A Moment of Momentum for JVP and Earnix
Last week marked an important milestone for JVP and for Earnix. We announced the close of a $290 million single-asset Continuation Vehicle in partnership with TPG GP Solutions, TPG’s dedicated U.S. and European GP-led secondaries strategy. The transaction enables Earnix’s continued global expansion as a category leader in Dynamic AI, while also providing meaningful liquidity to JVP’s early investors.
The JVP Way in Action
For more than three decades, JVP has focused on building companies into international category leaders through what we call the JVP Way—a hands-on, long-term approach to company building. This methodology has led to 42 of the largest exits out of Israel and New York, including CyberArk (NASDAQ: CYBER), where JVP held a 47% stake at IPO and which was recently acquired by Palo Alto Networks (NASDAQ: PANW) for $25 billion, Cogent Communications’ (NASDAQ: CCOI) $3.5 billion sale, Qlik’s $3 billion sale, and many others.
The Earnix continuation vehicle reflects that same conviction-driven approach: reinvesting behind companies we believe have the potential to define and lead their markets globally.
Redefining Insurance with Dynamic AI
Earnix is transforming the global insurance and financial services industries with a cloud-native, AI-driven platform that enables real-time decisioning across pricing, underwriting, and product personalization. By embedding AI at the core of the risk and revenue cycle, Earnix helps insurers significantly reduce costs while unlocking new growth opportunities.
Today, Earnix operates in more than 35 countries across six continents and serves over 100 of the world’s leading tier-one insurers, including AXA, Assicurazioni Generali, Tokio Marine, Banco Santander, IAG, Toyota Financial Services, and Munich Re.
Structuring for Long-Term Growth
With TPG GP Solutions as the lead investor, alongside several other global institutions, the continuation vehicle allows JVP to retain and expand its ownership in Earnix while supporting the company’s next phase of growth as a leading AI SaaS platform for insurance and financial services.
Investors in JVP’s early fund were given the option to roll over or realize returns, with many choosing to roll, including Partners Group, HighVista Strategies, Committed Advisors, Hollyport Capital, and others. Together with JVP’s growth fund investors—such as Hamilton Lane and Lexington Partners—JVP-affiliated investors now collectively hold more than 50% of Earnix. The transaction delivered a gross return of 8.7x to early fund investors.
Leadership Perspectives
Dr. Erel Margalit, Founder and Executive Chairman of JVP and Chairman of Earnix, shared:
“I am delighted to partner with TPG, one of the world’s leading investment firms, as we continue building Earnix into the leading AI platform for the insurance and financial services industries. AI is fundamentally reshaping vertical industries, and Earnix’s predictive AI demonstrates how advanced technology can translate vast amounts of data into transformational growth, improved customer experience, and meaningful cost reduction.”
Earnix CEO Robin Gilthrope added:
“Our partnership with JVP and TPG GP Solutions validates Earnix’s leadership in Dynamic AI for insurance. Building on our strong global customer base, this support will accelerate adoption of AI-driven decisioning across the risk lifecycle.”
TPG GP Solutions Co-Managing Partner Michael Woolhouse commented:
“Earnix exemplifies the kind of deeply embedded, AI-enabled software that transforms how global insurers and financial institutions operate. We are pleased to partner with JVP in supporting the company’s continued growth.”
Looking Ahead
This transaction is among the largest venture-led continuation vehicles to date and reflects growing institutional demand for exposure to high-performing, later-stage venture-backed companies. It also underscores JVP’s role as a long-term company builder with deep operational involvement and global scaling expertise.
As we continue to invest across vertical AI in insurance, fintech, banking, cybersecurity, and SaaS, Earnix stands as a clear example of how the JVP Way enables companies to lead industries through periods of rapid technological change.