Kushner's Affinity Partners raises $5b amid diplomatic role in Middle East

Jared Kushner raised an additional $5 billion for his private equity firm, Affinity Partners, from Middle Eastern investors while also taking part in US diplomatic negotiations with Iran, according to a report by The New Yorker.

The report by Dexter Filkins examines the overlap between Kushner's private investment activities and his diplomatic role under President Donald Trump, including concerns raised by ethics experts over his relationships with Gulf governments.

Affinity's total capital grew by about 30% in 2025 to more than $6 billion following new Middle Eastern investments, according to the report. The firm collects tens of millions of dollars a year in management fees even though only a portion of the capital has been deployed.

Kushner has also used Saudi-backed capital for investments in Israel, including about $110 million in car-leasing company Shlomo Group and roughly $300 million in Phoenix Financial. The investments have been presented as part of an effort to build an economic link between Saudi Arabia and Israel.

At the same time, Kushner worked alongside Steve Witkoff as a US special envoy in diplomatic efforts involving Iran and other Middle Eastern issues. His involvement has prompted questions over whether his financial relationships with Gulf governments could create conflicts with his government role. The Trump administration has rejected suggestions that Kushner's business interests improperly influence his diplomacy.

The overlap has drawn criticism from ethics specialists and former government lawyers. They have argued that Kushner's simultaneous involvement in private fundraising and diplomacy could expose him to legal and ethical scrutiny, particularly if political control in Congress changes and lawmakers or investigators choose to examine his activities.

Kushner's role in the diplomacy has also evolved. Following regional conflict and dissatisfaction among some Gulf investors over the lack of stability, he took a secondary role in peace negotiations, with Vice President JD Vance assuming a larger role, according to the New Yorker report.

Kushner has previously defended his relationships with foreign leaders, arguing that his connections with them were an asset to US diplomacy. In an interview with CBS's 60 Minutes, he said: "What people call conflicts of interest, Steve and I call experience and trusted relationships that we have throughout the world."

The questions surrounding Affinity have persisted since its formation in 2021, when Saudi Arabia's Public Investment Fund committed $2 billion to the firm. Affinity has subsequently attracted capital from Saudi Arabia, the United Arab Emirates and Qatar, making Kushner's financial relationships with Gulf governments a continuing focus of scrutiny.