Jared Kushner as U.S. special envoy: Affinity Partners' Gulf fundraising and Israeli war-linked holdings during the Iran war (2025-2026)

Case

Since early 2026 Jared Kushner has been Trump's "Special Envoy for Peace," taking part in Gaza, Ukraine and Iran negotiations while still owning Affinity Partners, a private equity firm with about $6.16 billion in assets, roughly 99% from foreign investors, largely Saudi, Emirati and Qatari funds. The New York Times reported in March that he was soliciting $5 billion or more more from foreign governments, and the New Yorker reported he raised it during the Iran talks. On Oct. 1, 2026 CNN reported that Affinity is the largest shareholder of Israel's Phoenix Financial, which put at least $456 million into nine defense-linked Israeli companies; Affinity sold about a quarter of its stake in July for roughly $343 million. Kushner's lawyers deny any role in those investment decisions. The sources document fundraising, fees and a gain on one holding during the war; they do not show Kushner personally profited from the Iran war itself.

Kushner's role
Trump announced on Feb. 19, 2026 that Kushner would be Special Envoy for Peace, formalizing the ad hoc role he had been playing. CREW said the appointment triggered a requirement for Kushner to file a public financial disclosure report within 30 days, as Steve Witkoff did after his appointment as envoy.
The Times reported on Mar. 19 that Kushner holds no official government role, although he has been central to administration foreign policy, including negotiating the release of Gaza hostages and holding talks with Iranian officials before the war began.
Trump has said publicly that Kushner, whom he calls a "peace envoy," advised him that the United States would be attacked if it did not pre-emptively strike Iran.
As of Oct. 1, Middle East Eye described Kushner as holding no official government position and therefore not required to disclose his finances. CREW's position is that the Feb. 19 appointment made a public disclosure mandatory.

Affinity Partners and Gulf money
Kushner founded Affinity Partners on Jan. 21, 2021, a day after leaving the first Trump White House, and quickly raised $2 billion from Saudi Arabia's Public Investment Fund, which the Crown Prince controls. Raskin's letter says Affinity also took money from funds linked to the Emirati and Qatari governments.
According to recent filings cited in Raskin's letter, Affinity raised an additional $1.2 billion over the past year, bringing assets under management to about $6.16 billion. About 99% of that, $6.10 billion, is attributable to foreign nationals.
Lawmakers estimated that Affinity collected $129 million in fees from Saudi Arabia's government-run investment arm between 2021 and 2025. Affinity says that, like most private equity firms, it does not collect fees unless its investments perform well.
In December 2024 Kushner said he would try to avoid conflicts preemptively and suggested Affinity would not raise capital while Trump was in office. The Times reports he publicly said he would not collect more money for the firm during Trump's second term.
Mar. 13, 2026: the Times reported that Kushner had spoken with potential investors about raising $5 billion or more for Affinity, and that Affinity representatives had met with Saudi Arabia's Public Investment Fund. On Mar. 19, Rep. Robert Garcia and Sen. Ron Wyden wrote to the White House and to Affinity with concerns about whether the White House was letting Kushner use his influence for personal financial gain.
Affinity's chief legal officer, Ian Brekke, confirmed "early conversations" about fundraising but said the firm does not intend to take in additional capital while Kushner is volunteering for the government, and that Affinity has abided by all laws and regulations.
A mid-September New Yorker article by Filkins, as summarized by Mediaite, reports that earlier this year, while Kushner engaged in talks with Iran, he was also discreetly raising another $5 billion for Affinity in the Middle East. It says Affinity grew 30% in 2025 to more than $6 billion, collecting at least tens of millions of dollars a year in fees, and that Gulf officials were disappointed Kushner failed to prevent the war.
The New Yorker piece says Affinity estimates its annual internal rate of return at 25% and has made two large investments in Israel: about $110 million in the Shlomo Group, a car-leasing firm, and about $300 million in Phoenix Financial, an insurance company.

Phoenix Financial and Israeli defense-linked holdings (CNN, Oct. 1, 2026)
CNN reported on Oct. 1, 2026 that Affinity Partners is the largest shareholder of Phoenix Financial, one of Israel's largest financial groups. Affinity acquired its 9.83% stake in two stages, in July 2024 and January 2025, for about NIS 932 million ($300 million); the first tranche was $128.5 million, and the second doubled the stake five days before Trump was sworn in.
CNN found that Phoenix invested at least $456 million in nine companies linked to Israel's defense sector, including at least $265.1 million in Elbit Systems.
Affinity's gains come through its Phoenix stake rather than through direct holdings in those nine companies. Kushner has called Phoenix Affinity's "best investment."
In July 2026 Affinity sold about a quarter of its Phoenix stake for roughly NIS 1.05 billion ($343 million) in a deal led by Jefferies, with Fidelity among the buyers. The sale let Affinity fully recoup its original Phoenix investment, and it remains the largest shareholder.
CNN reported that Affinity's remaining 7.4% stake was worth more than $1 billion.
Middle East Eye characterizes the nine companies as having supplied munitions and armaments for the wars in Gaza, Lebanon, Syria and Iran; this is its description of CNN's findings.

