Keshet (Donor Advised Fund), a public-benefit company established in 2019 to maximize philanthropic resources in Israel, has published its annual report for 2025. The report reflects a record year in the number of deposits in the fund, totaling NIS 420 million, alongside a surge in total grants distributed by philanthropists through the platform, totaling NIS 275 million.
The report further shows that since Keshet's establishment in 2019, over NIS 1.3 billion has been deposited, of which NIS 665 million has already been granted to more than 1,300 associations.
According to the report, Keshet is the largest fund in Israel for managing private philanthropy. It manages philanthropic operations for 183 private philanthropic DAFs (Donor Advised Fund), provides philanthropy solutions to 20 international funds operating in Israel, and manages 12 thematic or joint funds, serving diverse social and public causes.
Keshet was founded by Maya Natan Mozer, the fund’s CEO, who brings 25 years of experience in philanthropy, and Maya Liquornik, chair of the fund, who also serves as chairperson of the board of Max Group, to provide an accessible financial-technological infrastructure for managing strategic philanthropy in Israel. The platform is designed for high-net-worth individuals, family offices, tech entrepreneurs and companies approaching IPO, and enables centralized management of donations, public endowments and share-based donations. The service also offers a tool for financial advisors and accountants, supporting clients in their tax planning and long-term philanthropic strategies.
The fund's model allows donors to deposit funds at a time convenient for them and enjoy an immediate tax credit (pursuant to Section 46), while maintaining full flexibility in selecting beneficiaries later on. This allows a separation between the timing of the donation for tax purposes and the subsequent decision regarding the allocation of grants. Deposited funds may be invested in dedicated investment tracks, with tax-exempt returns, increasing the capital available for donation. Alongside financial management, Keshet also provides a professional framework that includes due diligence for non-profit organizations, contractual support and ongoing oversight to ensure the integrity of grant allocation.
Natan Moser said, "The report published today reflects a clear shift in Israel, from philanthropy as ad hoc donation to a pillar of professional wealth planning. More and more entrepreneurs and high-net-worth families in Israel are incorporating philanthropy into their overall wealth strategy, rather than viewing it as a one-time act of charity."
A record year for deposits and grants
Keshet's 2025 report shows a record year in the number of deposits, totaling NIS 420 million, as well as a surge in grants distributed by philanthropists through the platform, amounting to NIS 275 million. The percentage of deposits from returning donors (who gave contributions in previous years) has consistently increased to 74% of deposits in 2025. Simultaneously, over NIS 54 million (out of the NIS 275 million) was contributed by new donors.
Natan Moser added, "When we speak about donations of this scale, we are referring to a very limited segment in Israel, comprising several hundred families. Therefore, we are pleased and proud that our donors and partners express their trust in us, year after year, to manage their philanthropic operations in a reliable and secure manner, ensure their philanthropic capital is managed professionally, and maximize its broad and meaningful social impact." In this context, the report demonstrates that in 2025, Keshet also achieved an average return approximating 8% on the fund's investment tracks.
Who are the donors and where did the funds go?
A breakdown by industry and sector finds that the majority of philanthropic grants were directed to education, which received over NIS 91.5 million in funding this year.
The second-largest sector was advocacy organizations - entities promoting public policy in welfare and society, which received close to NIS 51.5 million.
Philanthropic and volunteering efforts focused on social causes received grants totaling over NIS 46 million from Keshet donors in 2025, and the welfare sector received grants totaling nearly NIS 30 million.
Other leading sectors included healthcare, with grants exceeding NIS 19 million, culture, entertainment, and sports, with over NIS 16 million, and religion, with about NIS 14 million. Housing and development received close to NIS 5 million. Hundreds of thousands of NIS were also awarded to international organizations and professional associations, the two sectors that round out the list.
A breakdown by organizations and entities finds that the non-profit organization receiving the highest level of support in 2025 was one that fosters connections among the social, business and public sectors, with slightly over NIS 6 million. Next on the list was a religious educational institution, which was awarded NIS 4 million, the Tzedek Centers Association, promoting equality, democracy and social justice in Israel, which was awarded about NIS 3.3 million, and an association for the treatment of trauma victims, which was awarded nearly NIS 2.4 million.
The largest individual deposits at Keshet in 2025 were each slightly over NIS 10 million. These included two deposits of record amounts, one from a long-time donor and the other from a new donor who deposited in Keshet for the first time in 2025. Keshet noted that over 50% of its Donor Advised Fund (DAF) holders come from the tech world, and donors show near-complete gender-parity, with an almost equal split between men and women.
A jump in philanthropic grants related to the war
Millions of shekels were directed in 2025 toward the rehabilitation of the Gaza border communities, mental health initiatives, and the education system. According to the report, about NIS 12 million was allocated in 2025 for the rehabilitation of the Gaza broder region, nearly 3,000% more than in 2024, and even exceeded the amounts granted during the first months of the Iron Swords war in 2023. The education sector ranks second, with nearly NIS 8 million in grants, followed by the mental health sector with grants nearing NIS 4.5 million. Millions of shekels were also donated through the fund to organizations supporting the hostages and their families, search-and-rescue organizations, organizations assisting war orphans, and the procurement of military equipment.
Spike in share-based donations
One of the notable trends emerging from the report was the growing use of securities and shares as philanthropic vehicles, which has gained momentum worldwide in recent years, and is now beginning to take hold in Israel. Following the Tax Authority's decision in May 2024 allowing donors of shares to non-profit organizations to benefit from capital gains tax exemptions, alongside a 35% tax credit of the share value, a significant increase was recorded in 2025, in both the number of donors and the value of donated shares. While only 30 share-based deposits were recorded at Keshet in 2023, the number grew in 2024 to 56 deposits, and almost doubled in 2025, with 105 deposits at a total value NIS 74 million (representing a 150% increase compared with the value of shares deposited in 2024).
Natan Moser said, "We are witnessing a clear shift toward share-based donations. Private donors and many businesses are increasingly using equity instruments, given their convenience and flexibility. Social organizations that until now did not hold a securities portfolio and were unable to accept donations in this manner are also recognizing their importance. To assist such organizations in receiving share-based donations, we have recently expanded our services and now offer to hold the shares in escrow, so that in the case of a liquidity event, the share value is realized and granted to the organization as a cash grant."
Published by Globes, Israel business news - en.globes.co.il - on March 19, 2026.
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