Blackstone ECONOMIC

Target: Blackstone Inc., Blackstone-managed investment vehicles and relevant controlled portfolio companies.

Research date: 26 October 2026.

Scope: Commercial, investment, financial, operational and supply-chain exposure involving Israel and the occupied Palestinian territory, including East Jerusalem and the occupied Syrian Golan.

Supply Chain & Sourcing Relationships

Business model and applicable sourcing activities

Blackstone is a Delaware-incorporated investment manager whose disclosed principal businesses include private equity, real estate, credit, infrastructure and related investment activities; its principal activities do not resemble those of a conventional food importer or supermarket operator.¹

Blackstone’s exposure to Israeli operating businesses includes an investment in Priority Software, which provides enterprise software used in finance, procurement, retail management, hospitality and other business functions.²

July 2026 reporting also identified ISIC-RGIS, an Israeli inventory services business operating within the Blackstone-owned RGIS international group, whose services include inventory counting for retail, food, import, pharmacy and industrial customers.³

Direct agricultural suppliers

No public evidence identified establishing that Blackstone Inc. itself directly purchased agricultural goods from Mehadrin, Hadiklaim, Galilee Export or successors to Agrexco; the reviewed company disclosures and reporting instead document investment management, enterprise software and inventory services activities.^{1, 3}

Importer-of-record structure

No public evidence identified of a dedicated Israeli agricultural importer-of-record entity owned by Blackstone Inc. or established for its corporate operations; the identified Israeli relationships concern investment and business-services activities.^{1, 4}

Seasonal sourcing

No public evidence identified of Blackstone-specific recurring procurement of Israeli dates, avocados, citrus, herbs or potatoes during December–April or another seasonal window.^{1, 3}

Third-party distribution and indirect sourcing

ISIC-RGIS reportedly provides services to Israeli retailers and importers, but that service relationship does not establish that Blackstone itself purchases, imports or distributes their underlying merchandise.^{3, 5}

No public evidence identified of Blackstone-branded consumer products sourced through Israeli agricultural distributors or settlement-based suppliers.^{1, 5}

Named intermediary relationships

Fortissimo Capital and TA Associates were the investors from which Blackstone acquired a majority interest in Priority Software in 2024; contemporary reporting valued the transaction at approximately $800 million.^{2, 6}

In July 2026, Fortissimo was reportedly negotiating to acquire control of RGIS businesses including Israeli operations, but the reviewed reports describe negotiations rather than a verified completed transfer.^{3, 5}

Product Origin, Labeling & Regulatory Compliance

Settlement-origin agricultural products

No public evidence identified linking Blackstone Inc. to a specific agricultural shipment labelled “Produce of Israel” that originated in the West Bank, Jordan Valley or occupied Syrian Golan.^{1, 3}

Country-of-origin labelling

No public evidence identified of a DEFRA, customs or other regulatory enforcement action against Blackstone concerning the country-of-origin labelling of settlement-produced agricultural goods.^{1, 7}

Corporate territorial sourcing policy

No public evidence identified of a Blackstone-specific agricultural sourcing or labelling policy addressing products manufactured or grown in Israeli settlements.^{1, 8}

Controlled portfolio companies

Priority Software provides enterprise applications, while the identified ISIC-RGIS operation supplies inventory-counting services; neither description establishes that the Blackstone parent is the importer or seller of products handled by those businesses’ customers.^{2, 3}

Settlement-related database screening

The Business & Human Rights Resource Centre reported that OHCHR’s September 2026 database update identified 214 businesses allegedly involved in specified settlement-related activities.⁷

No verified Blackstone Inc. database entry was established from the accessible materials reviewed, and the available evidence does not support a definitive statement about every Blackstone-controlled subsidiary or investment vehicle.^{7, 8}

Settlement-specific operational evidence

No public evidence identified establishing a particular Blackstone-owned retail outlet, settlement agricultural supplier, settlement-origin product listing or country-of-origin labelling violation in the occupied Palestinian territory or Syrian Golan.^{3, 7}

