Jared Kushner’s private equity firm, Affinity Partners, is Phoenix Financial’s largest shareholder, holding 7.4% worth more than $1 billion as of July. Phoenix has invested hundreds of millions of dollars in Israel’s largest arms manufacturer and at least eight other companies supplying the Israeli military. CNN reported that Affinity does not directly own the nine companies, but benefits when Phoenix generates profits. Kushner doubled Affinity’s Phoenix stake shortly before Donald Trump returned to the Oval Office, later calling Phoenix Affinity’s “best investment,” and sold a quarter of the holding in July for more than $340 million, generating a return of more than five times the initial stock purchase. Since spring 2025, Kushner has advised Trump and participated in Middle East diplomacy, including negotiations involving Gaza, while serving as a volunteer envoy without the financial-disclosure obligations of a formal government position. CNN found no indication that Kushner’s diplomacy directly affected the investments, but critics cited a potential conflict of interest. His attorney said Kushner never directed Phoenix’s investment decisions or participated in buying, holding or selling the nine companies, while confirming regular discussions with Phoenix management about the business, market trends and strategic opportunities.