Jared Kushner firm sells 25% of Phoenix Financial stake

Affinity Partners sold the shares to US financial institutions. It remains the largest shareholder in the insurance company and declares that it is a committed long-term investor.

Eighteen months after becoming the largest shareholder in insurance company Phoenix Financial (TASE: PHOE), Jared Kushner’s Affinity Partners is selling a quarter of its shares for NIS 1.05 billion.

The sale was led by US investment bank Jefferies. Affinity Partners sold 2.5% of the shares in the company to US financial institutions. The sale took place at a discount of 4% on the basis price of the stock this morning. Affinity Partners’ stake in Phoenix Financial is now 7.4%. It remains the largest single shareholder in the company. Its stake following the sale is worth some NIS 3.3 billion. Together with the sale, its gain on its original investment in Phoenix Financial two years ago is NIS 3.4 billion.

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Two years ago, Affinity Partners bought 5% of Phoenix Financial for NIS 470 million. In early 2025, it received approval from the Capital Market, Insurance and Savings Authority to exercise options on a similar stake, bringing its total investment in Israel’s largest insurance company to NIS 940 million.

Since Affinity Partners became a shareholder in Phoenix Financial, the latter’s share price has risen by about 420%, bringing its market cap to NIS 44 billion. Insurance stocks in general have been among the leaders of the rises on the Tel Aviv Stock Exchange in the past two and a half years.

Affinity Partners said that it was committed to Phoenix Financial as a substantial long-term shareholder. "The firm looks forward to continuing its partnership with management and new long-term partners, enjoying future value creation, and exploring opportunities to work together in several areas including regional growth opportunities, reinsurance, asset management, and other growth initiatives and collaboration," it said in its announcement of the share sale.

Published by Globes, Israel business news - en.globes.co.il - on July 28, 2026.

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