Jared Kushner's Affinity Fund Sells Phoenix Insurance Shares for Over NIS 1 Billion

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 NIS 1.05 billion. The sale, led by American investment bank Jefferies, involved offloading around 2.5% of Phoenix's shares to several U.S. institutional investors at a roughly 4% discount to the stock's base price that morning. Following the transaction, Affinity's holding decreased to about 7.4%, but it remains the largest shareholder in Phoenix. The fund's remaining shares are valued at around NIS 3.3 billion, marking a profit of about NIS 3.4 billion compared to its original investment two years ago.

Affinity initially acquired a 5% stake in Phoenix for NIS 470 million two years ago. In early 2025, it received regulatory approval to exercise options to purchase a similar share, increasing its investment to approximately NIS 940 million. Since Affinity's entry, Phoenix's stock price surged nearly 420%, pushing the company's market capitalization to about NIS 44 billion. This rise was partly driven by a significant rally in insurance company stocks over the past two and a half years in the local market.

Affinity has committed to remaining a significant long-term shareholder in Phoenix and expressed eagerness to collaborate with the company's management and new partners. The fund aims to continue creating value and exploring opportunities in regional growth, reinsurance, asset management, and other growth initiatives and partnerships.