Kushner's Saudi-backed fund inks flurry of deals ahead of Trump return
Jared Kushner set up Affinity Partners in 2021 after serving in his role as Donald Trump’s senior White House advisor during the former president's first term.
Jared Kushner’s investment fund Affinity Partners, affiliated with Saudi Arabia, has received approval from Israeli regulators to double its stake in one of the country’s top insurance firms, Phoenix Financial Ltd, the week before his father-in-law Donald Trump is due to enter the White House for the second time.
Trump's inauguration for his second presidential term will take place Monday, Jan. 20.
Kushner set up Affinity Partners in 2021 after leaving his role as Trump’s senior White House adviser at the end of his first term. Kushner's Miami-based firm mainly focuses on investing in US and Middle Eastern companies, and Affinity Partners is financially backed by Saudi Arabia's sovereign wealth fund, the Public Investment Fund, committing at least $2 billion.
A spokesperson for Israel’s Capital Market, Insurance and Safety Authority told Bloomberg in an article published Wednesday that Affinity can now purchase an additional 4.95% stake in Phoenix from Centerbridge Partners and Gallatin Point Capital at 37.5 shekels ($10.30) a share, bringing its total stake in the firm to 9.9%.
