# Clarity Capital

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**Clarity Capital** is an [investment firm](/source/Investment_firm) based in [Tel Aviv](/source/Tel_Aviv), Israel. Founded in 2007, the firm serves [high-net-worth](/source/High-net-worth_individual) families and institutions including arts, educational [endowments](/source/Financial_endowment), and philanthropic endowments. It invests in the [public equity](/source/Public_equity), [fixed income](/source/Fixed_income), and [alternative investment](/source/Alternative_investments) markets globally,[3] managing over $1 billion in assets.[4]

## History

Clarity Capital was founded in 2007 by four partners: Tal Keinan, David Steinhardt, Jay Pomrenze, and Sender Cohen. It was founded under the name KCPS, an acronym of the firm's founding partners. The firm was founded to create a global [financial services](/source/Financial_services) industry in Israel, following the [Israeli high-tech industry](/source/Israeli_high-tech_industry) model.[5][6][7]

Prior to the [capital markets](/source/Capital_markets) reforms in Israel, which began to take place is 2005, the establishment of a global financial center in Israel was not possible. After 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.[8]

The firm has served as an advisor to the [Israeli government](/source/Israeli_system_of_government) on related policy and legislation. Notably, [Tal Keinan](/source/Tal_Keinan) served on the Advisory Board of the Ariav Commission, the [Bank of Israel](/source/Bank_of_Israel), and [Finance Ministry](/source/Ministry_of_Finance_(Israel)) task force on the creation of a global financial center in Israel.[9]

In 2013, Clarity Capital established a New York office managed by David Steinhardt, a [Wall Street](/source/Wall_Street) veteran and the son of hedge fund investor [Michael Steinhardt](/source/Michael_Steinhardt),[10][11] and Laurence Schreiber, a Wall Street veteran with 20 years of senior management experience at firms such as [Deutsche Bank](/source/Deutsche_Bank)[12] and [Bank of America Merrill Lynch](/source/Bank_of_America_Merrill_Lynch).[13]

The firm is licensed with the US [Securities and Exchange Commission](/source/Securities_and_Exchange_Commission), the [Israel Securities Authority](/source/Israel_Securities_Authority), the [Autorité des Marchés Financiers](/source/Autorit%C3%A9_des_march%C3%A9s_financiers_(France)) in France, and the Canadian [Ontario Securities Commission](/source/Ontario_Securities_Commission).[14]

## Business activities

*KCPS Private Equity*, today known as Kedma Capital, 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](/source/Financial_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.[15][16]

*KCPS Manof*, was one of the special credit funds the Israeli [Ministry of Finance](/source/Ministry_of_Finance_(Israel)) established during the [Great Financial Crises of 2008](/source/Great_Recession) 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](/source/Shekels) and tasked with providing capital via either [equity](/source/Equity_(finance)), [debt](/source/Debt), or both to Israeli firms as a source of non-banking finance. KCPS Manof made its first investments in 2009, and later on 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, as the expected lifetime return for fund stood at around 16%.

In 2017, Clarity Capital announced the launch of a Socially-Responsible Investment strategy with *Greeneye*, an advisory firm specializing in the SRI field.[17]

## References

1. ["our team"](http://www.claritycap.com/index.php/who-we-are/our-team). *Clarity Capital*. Retrieved 2018-02-11.

1. ["Clarity Capital KCPS, Ltd."](http://investment-advisors.credio.com/l/38813/Clarity-Capital-KCPS-Ltd). *Investment Advisor*. 2017-05-15. Retrieved 2018-02-11.[dead link]

1. ["Clarity Capital KCPS Ltd.: Private Company Information"](https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=31022773). *Bloomberg*. 2014-03-05. Retrieved 2018-02-11.

1. ["Managing Arab millions from the towers of Tel Aviv"](https://www.haaretz.com/israel-news/business/2013-12-16/ty-article/.premium/managing-arab-millions-from-ta/0000017f-e753-df5f-a17f-ffdfe0e40000). *haaretz.com*. 2013-12-16. Retrieved 2018-02-11.

1. ["Israel Hedge Funds Defy Iran Threat Multiplying in Tech Center"](https://www.bloomberg.com/news/2012-12-25/israel-hedge-funds-defy-iran-threat-multiplying-in-tech-center.html). *Bloomberg*. December 26, 2012. Retrieved 2 October 2013.

1. Keinan, Tal (28 July 2008). ["Don’t give up on Ariav"](http://www.globes.co.il/serveen/globes/docview.asp?did=1000365739). *[Globes](/source/Globes_(newspaper))*. Retrieved 1 October 2013.

1. ["Capitalizing on Momentum: Israeli Financial Reform"](https://web.archive.org/web/20131004214333/http://www.milkeninstitute.org/events/gcprogram.taf?function=detail&eventid=gc08&EvID=1459). *Milken Institute: Global Conference 2008*. April 28, 2008. Archived from [the original](http://www.milkeninstitute.org/events/gcprogram.taf?function=detail&eventid=gc08&EvID=1459) on October 4, 2013. Retrieved 2 October 2013.

1. Singer, Saul & Senor, Dan (2009). *Start-Up Nation*. Hachette Book Group. pp. 171–173. ISBN 978-0446541473.

1. Buck, Tobias (April 21, 2008). ["Israel seeks to reinvent itself as finance hub"](https://archive.today/20150507165803/http://www.ft.com/intl/cms/s/0/ae725992-0f3c-11dd-9646-0000779fd2ac.html%23axzz2gXgutS93). *Financial Times*. Archived from [the original](http://www.ft.com/intl/cms/s/0/ae725992-0f3c-11dd-9646-0000779fd2ac.html#axzz2gXgutS93) on May 7, 2015. Retrieved 2 October 2013.

1. ["Steinhardt raises stake in asset manager KCPS"](http://www.globes.co.il/serveen/globes/docview.asp?did=1000616351). *Globes*. Retrieved 1 October 2013.

1. Peretz, Efrat (5 March 2012). ["Former Wall Street investment manager Michael Steinhardt tells "Globes" that the wealthy should pay higher taxes."](http://www.globes.co.il/serveen/globes/docview.asp?did=1000730542). *Globes*. Retrieved 1 October 2013.

1. ["Ex-Deutsche Bank EM Chief Takes Global Role At Barclays"](http://www.globalcapital.com/article/k65fmrymn12z/ex-deutsche-bank-em-chief-takes-global-role-at-barclays). *www.globalcapital.com*. Retrieved 2017-04-06.

1. ["Bank of America Merrill Lynch, Charlotte NC - Company Profile | BizStanding"](https://bizstanding.com/p/bank+of+america+merrill+lynch-5126088). *bizstanding.com*. Retrieved 2017-04-06.

1. ["Company Website: Who We Are"](http://www.claritycap.com/who-we-are/our-values). Retrieved 1 October 2013.

1. ["Kedma Capital: Private Company Information - Bloomberg"](https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=31023262). *www.bloomberg.com*. Retrieved 2017-04-06.

1. ["KCPS plans new $150m private equity fund - Globes English"](http://www.globes.co.il/en/article-1000692076). *Globes*. Retrieved 2017-04-06.

1. Capital, Clarity (2017-10-18). ["Clarity Capital Launches Socially-Responsible Investment (SRI) Strategy"](https://www.prnewswire.com/news-releases/clarity-capital-launches-socially-responsible-investment-sri-strategy-300538876.html). *PR Newswire*. Retrieved 2018-02-11.

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Adapted from the Wikipedia article [Clarity Capital](https://en.wikipedia.org/wiki/Clarity_Capital) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Clarity_Capital?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.