TPG GP Solutions has invested in a $290m single-asset continuation vehicle for Earnix, the Israeli insurance technology firm, in partnership with Jerusalem Venture Partners (JVP), Bloomberg reports.

The vehicle converts an early JVP fund into a continuation structure that will hold a 54% stake in Earnix. JVP will remain the general partner, with TPG GP Solutions, Insight Partners, and other investors participating as limited partners.

Earlier JVP backers were given the option to exit or reinvest, with those cashing out securing returns of nearly nine times their initial investment.

Founded in 2001, Earnix leverages artificial intelligence and analytics to enable banks and insurers to offer personalised financial products. The company was valued at $1bn in 2021 and now generates over $100m in annual recurring revenue, with plans to increase that to $300m in the coming years.

“We’re not liquidating and we see big potential in the company, but it’s going to take a few more years,” said JVP founder and chairman Erel Margalit. Earnix CEO Robin Gilthorpe added that future options could include an IPO, though the business will remain privately held for now.

The transaction underscores the growing use of continuation vehicles as private equity firms seek to hold on to high-performing assets longer. TPG GP Solutions, the secondaries strategy of TPG, has been active in backing such structures to maximise long-term value.

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