Affinity Partners is a global investment firm, based in

Miami Miami ( ), officially the City of Miami, known as "the 305", "The Magic City", and "Gateway to the Americas", is a East Coast of the United States, coastal metropolis and the County seat, county seat of Miami-Dade County, Florida, Miami-Dade C ...

, formed in summer 2021 by

Jared Kushner Jared Corey Kushner (born January 10, 1981) is an American businessman and investor. He served as a senior advisor to 45th U.S. president Donald Trump, his father-in-law. Since leaving the White House, Kushner founded Affinity Partners, a pri ...

, a senior advisor to

Donald Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. Trump graduated from the Wharton School of the University of Pe ...

during his US presidency. Kushner's firm received commitments of more than $3 billion by the end of 2021 to invest in American and Israeli companies that are expanding in India, Africa, the Middle East and other parts of Asia. Investors include $2 billion from the Saudi public investment fund, with Kushner stating that he hopes to open an "investment corridor between Saudi Arabia and Israel", seen internationally as a "sign of warming ties between two historic rivals", and as a potentially fatal blow to the

BDS movement Boycott, Divestment and Sanctions (BDS) is a Palestinian-led movement promoting boycotts, divestments, and economic sanctions against Israel. Its objective is to pressure Israel to meet what the BDS movement describes as Israel's obligations u ...

. The firm has a staff of approximately 20 people, including private equity veterans Bret Pearlman and Asad Naqvi.

Capitalization and investors

Kushner sought funds for the new company through the sovereign wealth funds of Gulf countries. The Saudi government's

Public Investment Fund The Public Investment Fund (PIF; ar, links=no, صندوق الإستثمارات العامة) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of $620 billion ...

invested $2 billion in Kushner's firm, six months after Kushner left the White House. The firm primarily depended on Saudi money. In April 2022 it had $2.5 billion under its management. In an interview with the ''Wall Street Journal'', Kushner said: "If we can get Israelis and Muslims in the region to do business together, it will focus people on shared interests and shared values." He added, "we kicked off historic regional change which needs to be reinforced and nurtured to achieve its potential."

Investment portfolio

The fund has invested in two undisclosed Israeli hi-tech companies. The ''Wall Street Journal'' reported that "it is the first known instance that the Saudi Public Investment Fund’s cash will be directed to Israel, a sign of the kingdom’s increasing willingness to do business with the country." In March 2022 Affinity executives heard pitches from 13 to 15 Israeli startups.

Controversy

According to ethics experts, the investment created the appearance of potential payback for Kushner, given that he had been a staunch defender of Saudi crown prince

Mohammed bin Salman Mohammed bin Salman Al Saud ( ar, محمد بن سلمان آل سعود, translit=Muḥammad bin Salmān Āl Su‘ūd; born 31 August 1985), colloquially known by his initials MBS or MbS, is Crown Prince and Prime Minister of Saudi Arabia. H ...

while at the White House. The

House Oversight Committee The Committee on Oversight and Reform is the main investigative committee of the United States House of Representatives. The committee's broad jurisdiction and legislative authority make it one of the most influential and powerful panels in the ...

said on June 2, 2022, that it had opened an investigation into whether Kushner had traded on his government position to get the deal.

References

{{Reflist Private equity Private equity firms of the United States Presidency of Donald Trump Saudi Arabia–United States relations Israel–Saudi Arabia relations