Jared Kushner's Affinity Fund Sells $1 Billion in Phoenix Insurance Shares

Jared Kushner's Affinity fund, which became the largest shareholder in Israel's Phoenix Insurance about a year and a half ago, has sold a quarter of its shares for approximately $1.05 billion. The transaction, led by the American investment bank Jefferies, involved selling around 2.5% of Phoenix's shares to several U.S. institutional investors. The sale was executed at a roughly 5% discount to the stock's base price that morning, reducing Affinity's stake to about 7.4%, though it remains the largest shareholder in the company.

This move represents a significant value realization for Affinity, which initially acquired a 5% stake in Phoenix nearly two years ago for 470 million shekels. In early 2025, the fund received approval from the Israeli Capital Market Authority to exercise options to purchase a similar share amount, increasing its total investment in the major Israeli insurer to about 940 million shekels. Despite the partial sale, Affinity continues to hold a controlling interest in Phoenix Insurance.