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The Everest Re sidecar began 2020 with $819mn of assets under management.
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The bond giant's ILS strategies have now reached $150mn.
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Co-CEO Richie Whitt also highlighted an expectation that Nephila will seek to raise capital and return to growth.
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The investment comes as the Indiana Public Retirement System exited Nephila’s Palmetto fund in pursuit of a more diversified ILS strategy.
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Bernard Van der Stichele will head the pension fund’s new ILS portfolio.
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The manager said Irma deterioration pushed its 2017 loss out by 1 percent, taking it to 65.9 percent.
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The transaction remains popular with investors given that it has never had a loss and is a diversifier, sources said.
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The reinsurance fund manager is targeting expansion outside the catastrophe space with private funds.
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Overall sidecar capacity has been cut by more than 20 percent, sources estimate.
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The Bermuda-listed component shrank by $8mn year on year, as the insurer said it expected overall alternative support to remain stable.
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The broker said reinsurers were looking to address the earnings impact of higher retrocession costs, lower interest rates and greater reserving uncertainty.
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The sums raised for a Cayman Islands fund are in line with expectations that the firm would have under $200mn to deploy in the January renewals.