What to know about Jared Kushner's private equity web
Add Axios as your preferred source to
see more of our stories on Google.
Jared Kushner on July 8 in Sun Valley, Idaho. Photo: Kevin Dietsch/Getty Images
Jared Kushner, President Trump's son-in-law, is putting his private equity ammo behind Paramount's hostile takeover bid for Warner Bros. Discovery — in what could be the second major takeover he's been involved in this year.
Why it matters: Kushner has long faced questions about his mixing of business and politics. And as his private equity network and foreign funding expand, that's unlikely to change.
Zoom out: In the government sphere, Kushner has also been part of peace talks regarding the Russia-Ukraine and Israel-Hamas wars. Kushner has extensive business ties in the Middle East.
- He was a key architect of the Abraham Accords during Trump's first term — but he told Axios' Dan Primack last year he wasn't looking to work in a second Trump administration and would instead focus on his investment firm, Affinity Partners.
The big picture: It seems that commitment didn't last.
- Kushner, from his base in South Florida, is now again a key diplomatic force for Washington — while running his firm and leading other ventures.
- But the overlap of his deep financial inroads in the Middle East with his diplomatic focus there has made him the subject of scrutiny.
Read on for more about Jared Kushner's business dealings.
Affinity Partners' origins
Kushner formed Affinity shortly after leaving the White House.
- The firm raised some $3 billion for a debut fund, Axios previously reported.
What's inside: That reportedly included a $2 billion investment from Saudi Arabia's Public Investment Fund. The firm has also received money from the United Arab Emirates and Qatar.
- Overall, some 99% of the regulatory assets under Affinity's management came from non-U.S. sources, according to SEC filings.
- Reuters, citing a regulatory filing, reported that the company saw its assets under management jump to $4.8 billion last year following an injection from Middle East investors.
- A September press release announcing the EA agreement said Affinity had at that point over $5.4 billion under management.
Of note: During Trump's first term, Kushner and Saudi Crown Prince Mohammed bin Salman (MBS) reportedly cultivated a close bond. Last year, Kushner described the MBS as a "visionary leader."
- Last month, Trump hosted a friendly visit for MBS, where the president heaped praise on him and sparked outrage by saying "a lot of people didn't like" slain Saudi journalist Jamal Khashoggi.
Friction point: In the years that followed Affinity's launch, lawmakers have sought to probe the firm over potential conflicts of interest.
- In 2024, top Democrats asked then-Attorney General Merrick Garland to appoint a special counsel to investigate Kushner's business ties to foreign powers.
- As Axios' Dan Primack reported last year, it's true that Kushner used his relationships from his time in government to raise Affinity's fund, but so have others who left D.C. for Wall Street, including former Treasury Secretary Steve Mnuchin.
Kushner, speaking to Axios last year, defended his business dealings, saying he follows all laws and ethics rules.
- "If you ask me about the work that we did in the White House, for my critics, what I say is point to a single decision we made that wasn't in the interest of America," he told Primack.
Electronic Arts and other deals
Flashback: In July 2022, Axios reported on Kushner's first major private equity deal when Affinity agreed to invest in a fintech company that provided loans for residential solar installations.
- From there, the investments kept rolling. They included stakes in an Israeli auto services group, an Abu Dhabi-backed fast-food company with hundreds of restaurants in Brazil and a smart workout company, among others.
The latest: It was revealed in a regulatory filing Monday that Kushner — as well as sovereign wealth funds from Saudi Arabia, Abu Dhabi and Qatar — were involved in Paramount's bid to buy Warner Bros. Discovery after being bested by Netflix in a competitive bidding process.
- Trump turned heads on Sunday by saying there "could be a problem" with the Netflix deal over its combined market share.
Catch up quick: In September, video game maker Electronic Arts agreed to be taken private by Saudi Arabia's Public Investment Fund, Silver Lake Partners and Affinity.
Brain Co. and other interests
Kushner has also entered the artificial intelligence space with Brain Co., which announced it had raised $30 million in its Series A financing round co-led by Gil Capital and Affinity Partners earlier this year.
- The company's website pledges to develop a platform and applications "for the world's largest and most important institutions."
Flashback: Before Trump's first term, Kushner ran his family's real estate empire, Kushner Companies. But he relinquished his role as chief executive to serve as a senior adviser during his father-in-law's first White House term.
Go deeper: Witkoff and Kushner met Putin for five hours on Ukraine plan
