Democrats have launched a brand new investigation against the Trump family.
Senate Democrats have initiated a new inquiry into the foreign payments received by Jared Kushner’s investment firm. The Senate Finance Committee, chaired by Ron Wyden, announced the investigation on Wednesday, highlighting the significant foreign investments managed by Affinity Partners.
Jared Kushner established Affinity Partners in July 2021, shortly after his tenure as a senior adviser in the Trump administration. The firm quickly attracted substantial investments from the Middle East, notably securing $2 billion from the Saudi public investment fund (PIF) within weeks of its inception. The majority of Affinity’s funds continue to come from the Saudi government.
Wyden expressed serious concerns regarding the financial ties between Kushner and Middle Eastern governments. He emphasized the potential conflicts of interest and counterintelligence risks posed by these financial relationships. In a letter to Lauren Key, Affinity Partners’ CFO, Wyden pointed out that several Middle Eastern governments are using Affinity to channel tens of millions in annual fees to Kushner, potentially circumventing federal disclosure laws.
According to regulatory disclosures, 99 percent of Affinity’s $3 billion in assets are sourced from non-U.S. entities. Apart from the $2 billion from Saudi Arabia, the remaining $1 billion comes from sovereign wealth funds of the UAE and Qatar, Taiwanese billionaire Terry Gou, and an unidentified investor.
Wyden raised concerns that Affinity’s foreign-funded accounts might be used to bypass U.S. laws that require disclosure of payments from foreign governments. He estimated that Affinity receives at least $60 million annually in management fees from its foreign investors, with the Saudi PIF alone contributing $80 million in fees between 2022 and 2023.
As Affinity’s founder and sole owner, Kushner is the primary beneficiary of these fees. During his White House tenure, he played a significant role in shaping U.S. foreign policy towards Saudi Arabia and maintained close ties with Crown Prince Mohammed bin Salman, even after the prince was implicated in the murder of journalist Jamal Khashoggi.
Wyden highlighted the troubling timing of the Saudi PIF’s $2 billion investment in Affinity, suggesting it could be a reward for Kushner’s favorable actions towards Saudi Arabia during his time in the White House. This includes allegedly shielding the Saudi government from repercussions over Khashoggi’s assassination.
Additionally, Wyden noted Kushner’s lack of experience in private equity or hedge funds, questioning the rationale behind the substantial investments and fees Affinity received from the Saudi PIF and other sovereign wealth funds.
The senator has requested Affinity Partners to provide detailed records and information regarding the foreign payments by June 26.
