Jared Kushner raised $2B from Saudi prince MBS

Affinity Partners raised funds six months after Kushner left White House

National /
Apr.April 11, 2022 09:45 AM

From left: Jared Kushner and Crown Prince Mohammed bin Salman (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)

Jared Kushner’s private equity firm picked up a $2 billion investment from a fund led by Crown Prince Mohammed bin Salman of Saudi Arabia.

The Public Investment Fund made the investment in Affinity Partners six months after Kushner’s departure as a senior adviser in his father-in-law’s White House, the New York Times reported.

The deal came despite the objections of a panel that screens investments on behalf of the Saudi sovereign wealth fund. The panel’s concerns included inexperienced management, taking on too much risk, an “excessive” asset management fee and public relations pushback.

Kushner planned to raise $7 billion, but recent public filings with the SEC reported by the Times show his main fund only has $2.5 billion under management, meaning the bulk is from the Saudi sovereign wealth fund.

The Saudi fund also invested around the same time with Liberty Strategic Capital, a firm run by former treasury secretary Steven Mnuchin. The Times noted that despite having a clearer focus and more experienced management, Mnuchin’s fund secured only half as much — $1 billion.

The Times reported in November Kushner was looking towards the Persian Gulf to raise money for his Miami-based firm, including eyeing Qatar and the United Arab Emirates.

Kushner’s investment fund has drawn scrutiny from ethics watchdogs because of his time spent cultivating a relationship with the crown prince while serving as a government employee, along with Trump’s potential presidential run in 2024.

Kushner stepped down as CEO of his family’s real estate company in January 2017 before moving to Washington, D.C. to join the Trump administration. While working in the White House, Kushner was involved with the Abraham Accords, which aimed to open diplomatic relations with Israel and Arab states, and $110 billion in weapons sales to Saudi Arabia over 10 years.

[NYT] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    From left: Marjorie Velázquez, Vanessa Gibson, and Dan Garodnick with Bruckner Boulevard
    Bronx BP defies Nimbys on controversial Throggs Neck project
    Bronx BP defies Nimbys on controversial Throggs Neck project
    Judge Christina Ryba and Housing Justice For All’s Cea Weaver (NYSBA, iStock)
    Ruling stops good cause eviction’s spread across NY
    Ruling stops good cause eviction’s spread across NY
    Kathy Hochul, Samy Nemir Olivares, Lee Zeldin, Nikki Lucas, Keron Alleyne, Erik Dilan (Getty Images, iStock, Nikki Lucas, Keron Alleyne, Samy Nemir Olivares, Facebook)
    Real estate’s election winners and losers
    Real estate’s election winners and losers
    From left: Howard Lorber, Bess Freedman, Ryan Serhant, Eddie Shapiro, and Robert Reffkin (Douglas Elliman, SERHANT, Compass, Getty Images, Brown Harris Stevens, iStock)
    Brokerage execs condemn SCOTUS ruling, pledge to cover abortion costs
    Brokerage execs condemn SCOTUS ruling, pledge to cover abortion costs
    From left: CHIP’s Jay Martin; Met Council on Housing’s Kate Ehrenberg (CHIP, Met Council on Housing, iStock)
    Rent stabilization: dysfunctional by design
    Rent stabilization: dysfunctional by design
    From left: U.S. Assemblymember Thomas Suozzi, Governor of New York Kathy Hochul, and New York City Public Advocate Jumaane Williams (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
    Hochul challengers bang pro-tenant drum before primary election
    Hochul challengers bang pro-tenant drum before primary election
    (L-R) Kathy Hochul, Lee Zeldin, AOC, Eric Adams, Samy Nemir Olivares (Getty)
    Here are the elections for real estate to watch
    Here are the elections for real estate to watch
    Gov. Kathy Hochul (Photo by Sasha Maslov)
    At REBNY gala, Hochul pledges to “support” real estate
    At REBNY gala, Hochul pledges to “support” real estate
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...