Senate Democrats are shining a spotlight on foreign payments to Jared Kushner‘s investment firm, launching a fresh investigation. The chair of the Senate Finance Committee, Ron Wyden, announced that the panel will be looking into Affinity Partners’ handling of billions in foreign funds.
Kushner set up Affinity shortly after leaving his White House role as a senior advisor to Donald Trump. The firm quickly attracted over $2 billion from the Saudi fund of public investments, with the majority of its funds coming from the Saudi Arabian government.
Wyden raised concerns about potential conflicts and counterintelligence risks, highlighting the significant annual fees paid to Kushner by several Middle Eastern countries. Affinity disclosed that 99% of its assets ($3 billion) are from non-U.S. entities, including $1 billion from Saudi Arabia split among Qatar, UAE, and billionaire Terry Gou.
Wyden expressed worries about the exploitation of Affinity’s private foreign investment fund as a loophole to bypass laws requiring Americans to disclose payments from foreign governments. Saudi PIF paid Affinity at least $80 million in fees during 2022 and 2023.
Kushner, as the sole founder and owner of Affinity, was identified as the largest beneficiary of fees from Saudi PIF and other Gulf states. His close ties to Crown Prince Mohammed bin Salman and his advocacy for Saudi interests during his White House tenure added fuel to the investigation.
Wyden claimed that the $2 billion received by Kushner could be seen as a reward for his actions benefiting the Saudi government, including turning a blind eye to Khashoggi’s murder. Concerns were also raised about Kushner’s investment strategy and his lack of expertise in private equity and hedge funds.
Wyden demanded records from Affinity regarding payments from overseas sources and asked for responses by June 26, 2018.