The Iran war and congressional inquiries
Raskin's April 16 letter says Saudi Arabia, Affinity's largest investor, has pushed for the Iran war to continue and escalate, citing Washington Post and New York Times reporting, and that the Crown Prince therefore has financial leverage over Kushner as a negotiator in the conflict.
The House Judiciary Committee's Democrats opened an investigation into Kushner and Affinity and requested records on communications with Saudi, Emirati, Qatari and Israeli officials, Affinity's investors and holdings, and his role in the Board of Peace and in Gaza, Ukraine and Iran, by April 30, 2026.
The Garcia-Wyden letter asked about Kushner's discussions with, and compensation from, Saudi Arabia.

What the figures represent
The roughly $6.16 billion cited for Affinity is assets under management, mostly from foreign investors, not profit to Kushner. Fees on that capital are estimated at tens of millions of dollars a year.
The one realized gain documented in the sources is the July 2026 sale of part of Affinity's Phoenix stake for about $343 million, which let Affinity recoup its original investment.

Perspectives

Defender — Kushner's attorney (statement to CNN)
Kushner has never participated in or directed Phoenix's decisions and had no involvement in the decision to purchase, hold or sell any of the nine companies. Any suggestion that his diplomatic work influenced Phoenix's investments in those companies, or the reverse, is incorrect.

Defender — Ian Brekke, chief legal officer, Affinity Partners (statement to the New York Times, March 2026)
Affinity had "early conversations" about fundraising but does not intend to take in any additional capital while Jared is volunteering for the government. The firm abided by all laws and regulations and will continue to do so, and like most private equity firms it does not collect fees unless its investments perform well.

Official position — Anna Kelly, White House spokeswoman
Kushner only acts in the best interests of the American public, and the Democrats' letters are the same tired narrative they have pushed against Trump, his family and his administration for a decade.

Critic — Citizens for Responsibility and Ethics in Washington (CREW)
Kushner's business and investments in the countries and conflicts he works on create substantial conflicts, and the Feb. 19 appointment required him to file a public financial disclosure within 30 days and to divest from conflicting assets, including Affinity. CREW's chief ethics counsel told CNN that there are always people who profit from war or government policies and that Kushner's financial entanglements are a clear cause for concern given his envoy role.

Critic — Rep. Jamie Raskin (D-Md.), House Judiciary Committee ranking member
Acting as a government envoy while soliciting and managing billions of dollars from Gulf monarchies creates a glaring and incurable conflict of interest; if Kushner were a government employee, these conflicts would be disqualifying, including for a security clearance. He said Saudi Arabia's interest in a prolonged war puts financial pressure on Kushner as a negotiator.

Critic — Rep. Robert Garcia (D-Calif.) and Sen. Ron Wyden (D-Ore.)
They have serious concerns about whether the White House is letting Kushner use his influence for personal financial gain, and said the conflicts could threaten the security of the American people.

Editorial read — The Author (site author), editorial view
Kushner should not be doing business in the Middle East, including through holdings tied to Israel's defense sector, while serving as the U.S. envoy for the region's wars. The Author regards the combination of raising billions from Gulf governments, holding stakes tied to the conflicts and negotiating on the government's behalf as too close to excuse, and as corruption that is being dismissed on technicalities such as his "volunteer" status and the indirect structure of the Phoenix holding. This is the Author's interpretation, not an established finding: the sources document conflict-of-interest concerns and a dispute over disclosure, and none reviewed alleges a quid pro quo or finds a legal violation.

Research notes
Scope: the claim that Kushner has made "billions off the war in Iran" is not what the sources document. They document (1) billions in capital raised or sought from Gulf governments for Affinity while he served as envoy, with fees on that capital; (2) a Phoenix Financial stake whose partial sale in July 2026 raised about $343 million; and (3) Phoenix's investments in nine Israeli defense-linked companies, which Kushner's attorney says he had no part in. No source found shows Affinity profiting directly from the Iran war, or that any investment influenced his diplomacy. The New Yorker's "raising $5 billion" is reported as a raise during the Iran talks; Affinity told the Times in March it did not intend to take in new capital while Kushner volunteers, and that tension is unresolved in the sources.

Sourcing: CNN's Oct. 1, 2026 report, the New Yorker piece and the Times' March reporting are cited through summaries because the originals are paywalled or not fetchable by the site's tools.

