A CNN investigation has found that Jared Kushner’s private equity firm, Affinity Partners, is the largest shareholder in Israeli financial group Phoenix Financial, which has invested hundreds of millions of dollars in companies supplying Israel’s military…
A CNN investigation has found that Jared Kushner’s private equity firm, Affinity Partners, is the largest shareholder in Israeli financial group Phoenix Financial, which has invested hundreds of millions of dollars in companies supplying Israel’s military.
According to the investigation, Phoenix holds at least $265 million in Israel’s largest defence manufacturer, Elbit Systems, as well as investments in at least eight other companies linked to military equipment and supplies.
Affinity Partners reportedly doubled its stake in Phoenix shortly before Donald Trump returned to the White House in January 2025.
The firm later sold about a quarter of its Phoenix holdings for more than $340 million, while retaining a 7.4 per cent stake valued at more than $1 billion at the time.
The findings come as Kushner has played a prominent role in US diplomatic efforts over Gaza, despite holding no formal government position.
His status as a volunteer envoy means he is not subject to the same financial disclosure requirements as government officials.
Kushner’s lawyer told CNN that he had never directed Phoenix’s investment decisions or participated in decisions involving the military-linked companies.
The White House also said his private business activities were separate from his diplomatic work.
CNN said its investigation found no evidence that Kushner’s diplomatic activities directly influenced the investments examined.