Jared Kushner, the son-in-law of former President Donald Trump, scored a $2 billion investment from a fund led by the Saudi crown prince just six months after leaving the White House, according to a new report.
Kushner’s investment firm, Affinity Partners, received the commitment from Saudi Arabia’s Public Investment Fund after a panel that was overseeing the fund’s investments had raised red flags that were overruled by the board, led by Crown Prince Mohammed bin Salman, as reported by the New York Times.
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Some of the panel’s objections to the deal included “public relations risks” stemming from Kushner’s previous roles, “the inexperience of the Affinity Fund management,” and the likelihood of the money rendering the fund responsible for the “bulk of the investment and risk,” according to minutes obtained by the outlet from the fund’s meeting on June 30, 2021.
As part of the deal approved by the board, the Saudi fund received at least a 28% stake in Affinity Partners, Saudi documents said.
Kushner’s firm reported having $2.5 billion under management at the end of March, mostly from investors overseas, according to a filing with the Securities and Exchange Commission. Kushner, who was a White House adviser under Trump, sought to raise $7 billion, per a document from last summer prepared for the Saudi board.
“Affinity, like many other top investment firms, is proud to have PIF [Public Investment Fund] and other leading organizations that have careful screening criteria as investors,” Kushner’s firm told the outlet in a statement.
Documents show former Treasury Secretary Steven Mnuchin, who was a successful investor before joining the Trump administration, also secured a $1 billion deal with the Saudi fund via his investment fund, Liberty Strategic Capital, around the same time, according to the report.
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Though no laws prohibit Kushner’s business dealings with the Saudis, it could open the door to additional scrutiny down the line if Trump decides to run again for president.
Kushner formed ties with Saudi Arabia while working in the White House, overseeing the United States’s response to the 2018 murder of journalist Jamal Khashoggi and subsequently meeting in person with the Saudi crown prince in 2019.
