Affinity says it "does not intend to take in any additional capital while Jared is volunteering for the government"
Affinity PartnersAffinity Partners, through chief legal officer Ian Brekke, in a statement to The New York Times
In a statement quoted by The New York Times on March 19, 2026, Ian Brekke, Affinity's chief legal officer, confirmed the firm had "early conversations" about fund-raising and said it "does not intend to take in any additional capital while Jared is volunteering for the government." He said Affinity "abided by all laws and regulations and will continue to do so." The Times also reported Brekke saying that, like most private equity firms, Affinity does not collect fees unless its investments perform well.
Responding to
It appears that while Jared Kushner is representing the U.S. government in negotiations in the Middle East, he is simultaneously seeking to raise at least $5 billion in additional foreign capital for Affinity Partners, which Rep. Robert Garcia and Sen. Ron Wyden say raises the potential for conflicts of interest that could threaten national security.
“early conversations … does not intend to take in any additional capital while Jared is volunteering for the government. … abided by all laws and regulations and will continue to do so.”
Original text
Reporting
Where this statement fits
Does Jared Kushner's Affinity Partners conflict with his role in Middle East negotiations, as congressional Democrats and ethics groups say?
Jared Kushner founded the investment firm Affinity Partners in January 2021. Since 2025 he has taken part in U.S. diplomatic talks on Gaza, Iran and Ukraine. Congressional Democrats, the ethics group CREW and other critics say the two roles conflict. They point to the firm's funding from foreign governments, its stakes in Israeli companies and reports that it sought new capital while he negotiated. Kushner, his lawyers, Affinity and the White House dispute that. A CNN investigation published October 1, 2026 reported that Affinity is the largest shareholder in the Israeli insurer Phoenix Financial, which holds stakes in companies that supply Israel's military, and that CNN found no indication his diplomacy directly affected the investments it reviewed. Kushner replied on October 2 that Phoenix is not a defense company and that he has no role in its investment decisions. The White House says he works on a volunteer basis. As of October 4, 2026, we did not find a ruling or finding on the question from a court, agency or committee, and we could not locate a response from Kushner to two letters from Rep. Jamie Raskin.
Source and context
Original text
About this source
Affinity's annual registration update to the SEC. It reports regulatory assets under management of $6,160,297,411 in six pooled vehicles, of which $6,097,061,904 is attributable to clients who are not U.S. persons, and lists Jared Kushner as founder and chief executive officer with the highest ownership code (75 percent or more). It lists no investors by name and ties no investor's money to any investment.
Archived copy (opens in a new tab)Reporting
About this source
The Times's report on the March 19 letters, reposted in full on the website of one of the letters' authors, Rep. Robert Garcia, under 'In the News.' We read it there because the Times page was not available to us. It carries the responses of Affinity's chief legal officer and a White House spokeswoman, and the Times's own statement that Kushner 'holds no official government role.'
Archived copy (opens in a new tab)Before the quotation
The Times reported on March 13 that Kushner had spoken with potential investors about raising $5 billion or more for Affinity. Kushner had said on a December 20, 2024 podcast, "We pre-emptively tried to avoid any conflicts, so we don't have to raise capital for the next four years."
After the quotation
As of October 4, 2026, we could not locate a later public statement from Affinity on whether it has accepted new capital. Its SEC filing of March 22, 2026 reports $6.16 billion in regulatory assets under management.
How this statement is classified
The label describes this statement's response within the context above.
Why this label?
The reference point is the proposition that Kushner's private business through Affinity, including its Israeli investments and Gulf capital, creates a conflict of interest with his role in U.S. Middle East negotiations. The statement says the firm has complied with all laws and will not take in new capital while Kushner volunteers, which defends the arrangement, so we used Defended or excused. The closest competing label is Mixed or conditional, because it confirms fundraising conversations took place and makes its pledge depend on Kushner "volunteering". It loses because the condition is a commitment about Affinity's own conduct and the statement as a whole defends the firm.
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More from this case
Read the full caseKushner says "Phoenix is not a defense company" and that he has "no role in deciding what Phoenix buys or sells"
“CNN published a deeply misleading story and headline suggesting that my diplomatic work in the Middle East somehow benefited investments in Israeli defense companies. But CNN’s own reporting says otherwise. Buried behind a paywall, it acknowledges: “CNN found no indication that Kushner’s actions as a diplomat directly affected the investments reviewed.” Phoenix is not a defense company. It is one of Israel’s largest publicly traded financial institutions, highly regulated and managing approximately $220 billion across thousands of investments. Think of Phoenix as the Israeli equivalent of Vanguard or Fidelity. It manages the retirement savings of millions of Israelis. The savers don’t choose the individual investments, and neither do I. I have no role in deciding what Phoenix buys or sells. It has performed very well for Affinity and our investors, up more than five times since our initial investment. Affinity is an SEC-registered investment firm. Our investment in Phoenix is public and dates to before President Trump was re-elected and before I returned to public service. Affinity does not own the defense companies highlighted in CNN’s story. Those facts make for a less provocative headline, but a much more accurate story. Misleading stories will not distract me from the work President Trump asked me to do: help end wars, bring people together and pursue peace. That work is too important.”Read statement
The White House says Kushner's "personal business activities have nothing to do with his diplomatic engagements"
“Jared Kushner’s personal business activities have nothing to do with his diplomatic engagements, which he conducts on a volunteer basis at the President’s request”Read statement
CREW's chief ethics counsel tells CNN "the people profiting should not be the people making the decisions to make that policy"
Citizens for Responsibility and Ethics in Washington
“There are always people who profit from war or government policies. The difference is that the people profiting should not be the people making the decisions to make that policy. And that is what is happening here”Read statement
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- Affinity says it "does not intend to take in any additional capital while Jared is volunteering for the government"
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The Dispute Index. "Affinity says it "does not intend to take in any additional capital while Jared is volunteering for the government"". First published: 2026-10-05. Last updated: 2026-10-05. https://disputeindex.com/events/4572-in-a-statement-quoted-by-the-new-york