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The Phoenix Group

The Phoenix Group. The Phoenix Group. The Phoenix is the third largest insurance group in Israel. The company is active in all traditional insurance areas (life, pension, provident, health and general).

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The Phoenix Group

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  1. The Phoenix Group

  2. The Phoenix Group The Phoenix is the third largest insurance group in Israel. The company is active in all traditional insurance areas (life, pension, provident, health and general). As part of its involvement in long-term saving fields, the company manages assets of about 5 billion dollars.

  3. Asset Allocation The Phoenix has historically pursued a relatively conservative strategy by which a greater portion than the industry average was invested in low risk fixed income instruments. Recently, a more advanced strategy has been applied by which a growing portion has been allocated to the various types of alternative investments.

  4. Alternative Investments Within the alternative investments asset class the Phoenix is specifically concentrated in: Hedge Funds Real Estate Private Equity Structured Products Today, the alternative investments asset class is growing, currently at 3% (6.7% in commitment terms) and intended to be at 10% within three years. Total current exposure – 140 million dollars.

  5. Private Equity Funds Key Investment Criteria • Track record of the fund or the managers • Fair key terms of investments (management fees, hurdle rate, clawback) • GP Commitment to invest • Expertise • Dedicated rather than global funds • Relative Advantage in niche investment areas • Tax considerations – No U.S. exposure

  6. Investment Examples • Real Estate – 4 Funds (Apollo, GLL) • Buyout – 7 Funds (Apax, FIMI, Markstone) • Venture Capital – 6 Funds (Yozma, Medica) • Secondary – 2 Funds (harvest, Vintage)

  7. Next Steps • Increase exposure to real estate abroad • Invest in private equity fund of funds abroad to improve funds selection • Entry to mezzanine funds

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