Trump’s son-in-law’s private investment fund has surged by billions of dollars in value, new regulatory filings reveal.
Affinity Partners, the firm Jared Kushner runs with money gathered largely from government-backed funds across the Middle East, saw its assets soar to $6.2 billion at the end of 2025, according to a filing seen by Bloomberg.
That 30 percent rise has come as Democrats accuse the president’s son-in-law of using his front-row seat at some of the world’s most sensitive diplomatic negotiations to line his own pockets.
About 99 percent of those assets belong to non-U.S. investors, with funds tied to Saudi Arabia, the United Arab Emirates, and Qatar among its key backers. These happen to be the very same governments Kushner has been engaging with as Trump’s self-described volunteer peace envoy.
Kushner, who has no official government role, has been deeply embedded in some of the most consequential diplomacy of Trump’s second term, including brokering peace talks between Russia and Ukraine, negotiating over Iran, and participating in discussions in the final days before the U.S. began bombing Tehran.
At the same time, he has continued running Affinity Partners.
That dual role has triggered a formal congressional probe. The top Democrats on the House Oversight Committee and the Senate Finance Committee—Rep. Robert Garcia and Sen. Ron Wyden—launched an investigation, claiming Kushner was simultaneously soliciting at least $5 billion in fresh capital from Middle Eastern sovereign wealth funds while representing the U.S. government in the region.
“President Trump has given his son-in-law Jared Kushner an unprecedented level of control over U.S. foreign policy while remaining on the payroll of numerous foreign governments,” they wrote in a letter to Affinity Partners.
“Mr. Kushner is simultaneously being paid millions of dollars by the Kingdom of Saudi Arabia and other Gulf monarchies while leading diplomatic negotiations with Iran and Russia. This corrupt arrangement is not only criminal but is endangering the lives of Americans and threatening our national security.”
At the start of 2024, Affinity managed $3 billion in foreign funds. By the end of that year, that figure had jumped to $4.8 billion. The $6.2 billion figure, now confirmed by Bloomberg, represents a further leap—and the growth has tracked almost perfectly with Kushner’s deepening involvement in U.S. foreign policy.
In December 2024, fresh off his father-in-law’s election victory, Kushner told the podcast Invest Like The Best that his firm would go dark on fundraising for four years. “We don’t have to raise capital for the next four years,” he said, citing a desire to “avoid any conflicts.”
Affinity’s chief legal officer now says the firm has reversed course on a planned new fundraising vehicle and does not intend to take in additional capital while Kushner is volunteering for the government.
That said, the fund has already struck some eye-catching deals on Kushner’s watch—including a $55 billion acquisition of video game giant Electronic Arts with Saudi Arabia’s Public Investment Fund, and a since-abandoned involvement in a $108 billion hostile takeover bid for Warner Bros.
The White House previously dismissed the congressional probe as the “same, tired narrative” Democrats had recycled for years. “Jared is generously volunteering his time to advance the president’s agenda to bring peace to global conflicts—and like the president, he only acts in the best interests of the American public,” spokesperson Anna Kelly said.
The White House has been contacted for comment on the Bloomberg revelations.
