Key Takeaways
- • Jared Kushner launched Affinity Partners, a new investment firm, and is actively fundraising from Persian Gulf sovereign wealth funds and regional investors, targeting a low-billions-dollar capital raise by early 2022.
- • Saudi Arabia's Public Investment Fund ($450 billion AUM) is the primary regional backer in advanced negotiations with Kushner, while Qatar declined to invest due to viewing him as an adversary from his White House tenure, and major UAE sovereign wealth funds questioned his business track record despite viewing him as an ally.
- • Kushner's fundraising effort leverages his established relationships in the region built during the Trump administration, including his personal friendship with Saudi Crown Prince Mohammed bin Salman and his role in brokering the Israel-UAE normalization agreement.
- • The capital raise has drawn scrutiny from ethics watchdogs, diplomats, and congressional investigators over potential conflicts of interest between Kushner's investment activities and his prior role in shaping U.S. Middle East foreign policy.
Summary
Jared Kushner, the former senior White House adviser to President Donald Trump, has established Affinity Partners and is actively seeking capital commitments from Persian Gulf sovereign wealth funds and regional investors to launch the firm. According to reporting from November 2021, Kushner is targeting a capital raise in the low billions of dollars by early 2022, with negotiations ongoing across multiple Gulf states.
Saudi Arabia's Public Investment Fund, one of the world's largest sovereign wealth funds with approximately $450 billion in assets under management, is the most receptive potential investor. According to sources briefed on the negotiations, the PIF is in substantive discussions with Kushner regarding what could constitute a sizable investment in Affinity Partners. Conversely, Qatar's leadership declined to commit capital to the fund, with sources attributing the decision to Qatar viewing Kushner as an opponent during his time in the Trump administration. Additionally, major Emirati sovereign wealth funds declined investment despite viewing Kushner favorably as a political ally, citing concerns about his business track record outside government.
Kushner's fundraising strategy reflects the relationships and influence he cultivated during his tenure as White House adviser. He developed a personal relationship with Saudi Crown Prince Mohammed bin Salman and played a central role in negotiating the normalization agreement between Israel and the United Arab Emirates. Since Trump's electoral defeat, Kushner has remained engaged in the region through a nonprofit organization and now pursues commercial investment opportunities.
The fundraising effort has prompted scrutiny from ethics observers, diplomats, and legislative investigators, who have raised questions regarding potential conflicts of interest between Kushner's investment activities and his prior responsibility for shaping U.S. foreign policy in the Middle East. Kushner declined to provide detailed comments on Affinity Partners during a brief phone call, and it remains unclear which other domestic or international investors he has engaged in his capital raise beyond the Gulf negotiations disclosed in reporting.
Saudi Arabia's Public Investment Fund, one of the world's largest sovereign wealth funds with approximately $450 billion in assets under management, is the most receptive potential investor. According to sources briefed on the negotiations, the PIF is in substantive discussions with Kushner regarding what could constitute a sizable investment in Affinity Partners. Conversely, Qatar's leadership declined to commit capital to the fund, with sources attributing the decision to Qatar viewing Kushner as an opponent during his time in the Trump administration. Additionally, major Emirati sovereign wealth funds declined investment despite viewing Kushner favorably as a political ally, citing concerns about his business track record outside government.
Kushner's fundraising strategy reflects the relationships and influence he cultivated during his tenure as White House adviser. He developed a personal relationship with Saudi Crown Prince Mohammed bin Salman and played a central role in negotiating the normalization agreement between Israel and the United Arab Emirates. Since Trump's electoral defeat, Kushner has remained engaged in the region through a nonprofit organization and now pursues commercial investment opportunities.
The fundraising effort has prompted scrutiny from ethics observers, diplomats, and legislative investigators, who have raised questions regarding potential conflicts of interest between Kushner's investment activities and his prior responsibility for shaping U.S. foreign policy in the Middle East. Kushner declined to provide detailed comments on Affinity Partners during a brief phone call, and it remains unclear which other domestic or international investors he has engaged in his capital raise beyond the Gulf negotiations disclosed in reporting.
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