Jared Kushner (Wikipedia)
Jared Kushner is reportedly interested in acquiring a 25% stake in Israel’s largest insurance concern Israel Phoenix Holdings, through his Affinity Partners. The offer is said to give the company a $1 billion valuation and it would mark the first major deal by Affinity since its founding. Calcalist reported that Vitruvian Partners and Pollen Street Capital are also involved in the possible deal.
Affinity Partners was founded by Jared Kushner, Donald Trump’s son-in-law, while Trump was still in office and with Saudi money, and while Kushner himself was still working at the White House.
A little over a year ago Affinity Partners raised $2 billion from the Saudi Arabian Sovereign wealth fund called the Public Investment Fund. Jared Kushner made trips to Arab Gulf states while Trump was on his way out of office, ostensibly to promote the new Abraham Fund, a U.S. government-sponsored program that was established in the wake of the signing of the Abraham Accords – the peace deal between Israel and the Arab Gulf states Bahrain and the UAE.
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Hey, why shouldn’t Jared Kushner use his White House job and familial connection to the President of the United States to make money for himself? Isn’t that what capitalism is all about?
It was just last month that a move by Abu Dhabi Development Holding Co. (ADQ) to buy a controlling interest in Israel Phoenix Holdings fell through. It was in December 2022 that ADQ revealed plans to acquire a 25% stake in Phoenix for roughly $680 million.
Founded by David Hachmy in 1949 as a private company, which became public in 1978, The Phoenix has been operating in the Insurance and Finance field for the past 71 years, and as of today, is considered to be the leading insurance company in Israel. The Company’s main focus is in the insurance, health, pension and provident fields. As of today, the company’s stock is a constituent of a few main indices, among them is the prestigious Tel Aviv 35 index.
