Jared Kushner's Affinity Partners Sells 2.5% of Phoenix Holdings to Foreign Institutional Investors for Over NIS 1 Billion

Affinity Partners, the American investment fund led by Jared Kushner, has sold 2.5% of its shares in Phoenix Holdings to two major international asset managers for approximately NIS 1 billion. Affinity, currently the largest shareholder in Phoenix with about 9.9%, will reduce its stake to 7.4% following the transaction. The fund stated it will maintain its remaining shares for the long term, and the buyers, whose identities were not disclosed, are also long-term investors.

Affinity Partners first acquired shares in Phoenix in July 2024, purchasing 4.95% for NIS 466 million from American funds Centerbridge and Glatton Point as part of their divestment. After regulatory approvals in January 2025, Affinity increased its holding to 9.9% with a total investment of NIS 932 million. The recent sale effectively returns Affinity's entire investment and yields additional profit. Since entering Phoenix, the company's share price has quintupled, with Affinity's remaining stake now valued at around NIS 3.3 billion, plus NIS 230 million in dividends received.

Phoenix Holdings, managed by Eyal Ben Simon, is Israel's largest institutional investor by market capitalization (around NIS 44 billion) and assets under management. The company, which operates without a controlling shareholder, has seen significant growth in assets from NIS 480 billion at the end of June 2024 to NIS 623 billion by the end of Q1 2026. Affinity expressed confidence in Phoenix's management and growth strategy, welcoming the entry of new leading institutional investors to support the company's expansion plans.

This transaction marks an expansion of Phoenix's foreign investor base, which already holds about 40% of the company's shares. Affinity's move follows an internal review of the possibility to sell part of its shares, first reported two months ago. The deal reflects strong confidence in Phoenix's future amid a favorable business environment and reduced risk premiums for Israeli equities.