Affinity Fund headed by Jared Kushner, the son-in-law of former US President Donald Trump, is in talks to buy 25% of Phoenix Insurance Agencies, the agencies network of Israeli insurance and financial giant Phoenix Group (TASE:PHOE). The fund headed by Kushner is one of a number of international investment funds that are interested in the deal, and currently sources say that none are yet near to closing a deal.
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In addition to Affinity, whose investors include the Saudi public investment fund,interest is being shown by US funds Blackstone, Reverence Capital Partners and Searchlight, as well as UK Fund Pollen Street Capital and the European Vitruvian Partners. The value of Phoenix Insurance Agencies in the talks is $900 million – $1 billion.
Two weeks ago, “The Wall Street Journal” reported that Kushner, who was President Trump’s special emissary to the Middle East, was considering investments in two Israeli companies but they had not moved ahead for various reasons but it now appears that the plan to invest in the Phoenix is still on the agenda. According to the report, Kushner had met with 100 Israeli companies overall and was mulling investments in Phoenix and Eynat Guez’s payroll platform Papaya Global. Guez is one of the leaders of the high-tech protest against the Israeli government’s judicial overhaul. The decision not to invest in Papaya Global was probably taken last year when the company decided not to embark on an additional financing round.
Earlier this month, Phoenix Group announced that a UAE investor had bought a 2% stake in it for NIS 184 million. In July UAE sovereign wealth fund ADQ canceled a deal to buy a controlling stake of at least 30% of Phoenix Group from foreign funds and controlling shareholders Centerbridge and Gallatin.
Published by Globes, Israel business news – en.globes.co.il – on August 30, 2023.
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