Kushner Got $2 Billion From Saudi Fund Despite Unanimous Objections From Board
Jared Kushner obtained a $2 billion investment in his private equity firm from Saudi Arabia’s sovereign wealth fund only six months after the Trump administration ended, according to a report from the New York Times.
The $2 billion investment was made despite the Saudi fund’s investment committee’s hesitancy. The four members voted unanimously against investing in Kushner’s firm citing the “inexperience” of top management, the bulk of the investment and risk falling on Saudi Arabia and “public relations risks.”
The Times got the opinions of ethics experts who reported that the move raises questions over whether the deal is a gratuity for Kushner’s role in helping Prince Mohammed during the Trump administration or if they are hoping to gain influence if Trump wins the White House again in 2024.
“This investment aims to form a strategic relationship with the Affinity Partners Fund and its founder, Jared Kushner,” the letter from fund staff to a board member said.
Reducing the $2 billion “may negatively or fundamentally affect the framework of the agreed strategic and commercial relationship,” the writer added.
The report also points out that Kushner had little prior experience in private equity but gained the $2 billion investment while Saudi invested half as much in former Treasury Secretary Steven Mnuchin, who has an extensive successful history as an investor. The committee’s opinion of Mnuchin starkly contrasted with their opinion of Kushner.
They said Mnuchin had “significant access toward understanding the future of the U.S. financial system’ and “deep experience at some of the highest levels of the U.S. regulatory system.”