Migdal Group

Migdal Group

Migdal Group was established in 2011 as the manager of the Migdal Makefet Pension and Providence Fund, a consolidation of Israeli pension assets formerly tied to Assicurazioni Generali. Generali remains a named former majority owner. Control sits with Shlomo Eliyahu, founder and controlling shareholder through Eliyahu 1959 Ltd. Ronen Agassi runs the insurance company as CEO, with Roni Gamzo appointed Chairman of the Board in 2024. Migdal deploys across buyout, growth, mezzanine, natural resources, secondaries, special situations, venture and fund-of-funds — a spread that reflects its dual mandate as an insurer managing general-account and pension capital in parallel. Confirmed direct holdings include a stake in the Jerusalem Light Rail, an Israeli mixed-use real estate portfolio, and US and European real estate projects. The group also holds positions in the GS Connect S&P GSCI Enhanced Commodity Total Return ETN and the Varda Carmeli Art Collection. Public records confirm a co-investment history with Assicurazioni Generali and active club-deal participation through the Israel Bar Association network. The firm operates from Tel Aviv and manages the entirety of Migdal Makefet's assets. While professional headcount is not publicly disclosed, Migdal's insurance entity publishes detailed monthly reports on solvency ratios, investment policy, and direct expenses, as required by Israeli regulatory filings. In February 2026, the firm announced a class-action settlement (T.C. 24167-07-14) concerning the Association for the Elderly — an event that surfaces the scale of Migdal's retail-policyholder exposures. The firm's philanthropic activity flows through Migdal in the Community. Migdal's architecture — an insurance-owned pension pool with a multi-alternatives book and no requirement to mark private holdings to market — lets it hold the Jerusalem Light Rail and art collections alongside traditional policyholder reserves. That blended mandate is rare outside the Israeli insurance sector and gives Migdal's investment committee a structural horizon most standalone GPs cannot match.