Clarity Capital

Clarity Capital
Industry Investment management
Headquarters Tel Aviv, Israel
Key people
 Tal Keinan, David Steinhardt, Jay Pomrenze, Eran Peleg
Website www.claritycap.com

Clarity Capital is an investment firm founded in 2007 with offices in both Tel Aviv and New York.[1] Clarity Capital serves high net wealth families and institutions including arts and educational endowments and philanthropic endowments. The firm manages over $1 billion in assets.

Background

Clarity Capital was founded in 2007 by four partners, Tal Keinan, David Steinhardt, Jay Pomrenze, and Sender Cohen under the name KCPS, an acronym of the firm's founding partners. The firm was founded with the goal of creating a global financial services industry in Israel, following the Israeli high-tech industry model.[2][3][4] Prior to the capital markets reforms in Israel, which began to take place is 2005, the establishment of a global financial center in Israel was not possible, but once major reforms were implemented the firm's partners saw an opportunity to create a new global industry in Israel. Clarity Capital has since been cited as the first significant exporter of financial services from Israel.[5]

The firm has served as an advisor to the Israeli government on related policy and legislation. Notably, Tal Keinan served on the Advisory Board of the Ariav Commission, the Bank of Israel and Finance Ministry task force on the creation of a global financial center in Israel.[6] The firm has also been linked to ongoing effort by Dr. Eugene Kandel, chairman of the Israeli Prime Minister's Council of Economic Advisors, to launch a world-class graduate school of finance in Israel.[7]

In 2013 Clarity Capital continued to expand with the establishment of their New York office which is managed by David Steinhardt, a Wall Street veteran who is the son of hedge fund investor Michael Steinhardt[8][9] and Laurence Schreiber, a Wall Street veteran with 20 years of senior management experience at firms such as Deutsche Bank[10] and Bank of America Merrill Lynch.[11]

The firm is licensed with the US Securities and Exchange Commission, the Israel Securities Authority, the Autorité des Marchés Financiers in France, and the Ontario Securities Commission.[12]

KCPS Private Equity, today known as Kedma Capital, today is a standalone company which was founded and seeded by KCPS now Clarity Capital.  The first round of capital, $80 million, was raised in 2006 and since then further capital has been raised and the firm now manages around $250 million. The firm was spun off of Clarity Capital and today exists as its own company.[13][14]

KCPS Manof is one of the special credit funds the Israeli Ministry of Finance decided to establish during the Great Financial Crises of 2008 to help support the Israeli economy. Clarity Capital was selected as one of four firms that would run these funds. Each fund was seeded with about 500 million shekels and tasked with providing capital via either equity, debt, or both to Israeli firms as a source of non-banking finance. KCPS Manof made its first investments in 2009 and as of 2016 has ended its investment period and was focused on returning capital to the investors. In 2013 it was reported KCPS Manof was far out-stripping Origo Manof, its sister and competing fund. The expected return for the lifetime of the fund currently stood at around 16%.[15][16]

Management

References

  1. ↑ "Banks are conservative: There is no local competition, so they are not forced to do more [Hebrew]". The Marker. 13 June 2012. Retrieved 2 October 2013.
  2. ↑ "Israel Hedge Funds Defy Iran Threat Multiplying in Tech Center". Bloomberg. December 26, 2012. Retrieved 2 October 2013.
  3. ↑ Keinan, Tal (28 July 2008). "Don’t give up on Ariav". Retrieved 1 October 2013.
  4. ↑ "Capitalizing on Momentum: Israeli Financial Reform". Milken Institute: Global Conference 2008. April 28, 2008. Retrieved 2 October 2013.
  5. ↑ Singer, Saul; Senor, Dan (2009). Start-Up Nation. Hachette Book Group. pp. 171–173. ISBN 978-0446541473.
  6. ↑ Buck, Tobias (April 21, 2008). "Israel seeks to reinvent itself as finance hub". Financial Times. Retrieved 2 October 2013.
  7. ↑ "Israel: The Ingenuity Society as Global Laboratory" (PDF). Milken Institute. May 1, 2013. Retrieved 1 October 2013.
  8. ↑ "Steinhardt raises stake in asset manager KCPS". Globes. Retrieved 1 October 2013.
  9. ↑ Peretz, Efrat (5 March 2012). "Former Wall Street investment manager Michael Steinhardt tells "Globes" that the wealthy should pay higher taxes.". Globes. Retrieved 1 October 2013.
  10. ↑ "Ex-Deutsche Bank EM Chief Takes Global Role At Barclays". www.globalcapital.com. Retrieved 2017-04-06.
  11. ↑ "Bank of America Merrill Lynch, Charlotte NC - Company Profile | BizStanding". bizstanding.com. Retrieved 2017-04-06.
  12. ↑ "Company Website: Who We Are". Retrieved 1 October 2013.
  13. ↑ "Kedma Capital: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-04-06.
  14. ↑ "KCPS plans new $150m private equity fund - Globes English". Globes (in Hebrew). Retrieved 2017-04-06.
  15. ↑ "קרן המנוף KCPS השיגה תשואה של 18% בשנה החולפת". כלכליסט - www.calcalist.co.il. 2014-07-04. Retrieved 2017-04-06.
  16. ↑ "קרנות המנוף הראשונות יצאו לדרך, האוצר כבר מתכנן מקצה שיפורים בקרנות הבאות - גלובס". Globes. Retrieved 2017-04-06.
  17. ↑ "our team". www.claritycap.com. Retrieved 2017-04-06.
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