Jared Kushner’s Affinity Partners’ assets under management grew to $4.8 billion from $3 billion in 2024, powered by new money from the Middle East and investment performance, according to a new filing.
Commitments from Abu Dhabi-based asset manager Lunate and the Qatar Investment Authority, which Bloomberg News reported on in December, drove $1.5 billion of the increase that was disclosed Thursday in a regulatory filing with the U.S. Securities and Exchange Commission.
Another $287 million was the result of gains — including dividends and net of fees collected — from investments in companies including EGYM, Phoenix Financial and QXO, according to a person with knowledge of the matter.
Kushner, 44, founded his investment firm after his father-in-law Donald Trump’s first term in the White House. Close to 99% of assets in the funds managed by Affinity are attributable to non-U.S. investors, the filing shows.
Affinity has drawn scrutiny from Democratic lawmakers for its large share of foreign money and what they’ve deemed a slow deployment of capital. But the latest filing shows the firm has investments that have started to deliver paper gains.
EGYM, a corporate wellness platform, raised about $200 million in a funding round last year led by L Catterton and Meritech Capital valuing it at more than $1 billion. That’s roughly 1.7 times the valuation at which Affinity invested in July 2023, said the person with knowledge of the matter, who asked not to be identified because the details aren’t public.
Affinity is also sitting on a profitable position in Tel Aviv-based Phoenix Financial, which it purchased at 37.5 shekels per share. Phoenix’s shares closed on Dec. 31 at 53.18 shekels, a 42% jump. The firm in January received approval to double its stake at its earlier entry price.
Affinity’s bet on Brad Jacobs-led QXO has also paid off. It agreed to invest in July at $9.14 a share, and shares closed at the end of 2024 at $15.90 — a 74% gain.
Meanwhile, the firm said its employees total 30, down from 33, in part because some have joined Trump’s administration.
Chad Mizelle, Affinity’s former chief legal officer, left to be U.S. Attorney General Pam Bondi’s chief of staff. He was succeeded by Ian Brekke, who has served as Affinity’s chief compliance officer since 2021 and was previously deputy general counsel at the U.S. Department of Homeland Security.
Kevin Hassett, who was Affinity’s global director of research, left to become director of the National Economic Council.
