PNN – Citing the extensive investments made by the U.S. President’s son-in-law in the occupied territories, a U.S. media outlet has questioned his involvement in Gaza peace negotiations, citing a potential conflict of interest.
According to the report of Pakistan News Network; CNN reported in an investigative piece that “Affinity Partners”—a private equity firm owned by Jared Kushner, Donald Trump’s son-in-law and a close associate of the U.S. President—is the largest shareholder in the Israeli financial firm “Phoenix Financial.” This fact has raised questions regarding a possible conflict of interest, given Kushner’s role in negotiations concerning the war in Gaza.
According to the report, Phoenix Financial has invested hundreds of millions of dollars in Elbit Systems—the Zionist regime’s largest arms manufacturer—and holds shares in at least eight other companies that supply products and equipment to that regime’s military.
CNN has reported that Affinity Partners has not invested directly in these military companies; however, since Phoenix counts Affinity as its largest shareholder, any increase in the profits and value of Phoenix’s investments could benefit Kushner’s firm.
According to the documents reviewed, Phoenix has invested at least $265 million in Elbit Systems. In recent years, this company has secured significant contracts with the Israeli regime’s Ministry of War to supply ammunition and military equipment.
Phoenix has also invested in companies such as Next Vision, which manufactures cameras used in military drones; Reshef Technologies, a producer of artillery shell fuzes; Israel Shipyards, a builder of military vessels; and Ashot Ashkelon, which manufactures gearboxes and power transmission systems for tanks and armored vehicles.
CNN has also highlighted Phoenix’s investments in the American companies Boeing and Caterpillar. Boeing supplies fighter jets, helicopters, and various types of munitions to Tel Aviv, while Caterpillar manufactures equipment—including bulldozers—that, according to United Nations reports, has been used to demolish residential areas in Gaza and Lebanon.
Kushner’s Role in Gaza Negotiations
The significance of these investments becomes even more apparent when considering Kushner’s role in the Trump administration’s policy regarding the war in Gaza.
Since 2025, Kushner has served as an informal advisor to Trump on West Asia affairs and has played a role in negotiations concerning the ceasefire and agreements between the Zionist regime and Hamas. He was present alongside Steve Witkoff—Trump’s special envoy—at key negotiations, including meetings regarding the Gaza ceasefire agreement.
CNN reported that because Kushner held no official government position, he was not subject to certain disclosure requirements regarding the financial interests of U.S. government officials.
Meanwhile, Affinity Partners acquired approximately 4.95% of Phoenix’s shares for $128.5 million in 2024; just days before the start of Trump’s second presidential term, the firm doubled its stake, becoming the company’s largest shareholder.
In July 2026, Kushner sold about one-quarter of Affinity’s shares in Phoenix—valued at over $340 million. Nevertheless, Affinity retains a stake of approximately 7.4% in Phoenix, estimated to be worth more than $1 billion.
Kushner and White House Response
Kushner has denied any involvement in Phoenix’s investment decisions. His lawyer also told CNN that Kushner played no part in the purchase, holding, or sale of shares in companies linked to the military industry and never served on the Phoenix board of directors.
However, Kushner’s lawyer confirmed that he regularly consulted with Phoenix executives regarding the company’s operations, market trends, and strategic opportunities.
The White House has also dismissed criticisms regarding potential conflicts of interest, stating that Kushner’s business activities are unrelated to his diplomatic work and noting that he performs this role voluntarily at Trump’s request.
In contrast, some Democratic lawmakers in the U.S. have called for an investigation into the matter. Representative Jamie Raskin, a Democrat in the U.S. House of Representatives, has described Kushner’s simultaneous roles in business and diplomacy as “completely conflicted and unethical.”
Affinity’s Extensive Investment in the Region
Affinity Partners was founded in January 2021, one day after the end of Trump’s first presidential term. A few months later, the firm received $2 billion from Saudi Arabia’s sovereign wealth fund.
The company subsequently raised capital from Qatari and Emirati investors and made investments in various countries, including the occupied territories.
Kushner executed Affinity’s first direct investment in the occupied territories in 2023, acquiring a 15% stake in the “Shlomo Group”—a car rental and credit business—for $150 million.
CNN reported that Kushner attributed the investment in Phoenix to his belief in the resilience of the Tel Aviv economy and the company’s economic fundamentals.
However, the overlap between Affinity’s financial interests in Phoenix and Kushner’s role in negotiations regarding the Gaza war has remained a subject of controversy concerning the business and diplomatic activities of the U.S. President’s son-in-law.