Insurance Magnate Becomes Anchor Investor in Investment House IPO

Pasternak Shaham, an investment house, is nearing its initial public offering (IPO) with a valuation of approximately NIS 280 million before capital. Businessman Itzik Oz, head of Phoenix Agencies, is set to become a significant anchor investor, acquiring about 7% of the company for roughly NIS 25 million. Oz is a prominent figure in the Israeli insurance sector, having co-founded and later sold the Agam Liderim agency. He has had multiple successful exits, including selling his stake in Phoenix Agencies for NIS 763 million last year, with his total earnings from the agency estimated to exceed NIS 1 billion over the years. Oz is also known for his high salary, earning NIS 28.3 million in 2025.

Two additional figures from the insurance industry are expected to join Oz, purchasing an additional 5% stake for approximately NIS 18 million. Together, these three investors will provide over half of the planned fundraising amount of NIS 81 million.

Pasternak Shaham intends to use the IPO funds to acquire a 50% stake in an insurance agency, aiming to expand into the financial services sector, including provident funds, study funds, pensions, and life insurance. The company believes this move will create synergies with its existing operations while also introducing a less correlated business line, acting as a natural hedge against its current capital market activities.

Pasternak Shaham manages NIS 9.3 billion in assets across mutual funds and investment portfolios. The company experienced significant growth in 2025, with revenues increasing by approximately 102% to NIS 70.5 million, driven by expanded activity and NIS 7 million in success fees from its hedge funds. Net profit surged by about 160% to NIS 26.9 million. The company was founded in 2010 by Eran Pasternak (Chairman) and Shi Shaham (CEO), who previously held senior positions at Tamir Fishman Investment House.