Infrastructure invesment fund.
Keystone exits 2025 with a sharp jump in NAV and equity, but the real 2026 test is no longer another revaluation. It is the ability to turn Egged and the power platform into cash while keeping financing discipline intact.
Keystone is already building the architecture of a private-power platform, but by the end of 2025 only IPM is proving a real operating economic shift. Sorek and the data-center plan already support the thesis and the valuation, but they still rest mainly on future execution.
The Egged capital-recycling sequence improved parent-level liquidity and partly reduced concentration at Keystone, but it mostly monetized levered value rather than materially changing where the core risk sits, which remains inside the Egged partnership through debt, collateral,…