Investment, Capital & Financial Exposure

Controlled Israeli operating investments - Priority Software

On 16 May 2024, Blackstone announced an agreement for Blackstone Growth and affiliated funds to acquire a majority stake in Israeli enterprise software company Priority Software.⁶

Independent May 2024 reporting placed Priority Software’s valuation at approximately $800 million.²

July 2026 reporting specified a 70% Blackstone interest, with Fortissimo Capital and TA Associates each retaining 15%; these figures describe controlling ownership through Blackstone-managed investment interests rather than wholly owned direct operation by Blackstone Inc.^{3, 5}

Priority develops enterprise resource planning and business management software, with contemporary reporting describing approximately 75,000 customers across roughly 70 countries at the time of the acquisition.⁵

No public evidence identified establishing Priority’s precise October 2026 headcount, Israel-specific revenue, individual Israeli government customers, defence contracts or operations in occupied territory.^{2, 5}

No public evidence identified that Priority Software manufactures physical goods in Israel; the available company description identifies software products and services.^{2, 6}

Controlled Israeli operating investments - RGIS / ISIC-RGIS

July 2026 reporting identified ISIC-RGIS as an Israeli inventory-counting operation within the Blackstone-owned RGIS group, serving retail chains, food companies, importers, pharmacies, hospitals and industrial businesses.^{3, 5}

The reports described a proposed transaction under which Israeli investment firm Fortissimo Capital could acquire control of an international RGIS business including its Israeli operation, at an approximate valuation of $400 million.^{3, 5}

No public evidence identified confirming completion of the proposed transaction by the research date; the current precise legal holding percentage therefore remains unverified.^{3, 5}

No public evidence identified of manufacturing activity by ISIC-RGIS, whose reported business consists of inventory-counting and related services.³

Israeli investments without established majority control - Cyera

On 8 January 2026, Israeli cybersecurity company Cyera announced a $400 million Series F financing led by funds managed by Blackstone, at a reported valuation of $9 billion.⁹

Reporting in June 2026 described Cyera’s subsequent $300 million financing at an approximate $12 billion valuation, led by Evolution Equity Partners rather than Blackstone.¹⁰

The January 2026 transaction establishes Blackstone-managed investment exposure but does not establish majority ownership or operational control.^{9, 10}

Israeli investments without established majority control - Huskeys

On 2 September 2026, Blackstone led a $27 million investment round in Israeli cybersecurity startup Huskeys, whose technology addresses malicious automated web traffic and AI agents.¹¹

The financing reportedly valued Huskeys at approximately $100 million and included other investment funds and cybersecurity-sector investors.¹¹

No public evidence identified establishing Blackstone’s precise shareholding, majority control or a direct Israeli military procurement relationship with Huskeys.¹¹

Israeli investments without established majority control - Pentera

On 11 January 2022, Pentera announced a $150 million Series C financing, led by K1 Investment Management, with Blackstone among the participating investors.¹²

Pentera identified itself as a cybersecurity company operating from Boston and Tel Aviv and reported a $1 billion valuation at the time.¹²

No public evidence identified in the financing announcement establishing Blackstone’s individual investment amount, ownership percentage or operating control.¹²

Israeli investments without established majority control - Adaptive Shield

November 2024 reporting stated that Blackstone had invested approximately $10 million in Adaptive Shield during 2023 and had also used the company’s cybersecurity technology within its own operations.¹³

The same reporting described CrowdStrike’s acquisition of Adaptive Shield in November 2024, ending its independent-company status.¹³

No public evidence identified establishing an ongoing direct Blackstone shareholding after CrowdStrike’s acquisition.¹³

Additional Israeli technology investment leads

July 2023 reporting described advanced Blackstone negotiations to invest more than $50 million in Israeli-founded financial technology company Stampli; the contemporaneous report did not itself confirm completion.¹⁴

A subsequent interview published in 2025 identified Stampli, Wiz, Cloudinary and Mitiga among Israeli technology businesses associated with Blackstone’s investment activity.¹⁵

No public evidence identified in the reviewed materials sufficient to assign current Blackstone majority-control percentages to Stampli, Wiz, Cloudinary or Mitiga.^{14, 15}

