of assets by January 31st.
But data seen by Artemis shows that it has now neared the $2 billion milestone as of the start of April, which is impressive being only just over three years since its launch.
Year-on-year the Pioneer mutual cat bond fund has grown from around $700 million in assets at the end of January 2025, or from $900 million at the end of April 2025, so it has more than doubled its assets in less than one year, demonstrating the attractiveness of catastrophe bond investments to the mutual fund investor base.
The Victory Pioneer ILS Interval Fund ended January 2026 with net assets of roughly $773 million, although that is with $60 million of liabilities on its balance sheet while total investments were actually around $833 million.
With the cat bond fund now nearing $2 billion in size, the total dedicated mutual ILS fund assets have surpassed $2.7 billion, again a rough doubling from almost $1.36 billion at the end of January 2025.
With more than $2.5 billion in assets in the institutional Pioneer Insurance-Linked Securities Strategy as well, that takes assets under management in investment fund strategies dedicated to the ILS asset class to more than $5.2 billion.
But, in addition to that, there are a number of multi-asset class funds that also contain some ILS assets, so the Pioneer Investments team could be managing meaningfully more in cat bond and ILS assets at this time.
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.
