Affinity Partners, the investment firm controlled by Jared Kushner, has sold a quarter of its stake in Israeli insurer Phoenix Financial Ltd. For 1.05 billion shekels (approximately $343 million), according to reports on Tuesday.
U.S. Investment bank Jefferies managed the transaction, in which Affinity Partners divested 2.5% of its holdings to U.S. Financial institutions at a 4% discount to that morning's opening price. The sale reduces Affinity Partners' overall stake to 7.4%, though it remains the company's largest shareholder. The remaining position is valued at roughly 3.3 billion shekels ($1.08 billion).
Including proceeds from the sale, Affinity Partners' total gain on its original investment amounts to approximately 3.4 billion shekels ($1.11 billion).
Affinity Partners initially acquired a 5% stake in Phoenix Financial two years ago for 470 million shekels ($153 million). The firm subsequently exercised options to expand its total investment to 940 million shekels ($307 million) following approval from Israel's Capital Market, Insurance and Savings Authority in early 2025.
Since Affinity Partners became a shareholder, Phoenix Financial's share price has increased roughly 420%, bringing the insurer's market value to approximately 44 billion shekels ($14.4 billion).
In announcing the sale, Affinity Partners stated it remains "a substantial long-term shareholder" In Phoenix Financial and anticipates continued collaboration with management regarding regional growth, reinsurance and asset management opportunities.