An Israeli investment-data aggregation service also records Blackstone’s 2026 financing participation involving Cyera and Huskeys; these investment listings do not independently establish control of the companies.¹⁶

Israeli financial-sector partnership - Phoenix Financial

On 17 December 2025, Blackstone and Phoenix Financial announced a strategic partnership covering corporate credit, real estate credit and asset-based credit.^{4, 17}

Phoenix agreed to invest up to $5 billion across the relevant strategies, using Blackstone’s global credit origination capabilities and potential co-investment opportunities.⁴

Phoenix described itself as Israel’s largest asset manager, with more than $180 billion in assets under management at the time.⁴

The agreement establishes a substantial commercial relationship with an Israeli financial institution, but the announced $5 billion is a maximum prospective allocation rather than evidence of the amount already deployed.^{4, 17}

No public evidence identified in the partnership announcement establishing specific Israeli sovereign-bond purchases, settlement-project financing or direct loans to Israeli defence manufacturers.^{4, 17}

Israeli sovereign debt and war-bond financing

No public evidence identified establishing Blackstone Inc. as a named lead underwriter of an Israeli sovereign-bond issue or authorised distributor of Development Corporation for Israel bonds in the reviewed disclosures.^{1, 17}

No transaction-specific evidence identified connecting Blackstone directly to an Israeli sovereign war-bond underwriting syndicate.^{1, 17}

Portfolio exposure to settlement-associated companies

Blackstone operates investment funds and financial vehicles across several asset classes, but the reviewed disclosures do not provide a sufficiently complete issuer-level schedule to identify every Israeli security or settlement-associated company held across its managed funds.^{1, 18}

No public evidence identified establishing a specific Blackstone-managed fund’s material holding in an OHCHR-listed settlement business, with fund identity, valuation and transaction date independently verified.^{7, 18}

Defence lending and insurance underwriting

No public evidence identified of a named Blackstone-originated direct loan to an Israeli defence prime, a specified Israeli military equipment purchase financed by Blackstone, or a Blackstone-issued insurance policy covering an Israeli military or settlement operation.^{1, 4}

The December 2025 Phoenix relationship involves an Israeli insurance and investment group but does not itself establish Blackstone underwriting insurance policies in Israel.^{4, 17}

Research, development and innovation investments

The January 2026 Cyera financing and September 2026 Huskeys financing establish investment in Israeli cybersecurity and technology development.^{9, 11}

No public evidence identified of a separately incorporated Blackstone-owned Israeli research laboratory, proprietary defence research facility or Israeli government-funded Blackstone innovation centre.^{1, 15}

Post-July and post-November 2024 activity

Blackstone’s reported Cyera investment in January 2026, Huskeys investment in September 2026 and Phoenix partnership in December 2025 occurred after 19 July 2024 and after November 2024.^{4, 9, 11}

These transaction records establish the continuation of Israeli economic investment and institutional relationships during that period but do not themselves identify an associated settlement activity.^{4, 7, 11}

On 10 June 2026, Cyera officially announced a $600 million Series G financing at a $12 billion valuation, led by Evolution Equity Partners, with participation from Cyberstarts, Temasek and existing investors including Blackstone, Accel, AT&T Ventures, Coatue and Spark Capital. Cyera CEO Yotam Segev explicitly identified the financing as Series G and confirmed the $600 million amount. This confirms the $600 million figure recorded in Digital and corrects the existing Economic statement under “Israeli investments without established majority control - Cyera” describing the subsequent financing as $300 million in June 2026. The $300 million figure reflected preliminary reporting on 2 June 2026, before Cyera’s definitive announcement. The primary disclosure confirms Blackstone’s participation among existing investors but does not specify its individual contribution or establish majority control.^{19, 20}

