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“Kushner is now a billionaire,” proclaimed Forbes in September 2025 of Donald Trump’s son-in-law Jared Kushner. While just over half of Kushner’s wealth — $560 million — comes from his family’s real estate empire, what’s catapulted Kushner into billionaire status is the growth of his private equity firm, Affinity Partners, formed in 2021.

“[T]hese days,” said Forbes, Kushner is “laser-focused on Affinity.”

Kushner is not an experienced investment manager. His key clients are Gulf state sovereign wealth funds — hugely wealthy state-owned coffers that invest revenue generated by fossil fuel sales — overseen by the same regimes with whom Kushner is now involved diplomatically as a U.S. “special envoy for peace.”

That Kushner personally profits from, and is currently trying to raise billions from, the same actors he’s negotiating with, raises code red-level alarms over potential conflicts of interest. Moreover, two of Trump’s sons, Donald Jr. and Eric, have been tied to a slew of business deals connected to companies that are benefitting handsomely from federal government contracts.

“The degree of shamelessness is unprecedented,” Jeff Hauser, founder and executive director of the Revolving Door Project, a watchdog group monitoring the U.S. executive branch, told Truthout. “The degree of unity among elected Republicans to not speak about the Trump progeny, and their corruption, is the worst conspiracy of silence in American political history.”

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Jared Kushner founded Affinity Partners in 2021, and he is the firm’s sole owner. Forbes estimates Affinity was worth $215 million as of September 2025, up from $170 million in October 2024. Through Affinity, Kushner recruits wealthy clients and invests their money through funds that acquire stakes in different companies.

Affinity currently has $6.2 billion in assets under management. According to the Israeli financial paper Globes, Kushner earns “a commission of 1.25 percent on investors’ capital.” Forbes says that Affinity’s investors “pay about $60 million per year in fees.”

The New York Times also reports that Affinity has earned an estimated 25 percent rate of return on its investments since 2021. Private equity investment firms often get a double-digit percentage cut on client returns.

Affinity’s biggest clients are Gulf state sovereign wealth funds. According to The New York Times, Saudi Arabia’s Public Investment Fund, which invests the kingdom’s oil profits and is led by Crown Prince Mohammed bin Salman, is “already the largest and earliest investor in Affinity,” having invested $2 billion with the firm after Trump’s first term ended. As part of that investment deal, Saudi Arabia was also given “the first chance to invest during any subsequent attempts by Affinity to raise funds,” said The New York Times.

The sovereign wealth funds of both the United Arab Emirates (UAE) and Qatar were also early investors in Affinity Partners, with the UAE investing over $200 million in Kushner’s firm.

“Most of Affinity’s investors came through connections Kushner made while serving in the White House,” wrote Forbes.

Kushner is currently trying to raise $5 billion or more in new funds for Affinity. As part of this effort, The New York Times reported in March 2026 that Affinity representatives had met with Saudi Arabia’s Public Investment Fund and that the United Arab Emirates and Qatar “are also expected to be........

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