CNN found from Israeli financial documents that Phoenix Financial has interests in at least nine companies related to supplies to the Israeli military. These include Elbit Systems - the largest Israeli arms manufacturer - as well as companies producing, among others, components for tanks, systems for drones, fuses for artillery shells and components for the navy.
Affinity Partners is not a direct shareholder of these companies. However, it benefits financially from the results of Phoenix, of which it remains the largest shareholder.
A stake worth over a billion dollars
Kushner's company bought the first block of Phoenix shares in 2024, and then - five days before Donald Trump was sworn in for another term - almost doubled its stake in the Israeli company.
In July, Affinity Partners sold a quarter of its Phoenix shares for more than $340 million, according to CNN. This was supposed to mean a return exceeding five times the initial investment value. After the transaction, the fund retained 7.4%. Phoenix shares, valued at over $1 billion.
Jared Kushner previously described the investment in Phoenix as the best in the Affinity Partners portfolio.
Investments in producers of weapons and military equipment
The largest of Phoenix's involvements disclosed by CNN is a stake in Elbit Systems, worth at least $265 million. The company produces, among others: electronic systems, ammunition and equipment for the Israeli army. The Israeli market accounted for 32% in 2025. Elbit's revenues.
Phoenix also has, among others, shares in:
Next Vision, which produces cameras for military drones;
Reshef Technologies, which produces electronic fuses for artillery shells;
Ashot Ashkelon, which supplies components for tanks and armored vehicles;
Israel Shipyards, which builds fast combat vessels for the Israeli Navy;
American companies Boeing and Caterpillar, whose products are used by the Israeli army.
CNN notes that the data covers only part of the Phoenix portfolio. They do not include, among others: assets invested through investment funds or retirement accounts.
Kushner helps talk about Gaza
Kushne, Ivanka's husband and President Donald Trump's son-in-law, is to play an important role in American diplomatic activities in the Middle East from spring 2025. He participated in talks with regional leaders, including Israeli Prime Minister Benjamin Netanyahu, and co-created a ceasefire plan between Israel and Hamas.
However, he did not take a formal position in the administration. CNN points out that as a socially active, informal envoy, he is not obliged to publicly disclose his financial situation, which might apply to federal officials.
Kushner also presented concepts for the post-war reconstruction of the Gaza Strip. At the World Economic Forum in Davos, he spoke about creating an industrial and tourist center there and about "unique investment opportunities."
Jared Kushner's lawyer told CNN that his client never participated in or directed Phoenix's investment decisions. He also assured that Kushner had no influence on the purchase, holding or sale of shares of nine companies mentioned in the station's material.
The White House rejected the conflict of interest allegations. Deputy administration spokeswoman Anna Kelly said Kushner's private business activities were unrelated to his diplomatic work, which he performed at the president's request and without remuneration.
Critics quoted by CNN, however, point out that combining investment activities with influencing policy towards the war-torn region raises significant ethical doubts.
