Jerusalem Venture Partners (JVP) has secured $290m (NIS966.97m) from US alternative asset manager TPG, helping raise its stake in insurtech company Earnix.
The capital will primarily be used to buy out early JVP investors.
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With the move, JVP’s ownership in the Israeli insurtech company will increase to more than 50%.
A press release detailing the transaction said that JVP closed a “$290 million single-asset Continuation Vehicle in partnership with TPG GP Solutions, TPG’s dedicated US and European GP-led secondaries strategy”.
The move is aimed at bolstering the global expansion efforts of Earnix, known for its cloud-native, AI-driven platform.
The transaction has been beneficial for investors in JVP’s early fund, offering them the option to either roll over their investment or realise returns, TPG said in a press release.
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By GlobalDataMany, including Partners Group, HighVista Strategies, Committed Advisors and Hollyport Capital, chose to roll over.
The deal has delivered a gross return of 8.7-times to the early fund investors, the release added.
Earnix operates in over 35 countries and has been adopted by more than 100 of the world’s tier-one insurance companies.
The platform offers “real-time” decision-making capabilities in pricing, underwriting and product personalisation.
Earnix CEO Robin Gilthrope said: “We are excited to partner with JVP and TPG GP Solutions; their support validates our leadership in Dynamic AI for the insurance sector.”
JVP founder and executive chairman and Earnix chairman Erel Margalit said: “I am delighted to partner with TPG, one of the world’s leading investment firms, as they support us in building Earnix into the leading AI platform for the insurance and financial services industries.
“As evidenced by Earnix’s predictive vertical AI, artificial intelligence broadly is delivering the ability to use and translate huge volumes of structured and unstructured data to drive transformational growth, improve customer experience, reduce costs, and ultimately, serve more people in our rapidly changing and dynamic world.”
In April, Earnix agreed to acquire Zelros, a company that offers generative AI solutions for insurance and banks.
