A report details that Jared Kushner’s investment firm, Affinity Partners, is the largest shareholder in Phoenix Financial, an Israeli conglomerate that has poured hundreds of millions into defence-related companies used by Israel in Gaza and other conflicts. Kushner initially invested $128.5m in Phoenix in 2024 and doubled his stake in January 2025, days before Donald Trump’s inauguration; Affinity later sold a third of its position for $340m but remains Phoenix’s largest shareholder with a roughly 7.4 percent stake worth over $1bn. Affinity reported $6.1bn in assets by April 2026, about 99 percent belonging to non-US investors; Gulf backers include Saudi Arabia ($2bn), Qatar and the UAE (about $1.5bn). Kushner is Trump’s envoy on Middle East issues, an executive on a Board of Peace mediating Gaza, and architect of a Gaza “recovery” plan, raising conflict-of-interest concerns given these holdings.
The account lists Phoenix’s at least $456m in investments across nine defence-linked firms, including at least $265.1m in Elbit Systems, $68m in Next Vision (drone cameras), $55m in Bet Shemesh (aircraft engines) and $40m in Reshef Technologies (electronic fuses). Elbit recently won contracts for roughly $200m in airborne munitions and $48m in artillery shells; Bet Reshef reports $165m in orders since the Gaza offensive began. Phoenix also holds stakes in wider suppliers linked to Israeli military operations such as Caterpillar, Israeli Shipyards and Boeing. Kushner’s lawyers say he did not direct investments, though he has acknowledged an “active dialogue” with Phoenix leadership.
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