Former first son-in-law Jared Kushner received a $2 billion investment from Saudi Arabia’s sovereign wealth fund — with expected annual management fees of $25 million, according to a New York Times report.
Kushner’s firm, Affinity Partners, made the deal shortly after President Donald Trump left office, despite a Saudi Public Investment Fund review panel’s concerns about “inexperience” and a due-diligence review that was “unsatisfactory in all aspects,” according to minutes of a June meeting reported by the New York Times.
Saudi Crown Prince Mohammed bin Salman leads the fund’s board, which overruled the skeptics. A letter written by fund staff to a board member who dissented cited “aims to form a strategic relationship with the Affinity Partners Fund and its founder, Jared Kushner” in going ahead with the deal, according to the report.
Kushner worked as a top Trump White House aide and built a relationship with the crown prince while in office — including while working on the Abraham Accords that led to four Arab states establishing diplomatic relations with Israel.
Trump is openly teasing a possible 2024 bid, and Kushner’s arrangement sparked ethics concerns from some of the same experts who have criticized the overseas business ventured of Hunter Biden, the son of President Joe Biden.
Walter Shaub, director of the U.S. Office of Government Ethics during the Obama administration, tweeted that he was concerned about the possibility that Kushner may have influenced U.S. policy during his time in office to benefit potential future business plans.