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The December redemption was raised to 7.5% of the fund from the usual 5%.
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Martello Re will initially provide MassMutual with reinsurance capacity before opening up to other parties.
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Alecta said it was "convinced" ILS could produce high-quality, uncorrelated returns.
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The French reinsurer’s vehicle has renewed for the fourth consecutive year.
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The Swedish pension fund will participate in Swiss Re’s natural catastrophe business.
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The dynamics that have pushed cedants and investors into the space will continue.
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The total has come in 19% below the $235mn vehicle listed in 2021.
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The $37.5mn vehicle follows a $42mn launch in 2021.
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The fund’s net assets grew 12.2% to $983mn year-on-year.
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The firm said that retro lines had shrunk more than expected after fundraising delays.
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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The cat bond-focussed High Yield fund made a smaller annual gain of 2.2% but drew in more investors.