Refugio Research beta

Finding firmer ground in alternative investments.

Alerts.

Every Urgent and Notify finding from the trailing 365 days across every monitored fund, watchlist and universe, ranked by severity then recency. Showing 2 of 179 — Notify · Insurance-linked securities.

Funds shown (74 selected)  ·  select all · all watchlist · all private credit · all private equity · all private real estate · all infrastructure · all multi-strategy · all insurance-linked securities

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Private Credit

Private Equity

Private Real Estate

Infrastructure

Multi-strategy

Insurance-linked securities

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Victory Pioneer ILS Interval Fund universe

New share sales fell 74% versus the same period last year (137,590 -> 238,985, period ended 2025-10-31).

Why it matters

New sales have dropped sharply versus the same period last year. The fundraising flywheel funds liquidity: falling inflows make every future redemption harder to meet without selling assets.

Source: NPORT-P mon3Flow.sales | https://www.sec.gov/Archives/edgar/data/1616037/000094040025014050/xslFormNPORT-P_X01/primary_doc.xml

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Victory Pioneer ILS Interval Fund universe

New share sales fell 91% versus the same period last year (285,000 -> 26,349, period ended 2025-07-31).

Why it matters

New sales have dropped sharply versus the same period last year. The fundraising flywheel funds liquidity: falling inflows make every future redemption harder to meet without selling assets.

Source: NPORT-P mon3Flow.sales | https://www.sec.gov/Archives/edgar/data/1616037/000094040025002591/xslFormNPORT-P_X01/primary_doc.xml