Jared Kushner, son-in-law of former US president Donald Trump, who served as his senior adviser, raised more than $3 billion in committed funding from international investors for a new investment firm he recently founded, Reuters reported on Friday.
A person familiar with the matter told the news agency that fund-raising efforts would continue for the next few months to close these investments and add potential additional commitments for Affinity Partners.
The New York Times reported last month that Kushner hoped to raise an amount in the low billions of dollars by early next year, citing a source familiar with the firm’s plans. At the time, it was reported that Kushner was attempting to raise money from Gulf states, without much success.
Reuters said information on specific investors was not disclosed, but the firm was also targeting American institutions and foreign investment institutions.
The source told Reuters that Affinity Partners is hoping to close its first deal in the first quarter of 2022.
According to the report, the firm has hired some 20 people, and plans to focus on US-based investments as well as those in the Middle East. Earlier this year, it was reported that Kushner would also open an office in Israel that will promote business ties between Israel, India, Gulf states and North Africa.
One of Kushner’s last acts as an adviser to Trump was leading the brokering of normalization deals between Israel and the United Arab Emirates, Bahrain, Sudan and Morocco.
Much of Kushner’s emphasis while shaping his father-in-law’s Middle East policy was on peace nurtured through investment and economic development. It was a winning formula with what he dubbed the “Abraham Accords,” but failed to bring about a breakthrough in Israeli-Palestinian peace.
Kushner also took a leading role in running Trump’s campaigns in 2016 and 2020, but has signaled that he is not going to be involved in a possible Trump campaign in 2024.
Kushner is a third-generation in a family real estate empire founded by his grandfather, a Holocaust survivor.