Jared Kushner's Financial Investments Under Investigation by Top Democrat After CNN Report
Rep. Robert Garcia, the top Democrat on the House Oversight Committee, is seeking information from Affinity Partners, Jared Kushner's company.
Oct. 7 2026, Published 6:20 p.m. ET
Jared Kushner's financial investments are now under investigation, as his private equity firm is the largest shareholder in Tel Aviv-based Phoenix Financial, a financial services group that has invested hundreds of millions of dollars in Israeli defense companies and other military suppliers.
RadarOnline has learned that Rep. Robert Garcia, the top Democrat on the House Oversight Committee, is seeking information from Affinity Partners following a CNN investigation into Kushner's financial ties to Phoenix and his role as a Trump administration Middle East envoy.
Behind Jared Kushner's Affinity Partners
Kushner founded the company after leaving his role as a senior White House adviser, which double in profit during Trump 2024
Affinity, which Kushner founded in 2021 after leaving his role as a senior White House adviser, doubled its holding in Phoenix shortly before President Trump re-entered office, establishing itself as the company’s largest shareholder.
In July, Affinity liquidated approximately one-quarter of its Phoenix position for over $340million, generating a return exceeding five times its initial purchase price. As of that month, Affinity retained a 7.4 percent stake valued at more than $1billion.
Affinity initially invested $128.5million for a 4.95 percent stake in Phoenix in July 2024.
Capital for Kushner's fund relies heavily on sovereign wealth funds from the Middle East, including a $2billion commitment from Saudi Arabia's Public Investment Fund, alongside allocations from Qatar and Abu Dhabi-based Lunate.
Phoenix's Defense Holdings
Phoenix investments total more than $456million across nine defense-related entities in Israel
Kushner said Phoenix is Affinity's "best investment" and previously compared the company to "the JPMorgan of Israel."
Through corporate disclosures required under Israeli transparency regulations, the CNN report identified Phoenix investments totaling more than $456million across nine defense-related entities.
Portfolio holdings include at least $265million in Elbit Systems, Israel's largest defense contractor, alongside stakes in Next Vision, $68million, Reshef Technologies, $40million, Israel Shipyards, and major U.S. equipment suppliers Boeing and Caterpillar.
Affinity does not directly own stakes in those companies.
Instead, the firm benefits from Phoenix’s performance through its ownership stake in the Israeli financial group.
Jared Kushner Rejects Conflict Claims
Kushner said the report about his investments was misleading.
As Radar previously reported, Kushner rejected the CNN report as "deeply misleading" and denied that his private investments have influenced his diplomatic work in the Middle East.
"I have no role in deciding what Phoenix buys or sells," Kushner said.
His attorney told CNN that Kushner "never participated in or directed Phoenix's decisions" involving the companies identified in the report and had “no involvement in the decision to purchase, hold or sell” those investments.
The 45-year-old has acknowledged maintaining "a very active dialogue" with Phoenix and previously said the company had performed well for Affinity and its investors.
His attorney said those interactions later decreased as Kushner became more involved in volunteer public-service and diplomatic efforts.
Congressional Scrutiny
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Rep. Robert Garcia sent Affinity a letter seeking information about the firm’s Middle East business dealings
The report has also drawn scrutiny from Garcia, the ranking Democrat on the House Oversight Committee.
Garcia sent Affinity a letter seeking information about the firm's Middle East business dealings and potential conflicts involving Kushner’s private investments and diplomatic work.
"The apparent conflict of interest between Affinity Partners' investments and your work in the Middle East, and in particular the potential for corrupt dealmaking given those competing interests, demands congressional oversight and accountability," Garcia wrote.
Kushner's attorney dismissed the request, arguing that Garcia also has an indirect financial connection to Phoenix and Elbit through public pension funds.
"Rep. Garcia’s letter is a masterclass in irony: A member of Congress questioning a private citizen for having an interest in the same stock in which the member also holds an interest," the attorney said.
Garcia's office rejected the comparison, saying the pension investments are managed by CalPERS and CalSTRS and are not controlled by the congressman.
Garcia and Sen. Ron Wyden previously sought information from Affinity in March about the firm's Middle East fundraising, including its $2billion Saudi investment. Affinity did not respond to that request.
The latest request is not a formal congressional investigation. Democrats could pursue broader House Oversight proceedings if they regain control of the chamber after the November midterm elections.
