Jared Kushner's private equity firm, Affinity Partners, is the largest shareholder in an Israeli financial group that invests in companies supplying Israel's military, even as he served as a key US negotiator on the Gaza Strip, CNN reported Thursday.
Affinity Partners doubled its stake in Tel Aviv-based Phoenix Financial in January 2025, shortly before Trump's inauguration, becoming the company's largest shareholder. Kushner later described Phoenix as Affinity's "best investment," according to the report.
Phoenix Financial has invested at least $456 million in nine military-linked companies involved in Israel's war machine, including $265.1 million in Elbit Systems, Israel's largest arms manufacturer, it reported.
Affinity Partners, owned solely by Kushner, sold a quarter of its Phoenix stake in July for more than $340 million, more than five times its initial stock purchase, and still holds a stake worth more than $1 billion, it added.
Kushner has served as a key US negotiator on Gaza while maintaining no formal government position, working as a volunteer adviser to Trump.
As a volunteer envoy, Kushner is not required to disclose his finances.
Kushner's attorney told CNN that he never directed Phoenix's investment decisions and had no role in its holdings in the nine companies.
White House spokeswoman Anna Kelly said Kushner's "personal business activities have nothing to do with his diplomatic engagements, which he conducts on a volunteer basis at the president's request."
CNN said it found no indication that Kushner's diplomatic actions directly affected the investments it reviewed.
The Israeli army launched a genocidal war on Gaza in October 2023, killing more than 74,000 people, injuring over 175,000 and causing massive destruction.
A ceasefire agreement was reached in October 2025, though Israel continued its attacks and maintained restrictions on the entry of food, medicine and shelter materials into Gaza, where almost the entire population faces dire humanitarian conditions.
