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Fermat’s catastrophe bond funds top $3bn in AUM milestone
Fermat Capital Management says its UCITS cat bond strategy has grown 35% over the past 12 months and just over 19% in 2026 so far, reaching $3.03bn of assets.
Fermat Capital Management said its UCITS catastrophe bond fund strategy has surpassed $3 billion in assets under management, reaching just over $3.03 billion as of last week, marking a new high for the firm’s dedicated ILS platform, according to Artemis.
Artemis reports that the Fermat UCITS Cat Bond Fund launched in February 2024 and accelerated to more than $530 million by the end of May that year. The strategy then rose to almost $2.12 billion of assets by early July 2025, and by the end of 2025 it stood at just under $2.54 billion, before continuing higher into 2026.
Artemis also highlights the pace of growth, saying the UCITS strategy has increased by 35% in the past 12 months and by more than 19% so far in 2026. The firm attributes the growth to record catastrophe bond issuance over the last 12 months.
In addition, Artemis reports that Fermat’s Cayman Islands domiciled offshore strategy, the Fermat Cat Bond Fund, was established in late 2024 and surpassed $2.1 billion around a year ago, with AUM increasing by about 44% in roughly one year. The two fund strategies have different mandates, with the UCITS fund facing more restrictions and liquidity constraints, and the offshore fund able to allocate more to private catastrophe bonds and other private ILS assets.