Kushner's Investment Firm Is a Top Shareholder in Company With $456M Tied to Israeli Military Suppliers, Report Finds

Jared Kushner's Affinity Partners remains the largest shareholder in Phoenix Financial, an Israeli financial group whose disclosed portfolio includes at least $456M (£345M) across nine companies linked to Israel's military supply chain.

The important distinction is that Affinity does not directly own those companies. Its exposure runs through a 7.4% stake in Phoenix, valued at more than $1 billion (£758M) following a partial sale in July.

The arrangement comes as Kushner, Donald Trump's son-in-law, serves on the Board of Peace, the Trump administration-backed body involved in Gaza's transition and reconstruction.

How Affinity Built Its Phoenix Position

Affinity initially acquired a 4.95% stake in Phoenix in July 2024 for $128.5M (£97.3M), according to company records and reporting based on Israeli financial disclosures. In January 2025, Affinity received regulatory approval to increase its holding and subsequently expanded its position to almost 10%, making it Phoenix's largest shareholder.

The firm later sold about 2.45% of Phoenix in July 2026 for approximately $343M (£260M), leaving it with a 7.4% holding. The remaining stake was valued at roughly $1 billion (£758M) at the time. The transaction illustrates the scale of Affinity's financial exposure to Phoenix without establishing that the investment was driven by any particular underlying company in Phoenix's portfolio.

Where Phoenix's Military-Linked Exposure Sits

Phoenix's disclosed holdings include at least $265M (£201M) in Elbit Systems, more than $68M (£51.5M) in NextVision, and at least $40M (£30.3M) in Reshef Technologies. Other identified investments include Israel Shipyards, Ashot Ashkelon, Boeing, and Caterpillar, alongside additional companies connected to military equipment or related industrial activity.

Elbit provides a clear example of the distinction between the portfolio and Affinity itself. In April 2026, Elbit announced contracts worth approximately $200M (£151.5M) to supply advanced airborne munitions to Israel's Ministry of Defence. The company has also reported materially higher demand from the Israeli defence ministry since the war began.

Affinity, however, is not the direct shareholder in Elbit or the other companies identified. Its financial interest is tied to Phoenix's performance as a whole.

Kushner's Gaza Role Adds a Separate Dimension

The investment structure has drawn additional attention because Kushner is involved in US efforts concerning Gaza. The White House identified him as an executive member of the Board of Peace in January 2026. The body was established to provide strategic oversight and mobilise international resources for Gaza's transition and reconstruction.

That role sits alongside Kushner's private-sector interests, but the available evidence does not establish that his diplomatic activity influenced Phoenix's investment decisions. Kushner's lawyer has said he does not participate in or direct Phoenix's investment decisions. The White House has likewise said his private business activities are separate from his diplomatic work.

What the Investment Chain Shows

The documented relationship is therefore more specific than a claim that Kushner directly invested in Israeli military suppliers. Affinity owns a substantial stake in Phoenix. Phoenix owns investments in companies connected to Israel's military and defence ecosystem. That creates an indirect financial exposure for Affinity, while leaving the underlying companies outside its direct ownership.

Phoenix has also said it is a regulated company and that shareholder value is primarily derived from its operating performance. The distinction matters because tracing ownership through an investment group can produce a very different picture from direct corporate control. In this case, the records establish the financial connection, but they do not by themselves establish that Kushner directed the underlying investments or that his Gaza role affected them.