CrowdStrike’s SEC-filed quarterly report for the period ended 31 October 2024, under Note 11, “Subsequent Events,” establishes that CrowdStrike entered into an agreement on 5 November 2024 to acquire all ownership interests in A.S. Adaptive Shield Ltd. and completed the acquisition on 20 November 2024. CrowdStrike’s own announcement dated 6 November 2024 independently confirms that the transaction was an agreement to acquire, with completion still prospective. Therefore, by 6 November 2024, the date of existing End Note 13, the acquisition had been announced and agreed but had not closed. This corrects the chronology implied by the existing Economic statement under “Israeli investments without established majority control - Adaptive Shield” that describes CrowdStrike’s November 2024 acquisition as ending Adaptive Shield’s independent-company status without distinguishing announcement from completion. CrowdStrike acquired the ownership interests on 20 November 2024, when the transaction closed. Its SEC disclosure reports consideration comprising $213.8 million in cash net of $13.8 million cash acquired, plus $0.7 million in replacement equity awards attributable to pre-acquisition service, subject to adjustments. These disclosures do not independently establish Blackstone’s proceeds from the transaction.^{21, 22}

Operational Presence & Market Activity

Israeli office

Blackstone established an office in Tel Aviv in April 2021 and appointed Yifat Oron, formerly CEO of LeumiTech, to lead its Israeli technology investment activity.²³

Reporting in 2023 confirmed that Blackstone’s Israeli operation remained active under Oron’s leadership while examining its early investment activity.²³

Subsequent transactions involving Priority Software, Cyera, Huskeys and Phoenix Financial establish continued commercial engagement with the Israeli market through September 2026.^{3, 4, 9, 11}

Physical footprint through controlled businesses

Priority Software represents a controlled Israeli enterprise software business within Blackstone-managed investment holdings.^{3, 6}

ISIC-RGIS was identified in July 2026 reporting as an Israeli inventory services business within the Blackstone-owned RGIS group, although negotiations to change its ownership were also reported.^{3, 5}

No public evidence identified of a specific Blackstone-controlled warehouse, retail location, agricultural processing site or manufacturing plant in occupied Palestinian territory.^{3, 7}

Employment

The available reporting identifies a dedicated Blackstone Tel Aviv office and Israeli operating businesses associated with Blackstone investments.^{3, 23}

No public evidence identified establishing the exact number of employees directly employed by Blackstone’s Israeli office as of October 2026.²³

No verified current Israel-only employee count was established for Priority Software or ISIC-RGIS.^{3, 5}

Tax and regulatory status

Blackstone Inc. is incorporated in Delaware and headquartered in New York, while the identified Israeli operations include an investment office and controlled operating businesses.^{1, 23}

No public evidence identified establishing that Blackstone Inc. is Israeli tax-resident or holds Israeli Preferred Technology Enterprise status.^{1, 23}

No verified Blackstone Israel-specific corporate income tax, payroll tax or VAT payment totals were identified.^{1, 3}

Market positioning

In a 2025 interview, Blackstone President Jonathan Gray expressed optimism about Israel’s long-term business environment and indicated that Blackstone remained interested in committing capital there despite the regional conflict.¹⁵

Blackstone’s majority acquisition of Priority Software was described in 2024 reporting as its largest Israeli transaction since the establishment of its local office.²

The December 2025 Phoenix partnership represented a further financial-services relationship with a major Israeli institutional investor.^{4, 17}

Israeli government and defence relationships

Yifat Oron’s professional background includes earlier work at the Israeli Ministry of Defense’s Directorate of R&D, as described in reporting about her appointment and subsequent investment activities.²³

No public evidence identified establishing that Blackstone’s Israeli office itself holds a named Israeli Ministry of Defense procurement contract.²³

No public evidence identified of a Blackstone-specific reservist salary subsidy or military-leave payment policy for employees in Israel.²³

Settlement-market activity

No public evidence identified establishing a specific Blackstone-owned or controlled office, warehouse, retail location, customer contract or directly operated investment property inside an Israeli settlement.^{3, 7}

The reviewed record does not establish whether all customers of Priority Software and ISIC-RGIS are located outside settlements.^{3, 5}

Corporate Structure & Foundational Ties

Founding and incorporation

Blackstone was established in the United States in 1985, with Stephen Schwarzman among its founders; this historical founding information predates 2020 and is marked [pre-2020], while his continuing leadership is documented in current Blackstone-associated governance materials.²⁴

Blackstone Inc. is a Delaware corporation with principal executive offices at 345 Park Avenue, New York, according to its fiscal-2025 annual filing.¹