Open leads:
- Whether Kushner filed a financial disclosure after the Feb. 19 appointment (the sources conflict on whether one is required, and none says one was filed).
- The primary CNN report (Oct. 1, 2026) and the Phoenix filings in Israel.
- Affinity's total new capital raised in 2026, and from whom.
- Whether Affinity responded to the House Judiciary Democrats' April 30 document request.
- Any government ethics review of Kushner's status as "volunteer" versus special government employee.

Note
Kushner's attorney says he had no involvement in Phoenix's investment decisions and that his diplomacy and those investments did not influence each other; Affinity says it will not take in new capital while he volunteers for the government. Critics call the dual roles an incurable conflict of interest.

Sources
[1] Rep. Jamie Raskin (House Judiciary Democrats) letter to Jared Kushner / Affinity Partners, Apr. 16, 2026 (https://democrats-judiciary.house.gov/sites/evo-subsites/democrats-judiciary.house.gov/files/evo-media-document/2026-04-16-raskin-to-kushner-affinity-re-conflict-of-interest.pdf) · 2026-04-16
[2] Reps./Sens. Garcia and Wyden letter to the White House on Kushner's fundraising, Mar. 19, 2026 (https://oversightdemocrats.house.gov/imo/media/doc/2026-03-19garciawydenlettertowhrekushnerfundraisingfinal.pdf) · 2026-03-19
[3] New York Times (via Rep. Garcia's site) — Democrats Demand Answers on Jared Kushner's Mideast Business Dealings (https://robertgarcia.house.gov/media/in-the-news/new-york-times-democrats-demand-answers-jared-kushners-mideast-business-dealings) · 2026-03-19
[4] CREW — White House must reveal and resolve Jared Kushner's financial conflicts of interest (letter) (https://www.citizensforethics.org/legal-action/letters/white-house-must-reveal-and-resolve-jared-kushners-financial-conflicts-of-interest/) · 2026-03
[5] CREW — statement on Jared Kushner's role as special peace envoy (https://www.citizensforethics.org/news/press-releases/crew-statement-on-jared-kushners-role-as-special-peace-envoy) · 2026-02
[6] Middle East Eye — Kushner's financial stakes in Israeli defence firms raises conflict of interest concerns (summarizing CNN, Oct. 1, 2026) (https://www.middleeasteye.net/live-blog/live-blog-update/kushners-financial-stakes-israeli-defence-firms-raises-conflict-interest) · 2026-10-01
[7] The New Republic — Bombshell report exposes Jared Kushner's ties to company backing IDF (summarizing CNN) (https://newrepublic.com/post/216117/jared-kushner-ties-company-idf-gaza) · 2026-10
[8] Latin Times — Inside the financial web linking Jared Kushner's peace talks to Israel's war economy (summarizing CNN) (https://latintimes.com/inside-financial-web-linking-jared-kushners-peace-talks-israels-war-economy-report-599785) · 2026-10
[9] Calcalist (CTech) — Fidelity leads $343 million purchase of Jared Kushner's Phoenix shares (https://www.calcalistech.com/ctechnews/article/7szctb6q5) · 2026-07
[10] Mediaite — Shock report says Kushner raised $5 billion for his fund while negotiating with Iran (summarizing The New Yorker) (https://www.mediaite.com/politics/shock-report-says-kushner-raised-5-billion-for-his-fund-while-negotiating-with-iran-on-behalf-of-us/) · 2026-09

Connections

Related — 'Flood the zone': overwhelming courts, opposition, and the public
Scrutiny of Kushner's dual role has been met with disputes over technicalities of his status (envoy, volunteer, disclosure), which delay oversight; this is the Author's reading, not a sourced finding.

Same context — Iran war oil shock: record oil profits, higher prices for everyone else
Both concern private financial interests around the 2026 Iran war: oil-industry gains there, Gulf fundraising and Israeli war-linked holdings here.

Same context — Military-industrial complex: Trump family ties to defense contracts
Both concern Trump-family-linked financial interests in war and defense during the Iran war.

Same context — Suspiciously timed trades before Trump's Iran and tariff announcements, and active trading in accounts in his name (2025-2026)
Both concern people close to Trump with financial stakes around Iran war decisions, with questions about who knew what and when.

Same actor — Trump's first term and Israel (2017-2021): Adelson money, embassy move, Golan, Iran deal and aid cuts
Kushner's first-term role in Trump's Middle East and Israel policy led into Affinity Partners, which Raskin's letter ties to Saudi investment after he left the White House.

Related — US policy toward Israel amid mounting genocide allegations in Gaza
Affinity's Israeli holdings, including Phoenix Financial's investments in defense-linked companies, bear on U.S. policy toward Israel covered in that entry.

Same context — US-Israeli strikes on an Iranian school, university and civilian sites; UN war-crimes findings
Kushner was a negotiator before and during the Iran war, and Trump has said Kushner advised him to strike first; that entry covers the war itself.