JAred Kushner, the son-in-law of former President Donald Trump, made a $2 billion investment with a fund headed 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 pledge from Saudi Arabia’s Public Investment Fund after a panel that oversaw Affinity Partners’ investments raised red flags that were overturned by the board of the fund, headed by Crown Prince Mohammed bin Salman, as reported speak New York Times.
JARED KUSHNER TO START AN INVESTMENT BUSINESS: REPORT
Some of the panel’s objections to the deal included “public relations risks” stemming from Kushner’s previous roles, “the inexperience of Affinity fund management” and the likelihood that the money would hold the fund responsible for “the investment and risk,” according to minutes obtained by the outlet from the June 30, 2021 fund meeting.
As part of the board-approved deal, the Saudi fund received at least a 28% stake in Affinity Partners, according to Saudi documents.
Kushner’s company said it had $2.5 billion under management at the end of March, mostly from foreign investors, according to filing with the Securities and Exchange Commission. Kushner, who was a White House adviser under Trump, sought to raise $7 billion, according to a document last summer prepared for the Saudi board.
“Affinity, like many other leading investment firms, is proud to have PIF [Public Investment Fund] and other leading organizations that have careful screening criteria as investors,” Kushner’s company told the outlet in a statement.
Documents show former Treasury Secretary Steven Mnuchin, who was a successful investor before joining the Trump administration, also struck a billion dollar deal with the Saudi fund through his investment fund, Liberty Strategic. Capital, around the same time, according to the report.
CLICK HERE TO LEARN MORE ABOUT THE WASHINGTON EXAMINER
While no law prohibits Kushner’s business dealings with the Saudis, it could open the door to further scrutiny if Trump decides to run for president again.
Kushner forged ties with Saudi Arabia while working in the White House, overseeing the United States’ response to the murder of journalist Jamal Khashoggi in 2018 and then meeting the Saudi crown prince in person in 2019.