Jared Kushner’s Affinity Partners sold 25% of its holding in Israel’s Phoenix Financial (TASE: PHOE), raising NIS 1.05 billion and cutting its stake from about 9.9% to 7.4%. The transaction was completed at a 4% discount to the day’s reference price and was described as a financial sale that does not change control or operations. Phoenix Financial is an insurance group listed on the Tel Aviv Stock Exchange, and the deal was a shareholder secondary-market trade rather than a company-led transaction.