Jared Kushner’s private equity firm, Affinity Partners, is the largest shareholder in Israel-based Phoenix Financial, a financial group that has invested heavily in companies linked to Israel’s military supply chain, according to a CNN investigation.
Affinity Partners increased its stake in Phoenix in January 2025, shortly before Donald Trump’s inauguration, making it the company’s largest shareholder. Kushner later described Phoenix as one of Affinity’s strongest investments.
According to the report, Phoenix has invested at least $456 million in nine companies connected to Israel’s military sector, including approximately $265.1 million in Elbit Systems, one of Israel’s major defense manufacturers.
Affinity Partners reduced part of its Phoenix holding in July 2026, selling roughly a quarter of its stake for more than $340 million. It reportedly continued to hold a Phoenix stake valued at more than $1 billion. Independent Israeli financial reporting also confirmed the July sale and said Affinity retained about a 7.4% stake.
The financial interests have drawn attention because Kushner has also been involved as a volunteer US negotiator in discussions concerning Gaza, despite holding no formal government position.
Kushner’s lawyer told CNN that he did not direct Phoenix’s investment decisions or determine which companies it invested in. White House spokeswoman Anna Kelly likewise said Kushner’s private business activities were separate from his diplomatic work. CNN reported that it found no evidence that Kushner’s diplomatic actions directly influenced the investments it examined.
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