No public evidence identified that Blackstone Inc. was founded or originally incorporated in Israel.^{1, 24}

Israeli-Nexus Floor factual factors

Israeli founding: no public evidence identified; Blackstone’s documented founding was in the United States in 1985 [pre-2020].^{1, 24}

Israeli headquarters: no public evidence identified; Blackstone’s principal executive offices are in New York, although it maintains an Israeli investment operation.^{1, 23}

Israeli tax residency or PTE status: no public evidence identified in the reviewed corporate and regulatory disclosures.^{1, 18}

Israeli beneficial ownership or control: no public evidence identified establishing Israeli control of Blackstone Inc.; the company’s disclosed governance and major ownership interests are associated with its US-based corporate structure and named institutional holders.^{1, 18}

Acquired Israeli identity: Blackstone-managed funds acquired a controlling interest in the Israeli operating company Priority Software in 2024, and 2026 reporting also identified Israeli operations within the Blackstone-owned RGIS group.^{3, 6}

Ownership of the parent

Blackstone Inc. is a publicly traded Delaware corporation whose securities and ownership are documented through US securities filings.¹

The 2025 annual filing identifies Vanguard and BlackRock among the holders of at least 5% of Blackstone Inc.’s common shares, reporting approximately 8.5% and 6.2%, respectively, in the filing’s ownership table.¹⁸

The same disclosure reports substantial Blackstone Holdings partnership-unit ownership associated with Stephen Schwarzman, including approximately 52.2% of the referenced partnership-unit class; this figure is distinct from the percentage of Blackstone Inc. publicly traded common shares.¹⁸

Executive and board structure

A September 2026 SEC exhibit identifies Stephen Schwarzman as Chairman and CEO, Jonathan Gray as President and COO, Michael Chae as Vice Chairman and CFO, and Joseph Baratta as a senior private equity executive and director.²⁵

The same filing identifies directors including James Breyer, Reginald Brown, Rochelle Lazarus, William Parrett and Ruth Porat.²⁵

A 2024 SEC filing also documents Blackstone’s executive and board composition at that time, providing historical continuity while showing that governance lists can change between filing dates.²⁶

Controlling principals and personal investments

The 2025 annual report describes arrangements under which Blackstone executives and directors may invest personal capital in Blackstone-managed funds and related investment vehicles.¹

No public evidence identified in the reviewed filings establishing a specific material Israeli defence, settlement or sovereign-financing investment held personally through Stephen Schwarzman’s or Jonathan Gray’s family office.^{1, 18}

No public evidence identified sufficient to attribute a particular Israeli defence investment personally to James Breyer, Joseph Baratta or Ruth Porat under the requested controlling-principal attribution rule.^{25, 26}

Historical defence-sector employment

Yifat Oron’s background includes previous employment in Israeli technology finance and the Israeli Ministry of Defense’s R&D directorate; her current Blackstone role concerns Israeli investment activity.²³

This employment history establishes a named individual’s historical institutional connection but does not establish a current contract between Blackstone and the Israeli Ministry of Defense.²³

Group attribution

Blackstone Private Equity Strategies Fund and Blackstone Private Credit Fund maintain separate fund governance disclosures, illustrating the existence of distinct investment vehicles within Blackstone’s wider asset-management structure.^{24, 27}

The Priority acquisition is attributed to Blackstone Growth and affiliated investment funds, while the Phoenix transaction involves a financial partnership rather than an announced acquisition of Phoenix itself.^{6, 17}

No public evidence identified establishing that Phoenix Financial became a Blackstone-controlled subsidiary under the December 2025 agreement.^{4, 17}

State ownership, government appointments and special governance rights

No public evidence identified of Israeli state ownership in Blackstone Inc., an Israeli government-appointed Blackstone director, an Israeli state golden share or charter provisions requiring Blackstone to support Israeli state policy.^{1, 25}

Civil-society and institutional screening

The AFSC Investigate methodology identifies military occupation, settlement involvement and other specified human-rights concerns as subjects of its company research, while explaining that its database does not cover every company doing business in Israel.⁸

