Units support the realization of the investment strategy

Private Investments department
The department deals with the initiating and managing of private investments, including direct transactions in the equity of private companies, special debt transactions, hybrid debt and equity investments, and private equity placements in public companies.

Alternative Assets department
Canaf is an active investor in private equity funds. The portfolio is growing and focuses mainly on countries outside Israel: United States, Europe and emerging countries. The portfolio is diversified and built up from a wide range of strategies, in order to take advantage of opportunities in changing economic conditions across the world. Canaf makes tremendous efforts to find managers, who will create excess yields on the public markets at any point in time whilst ensuring the volatility in the portfolio's performance is moderated. Canaf is an active investor and initiator of the establishment of funds in which it is an "anchor investor." These funds are established with unique structures that enable Canaf to increase its added value from investment in PE funds, and to improve the yield obtained from them. Furthermore, Canaf increases its interest and its involvement in co-investment funds alongside the funds it has established itself, in order to create an additional investment channel for increasing yields.

Infrastructure and project finance department
The infrastructure and project finance department is Canaf's professional arm for investments in the field of infrastructure. Clal Insurance, through the Canaf infrastructure department, is the country's leading institutional investor in providing, organizing and managing senior debt for infrastructure projects, and for making direct equity investments in the project's companies. Clal's investments in the infrastructure field include investments in power stations for electricity generation, solar installations, roads and transportation, water desalination facilities and other types of infrastructure. The infrastructure department's professional team includes a series of managers with proven experience in the infrastructure field and in financing projects, thereby providing an optimal alternative for developers who are interested in a one-stop shop for obtaining financing and/or investments in the field of infrastructure.

Private credit department
This department deals with the initiation, management and operation of transactions for financing and providing credit. The private credit department handles financing transactions for public and private companies, including some of the leading companies in Israel, and has taken part in some of the largest and most important transactions in the economy in recent years.

The department guides, initiates and structures unique and complex transactions of significant amounts whilst carrying out consortium transactions in conjunction with other banking and institutional players, including roles in leading the consortia. The private credit department includes a senior and experienced team with rich experience in initiating, analyzing and managing credit transactions at a high level. The team acts in accordance with detailed procedures and appropriate work processes, and is subject to a detailed credit policy. In the framework of the levels of authority, credit transactions are brought for approval of the credit committee, which is composed of senior external professionals, and acts in accordance with levels that have been set for the approval of transactions. The private credit department benefits from the support of information systems, control processes and risk management, which are provided to a high level by other departments in the company.

Credit committee
The credit committee is composed of people with know-how, expertise and vast experience in the field of credit, including former senior bankers, and also includes an external representative of each of the investment committees that deal with unit holders' money. The objective of the committee is to discuss credit quality. The credit committee is permitted to approve, reject or restrict exposure to risk of any credit transaction brought before it for approval, in accordance with the levels of authority set by the Board of Directors and the investment committees.

Real estate department
Canaf has broad investment activities in income-generating real-estate assets in Israel and abroad.
In Israel, the Group holds assets in Herzliya, Raanana, Tel Aviv, Givatayim, Ramat Gan, Ness Ziona, Petach Tikva, Netanya, Jerusalem and Haifa. Among its assets are shopping malls, commercial centers and office buildings.

In Europe, the Group holds assets in the United Kingdom which are leased to the British government, and other assets in London and Birmingham. Starting at the end of 2012, Canaf expanded its investments in real estate in the US, and its purchases include office buildings in Chicago.

Foreign investments department
The foreign investments department deals with the initiation, investment and management of investments in assets abroad. The department is responsible for asset allocation in equities, fixed income and external managers (mutual and hedge funds) outside of Israel. As part of the bi-annual strategy discussions led by the foreign investments department, exposure to the various asset classes and geographic exposures to foreign equities are determined.

Foreign exchange derivative department
Canaf's foreign exchange derivative department manages and carries out foreign exchange activity that constitutes an integral part of Canaf's investment portfolios and those of Clal's unit holders. The department manages the contact between the investment divisions, professional support units, the various finance departments and the banking and brokerage system. In addition, the department is responsible for the efficient management of cash balances in the investment accounts.