# Phoenix Holdings **Phoenix Holdings** is one of Israel's largest asset managers and insurers, listed on the Tel Aviv Stock Exchange in the TA-35 index. The group now trades as **Phoenix Financial Ltd.** — the name used in the October 2026 CNN reporting below — with Phoenix Insurance Company Ltd. as its insurance subsidiary. Both names denote the same entity for KB purposes. It is a holding of **[[Jared Kushner]]**'s private-equity firm **[[Affinity Partners]]**, which is funded predominantly by Saudi, Qatari, and Emirati sovereign-wealth capital. ## Why It Matters Phoenix Holdings is part of the cluster of Israeli financial and defense assets ([[Shlomo Group]], Gaza data centers) through which Kushner's personal portfolio is exposed to the outcome of [[Iran War 2026]]. The "follow the money" critique holds that Kushner — informally advising the President that Iran posed an imminent threat while holding no government office — stood to benefit financially from a war that strengthens Israel's regional position and clears the way for Gulf reconstruction bets. ## The CNN Report (October 1, 2026) Allegra Goodwin, Katie Polglase and Majlie de Puy Kamp of CNN reported that while [[Jared Kushner]] was negotiating an end to the war in Gaza as a private "volunteer," his firm [[Affinity Partners]] was the largest stakeholder in Phoenix — and that Phoenix had invested **hundreds of millions of dollars in at least nine companies supplying equipment to the Israeli military**. The share price of all nine rose over the prior year, and several of the companies attributed that growth to the war in Gaza. The verified figures: | Item | Figure | |---|---| | Affinity's stake in Phoenix | 7.4%, worth more than $1 billion | | Stake change before Trump's second term | Doubled | | Portion sold in July 2026 | One quarter | | Proceeds of the July 2026 sale | More than $340 million | | Return on initial investment | "Up more than five times" | Kushner called the report "deeply misleading" and said he has **"no role in deciding what Phoenix buys or sells."** His lawyer said Kushner has "never participated in or directed Phoenix's decisions." Kushner had previously told *Forbes* that he meets the group's leaders every few weeks and keeps "a very active dialogue" with them; his lawyer said that contact has since been scaled back significantly. Because Kushner holds no government office, he files no financial disclosure — the structural fact the reporting turns on. > [!warning] Sourcing > All figures above originate in the single CNN investigation of October 1, 2026, reproduced > with identical numbers by *Forbes*, *The Hill*, *The Jerusalem Post* and *Middle East Eye*. > Recorded as attributed reporting from a named primary investigation, not as independently > confirmed accounting. ## See Also - [[Jared Kushner]] - [[Affinity Partners]] - [[Shlomo Group]] - [[Trump Family Iran War Profiteering]] - [[Iran War 2026]] - [[Gaza War]] — the conflict the nine portfolio companies supplied