OHCHR settlement-business reporting was updated in September 2026, with the Business & Human Rights Resource Centre reporting 214 listed enterprises from 11 countries.⁷

No verified Blackstone Inc. listing was established from the accessible database materials reviewed, and a complete subsidiary-by-subsidiary exclusion cannot be inferred.^{7, 8}

Profit Repatriation & Economic Contribution

Revenue attributed to Israel

Blackstone’s fiscal-2025 annual filing describes its worldwide investment-management activities and financial reporting structure.¹

No public evidence identified of a separately reported Blackstone Inc. revenue figure attributable exclusively to Israel for fiscal 2025 or the first nine months of 2026.^{1, 18}

Israeli operating-company revenue

Priority Software had a reported customer base of approximately 75,000 across around 70 countries when Blackstone acquired control in 2024, but the reviewed transaction reporting did not provide a verified Israel-only revenue figure.^{5, 6}

No independently verified Israel-specific revenue or operating-profit total was identified for ISIC-RGIS.^{3, 5}

Capital flows into Israeli businesses

Blackstone’s 2024 majority acquisition of Priority Software represented capital deployed to acquire controlling equity interests from existing investors, including Israeli investment firm Fortissimo Capital.^{3, 6}

Blackstone-managed funds led Cyera’s $400 million January 2026 financing, while Blackstone led Huskeys’ $27 million September 2026 financing; these were total financing-round figures, not verified amounts invested solely by Blackstone.^{9, 11}

Blackstone also participated in Pentera’s $150 million January 2022 financing, although its individual contribution was not disclosed in the announcement.¹²

Israeli institutional capital flowing into Blackstone strategies

Under the December 2025 Phoenix Financial partnership, Phoenix agreed to allocate up to $5 billion to credit strategies involving Blackstone’s investment platform.^{4, 17}

The arrangement therefore establishes a mechanism through which an Israeli financial institution can commit capital to Blackstone-associated investment strategies, while the publicly announced maximum does not establish actual cumulative investments or realised returns.⁴

Dividends and profit repatriation

No public evidence identified establishing the amount of dividends, carried interest, management fees or investment proceeds remitted from Priority Software to Blackstone-managed entities in the United States or elsewhere.^{1, 6}

No public evidence identified establishing the amount of operating profit transferred from ISIC-RGIS to other entities within the RGIS ownership structure.^{3, 5}

No public evidence identified of a verified Blackstone parent-company obligation to remit its global profits to Israel; the disclosed parent is incorporated in Delaware and headquartered in New York.¹

Employment and taxation contribution

Blackstone’s Israeli office and its controlled operating-company investments establish commercial activities capable of generating employment, fees and taxable economic activity in Israel.^{3, 23}

No public evidence identified establishing the precise Israeli payroll, corporation tax, withholding tax or VAT generated by those activities.^{1, 3}

Role in the Israeli technology ecosystem

Blackstone’s May 2024 controlling investment in Priority Software was reported as its largest Israeli transaction since opening the Tel Aviv office in 2021.^{2, 23}

Blackstone subsequently led substantial financing rounds for Israeli cybersecurity businesses Cyera and Huskeys in 2026.^{9, 11}

These transactions document an ongoing role in financing Israeli technology companies, while the available sources do not establish their aggregate contribution to Israeli GDP, state tax receipts or defence procurement.^{9, 11}

Role in Israeli institutional finance

Phoenix Financial described itself in December 2025 as Israel’s largest asset manager, with more than $180 billion under management, when announcing its credit partnership with Blackstone.⁴

The partnership established a channel for Israeli institutional investment across corporate, property-related and asset-backed credit strategies.^{4, 17}

No public evidence identified specifying what portion of those investments, if any, finances businesses or real estate located in occupied territory.^{4, 7}

Israeli sovereign financing and settlement-specific economic flows

No public evidence identified confirming that Blackstone served as a lead underwriter of Israeli sovereign debt or that a specific Blackstone-managed vehicle purchased identified Israel Bonds directly from their issuer.^{1, 17}

No public evidence identified establishing a quantified Blackstone revenue, profit, dividend, credit facility or investment return originating from a named Israeli settlement operation.^{3, 7}