Phoenix dealmaker Stella Cohen raises $120M for new private equity fund
What's the deal? Stella Cohen, a former director at Israeli insurer The PhoenixDealroom has a profile for this one. Try Dealroom →, has raised $120 million from US investors for a new private equity fund. She is now seeking hundreds of millions of shekels more from Israeli institutions and is already in talks to back local companies.
Who's involved? Cohen is launching the fund alongside Raanan Agus, who will chair it after a 32-year career at Goldman SachsDealroom has a profile for this one. Try Dealroom →, 24 of them as a partner. The advisory board includes Gallatin co-founder Matthew Botein, Tel Aviv Stock ExchangeDealroom has a profile for this one. Try Dealroom → chairman Eugene Kandel, former Israel Aerospace IndustriesDealroom has a profile for this one. Try Dealroom → chief executive Yossi Weiss, and McKinseyDealroom has a profile for this one. Try Dealroom → senior partner Cindy Levy.
The track record. Cohen represented CenterbridgeDealroom has a profile for this one. Try Dealroom → and Gallatin on the boards of Phoenix Holdings and its insurance arm after the funds acquired a controlling stake in 2019. She helped shape a strategy that turned Phoenix from Israel's third-largest insurer into the market leader, generating a threefold return for its owners.
The strategy. Cohen is targeting large companies with EBITDA of $10 million to $20 million. "We've raised enough to look at several companies," she says, adding that talks are already underway.
Cohen's philosophy. "A 20% annual return is good," she says. "I don't take excessive risks, nor do I chase crazy returns. My nature is steady and secure."
Her background. A native of Nantes, France, Cohen was a senior mergers and acquisitions attorney at New York firm Wachtell, Lipton, Rosen & KatzDealroom has a profile for this one. Try Dealroom →, worked on the direct investment team at Canadian pension fund CDPQ, and served as co-chair of private equity for the EMEA region at J. Safra GroupDealroom has a profile for this one. Try Dealroom →.
The signal: Cohen's move from investor representative to fund manager brings a Wall Street pedigree and a proven turnaround record to Israeli private equity — a market she notes rarely sees multiple funds co-invest. Whether Israeli institutions match her US backers will test appetite for mid-market buyouts at home.
Read more: calcalistech.com
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