TPG GP Solutions is leading a $290 million single-asset continuation fund formed by Israel-headquartered venture capital firm JVP.
The new vehicle will house Earnix, which offers an AI-driven pricing, underwriting and product personalisation platform for the insurance and banking industries, according to a statement.
The continuation vehicle will allow JVP to further Earnix’s global expansion, as well as deliver “substantial liquidity to early JVP investors”, the statement added. The deal is “supported by several other global investors” alongside TPG.
LPs were offered the opportunity to rollover or cash out in the CV transaction. Rolling investors include Partners Group, HighVista Strategies, Committed Advisors and Hollyport Capital, the statement said. It is unclear which fund or funds JVP’s holding in Earnix has been moved out of. JVP said the deal delivered a gross return of 8.7x to “early fund investors”.
The continuation vehicle’s investors join LPs including Hamilton Lane and Lexington Partners that are backers of another of JVP’s growth vehicles to collectively hold more than a 50 percent stake in Earnix, according to the statement.
It is unclear whether there was an adviser on the deal. A spokesperson had not returned a request for comment at press time.
Earnix has customers across 35 countries, with offices in the US, Europe, Australia and Israel, according to the statement and the company’s website. Insurance companies like AXA, Assicurazioni Generali, Tokio Marine, Banco Santander, IAG, Toyota Financial Services and Munich Re have adopted its technology, the statement added.
“Our investment strongly aligns with TPG’s long-standing thematic focus on deeply embedded, AI-enabled software solutions that transform how their customers operate,” TPG GP Solutions co-managing partner Michael Woolhouse said in the statement.
GP-led deals account for 25 percent of the $13 billion-$17 billion of venture capital and growth secondaries volume seen in the first half of 2025, according to a report from PJT Park Hill. Pricing came in at approximately 73 percent of net asset value on average for VC and growth secondaries transactions across the first six months of the year.
“We expect venture [and] growth pricing to continue to improve over time as secondary investors build conviction in the exit environment,” PJT partner Gordon Appell said in the report. “Investors are seeking to back proven GPs who can credibly demonstrate the path to success for the underlying assets.”
Elsewhere, HighVista has been running a roughly $500 million multi-asset continuation vehicle spanning eight funds, including HighVista Venture Capital Fund VIII, Secondaries Investor reported in August. Performance Equity Management completed a continuation vehicle process earlier this year involving its first two venture funds of funds from 2005 and 2008, respectively. The two vehicles contained around $700 million of net asset value, committed across roughly 100 funds, Secondaries Investor reported. The deal itself involved around 80-85 of those funds.
