Sen. Warren says Kushner is "trying to raise $5 BILLION for his private equity firm" in the middle of a war with Iran
Elizabeth WarrenU.S. Senator, in a note and attached video on her Substack account
On March 25, 2026, Sen. Elizabeth Warren (D-Mass.) posted a note on Substack saying that President Trump named Kushner "Peace Envoy" and that Kushner is now in the Middle East "trying to raise $5 BILLION for his private equity firm" in the middle of a war with Iran. In the video attached to the note, she says Kushner is "busy raising money for his own private equity firm" and says this "looks like one of the most disgusting grifts yet". The New York Times reported on March 13 that Kushner was soliciting $5 billion or more for Affinity Partners. Affinity said it had held early conversations about fund-raising and does not intend to take in additional capital while Kushner volunteers for the government. As of October 4, 2026, we found no filing or statement showing a closed raise of that size.
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.
“Donald Trump's named his son-in-law Jared Kushner "Peace Envoy."Now, in the middle of a war with Iran, our "Peace Envoy" is in the Middle East trying to raise $5 BILLION for his private equity firm. … Well, while Trump puts American service members' lives at risk in a war against Iran, his peace envoy, Jared Kushner, is busy raising money for his own private equity firm. He's looking for $5 billion from foreign governments. … This looks like one of the most disgusting grifts yet.”
Official statement
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
Official statement
About this source
Note posted on the Substack account named Senator Elizabeth Warren, with an attached video of about 44 seconds in which Warren speaks to the camera. The statement combines the note's text and the video's spoken words.
Archived copy (opens in a new tab)Before the quotation
The New York Times reported on March 13, 2026 that Kushner was soliciting $5 billion or more for Affinity. On March 19, Rep. Robert Garcia and Sen. Ron Wyden wrote to the White House and to Affinity about that reporting.
After the quotation
Affinity's chief legal officer, Ian Brekke, told the Times on March 19 that the firm had early conversations about fund-raising and does not intend to take in any additional capital while Jared is volunteering for the government. As of October 4, 2026, we could not locate a statement from Affinity on whether it has accepted new capital since March.
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 the Gulf capital behind it, creates a conflict of interest with his role in U.S. Middle East negotiations. Warren sets Kushner's envoy title against his fundraising for a private equity firm during a war with Iran. In the video attached to her note she says he is "busy raising money for his own private equity firm" and that this "looks like one of the most disgusting grifts yet", so we used Condemned. Neither the note nor the video uses the word conflict. The closest competing label is Challenged the characterization, because the quotation marks around Peace Envoy dispute his title. We did not use it because she goes on to criticize the fundraising itself rather than only the label.
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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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- Sen. Warren says Kushner is "trying to raise $5 BILLION for his private equity firm" in the middle of a war with Iran
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The Dispute Index. "Sen. Warren says Kushner is "trying to raise $5 BILLION for his private equity firm" in the middle of a war with Iran". First published: 2026-10-05. Last updated: 2026-10-05. https://disputeindex.com/events/4603-on-march-25-2026-sen-elizabeth-warren-d