TPG's Investment in Earnix: A Shift in Insurtech Narrative?

TPG's lead investment in Earnix's $290 million funding highlights its deepening involvement in the insurtech sector, underscoring investor confidence in Earnix's AI capabilities. This supports TPG's multi-asset platform growth, but doesn't alter the risk of tightening allocations to alternatives constraining fee revenue growth. TPG's narrative projects $2.2 billion revenue and $836.8 million earnings by 2028, yielding a $64.82 fair value, a 10% upside to its current price.

September 10, 2025

New York / London / Jerusalem / San Francisco - TPG, a leading global alternative asset management firm, has led a $290 million investment in Earnix, a category leader in Dynamic AI for the insurance industry. The investment, announced by JVP, a leading global venture capital firm, underscores growing investor confidence in Earnix's AI capabilities and its potential to transform the insurance sector.

The funding round, which includes TPG GP Solutions as the lead investor, positions Earnix for its next phase of global expansion. The transaction supports the company's continued growth and delivers substantial liquidity to early JVP investors. The investment reflects JVP's conviction in Earnix's global potential and its track record of building international category leaders News & Insights - TPG^[1].

Earnix's AI platform is designed to redefine the insurance industry by delivering real-time decisioning in pricing, underwriting, and product personalization. The company has been adopted by over 100 of the largest tier-1 insurance companies worldwide, including AXA, Assicurazioni Generali, Tokio Marine, Banco Santander, IAG, Toyota Financial Services, and Munich Re. With operations in more than 35 countries and six continents, Earnix is well-positioned to capitalize on the growing demand for AI-driven solutions in the insurance and banking sectors.

The funding round also supports Earnix's strategic expansion into new markets and potential acquisitions. According to Erel Margalit, Founder and Executive Chairman of JVP and Chairman of Earnix, the new funding will be used to buy out previous investors and provide resources for further growth. Margalit indicated that an initial public offering on Nasdaq is a future possibility, contingent on reaching around $300 million in annual revenue JVP and TPG Boost Investment in Israeli AI Insurtech Earnix^[2].

The investment is one of the largest continuation vehicles of its kind by a venture capital firm, reflecting 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 capabilities and global scaling expertise.

TPG's investment in Earnix aligns with its multi-asset platform growth strategy. However, it is important to note that the firm's narrative projects $2.2 billion in revenue and $836.8 million in earnings by 2028, yielding a $64.82 fair value, a 10% upside to its current price. This suggests that while the investment is significant, it may not alter the risk of tightening allocations to alternatives constraining fee revenue growth.

In conclusion, TPG's lead investment in Earnix highlights the growing confidence in the insurtech sector and the potential of AI-driven solutions to transform the insurance industry. The investment is a significant milestone for both TPG and Earnix, positioning the latter for continued growth and expansion.

References:
News & Insights - TPG^[1] Press Release, JVP, September 8, 2025
JVP and TPG Boost Investment in Israeli AI Insurtech Earnix^[2] IndexBox, "JVP and TPG Boost Investment in Israeli AI Insurtech Earnix," September 10, 2025