NEW YORK—Tamir Kazaz has been tapped to launch Clal US, a wholly owned subsidiary of Clal Insurance, one of Israel’s largest financial institutions. As CEO of the newly created division, Kazaz will be responsible for implementing an investment strategy for properties in U.S. markets.

Kazaz, who has experience in real estate financing, investment, development, asset management and leasing, will build the company’s portfolio in the U.S. Clal US has allocated more than $1 billion to fund its initial acquisition phase.

“I look forward to working closely with the Clal team to identify and acquire high-profile, commercial, retail, multifamily and mixed-use assets in top-tier metropolitan markets nationwide,” said Kazaz, who will be located in the company’s new U.S. headquarters at 295 Madison Ave.

Prior to joining the Clal team, Kazaz managed AFI USA’s real estate portfolio.