JVP Secures $290M Deal with TPG to Boost Stake in Earnix
Jerusalem Venture Partners (JVP) has secured a $290 million deal with US alternative asset manager TPG to boost its stake in insurtech company Earnix. The transaction, a single-asset Continuation Vehicle, will see JVP's ownership in Earnix exceed 50%.
The partnership, facilitated by Clal Insurance Enterprises Holdings, will primarily fund the buyout of early JVP investors. These investors have the option to roll over their investment or realise returns, with a potential gross return of 8.7-times.
Earnix CEO Robin Gilthrope expressed excitement about the partnership with JVP and TPG GP Solutions. The capital raised will support Earnix's global expansion efforts, with the company already operating in over 35 countries and adopted by more than 100 tier-one auto insurance companies. Earnix's platform offers real-time decision-making capabilities in pricing, underwriting, and product personalisation.
In April, Earnix agreed to acquire Zelros, a company offering generative AI solutions for insurance and banks. This acquisition further strengthens Earnix's position in the market.
The $290 million deal between JVP and TPG will enable JVP to increase its stake in Earnix, with early investors potentially seeing significant returns. The capital raised will fuel Earnix's global expansion and support its innovative platform, which is already widely adopted in the car insurance industry.
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