Menora Mivtachim Group

Strategic investment decisions run through the holding company's chairman Eran Griffel and CEO Ari Kalman. The ultimate controlling influence sits with the Gurevich family trust, whose beneficiaries include Tali Griffel and Niva Gurevitch. The dual-layered governance — professional management under a family trust — has been in place since the family consolidated control in 1963.

Menora invests directly and owns the assets outright. Its real-estate book includes 450 Park Avenue in New York, the Maryland Development Project, and the Katzrin Housing Project in the Golan Heights. The firm does not appear to route capital through third-party fund commitments for its property holdings, operating instead as a principal investor.

Menora holds a direct European Renewable Energy Portfolio spanning Italy, Greece, and other OECD countries. It also controls the Naama Solar Project in the Jordan Valley. These are operational, direct-equity positions, not fund investments, reflecting an active infrastructure-ownership approach rather than passive allocation.

The Gurevich family controls Menora through a trust structure that dates to 1963. Chairman Eran Griffel is a family-linked business partner, while CEO Ari Kalman is the son-in-law of former owner David Hirschfeld. The insurance and asset-management businesses operate under the holding company, with family influence exercised through the trust rather than direct daily management.

Publicly available deal records suggest Menora favors direct ownership and principal transactions, particularly in real estate and infrastructure. There is no evidence of a formal co-investment program alongside external GPs, though the firm maintains liquid-market positions including gold exposure through the GDX ETF.

The capital base consists of Israeli pension and insurance liabilities — long-duration policyholder funds invested across real assets and public markets. The controlling economic interest sits with the Gurevich family trust, which has held influence since 1963 and passes beneficial ownership to Tali Griffel and Niva Gurevitch.

Yes, the firm operates Menora Mivtachim Group Philanthropy, a distinct vehicle for charitable activities. The terms of separation between the insurance balance sheet, the family trust, and the philanthropic arm are not publicly detailed, but the existence of a named foundation signals a formalized structure.