The present disclosure relates to envelope tracking with reduced circuit area and power consumption. In one embodiment, an envelope power converter includes a switching power converter configured to receive a supply voltage and provide an output based on a switching control signal. A holding inductor is coupled between the switching power converter and envelope power supply output node. An offset capacitor is coupled between the envelope power supply output node and control node. In response to a target envelope power supply output voltage, a control circuit is configured to generate the switching control signal and a control voltage to maintain envelope power supply signal at target voltage level. The control circuit is configured to generate switching control signal and control voltage such that supply voltage is provided by switching power converter to holding inductor and offset capacitor is charged to target level without changing voltage of envelope power supply signal.