Jared Kushner and Steven Mnuchin Have Reportedly Secured Billions from Saudi Government
Mandel Ngan/AFP/Getty Images
Former Trump adviser Jared Kushner and former Treasury Secretary Steven Mnuchin received billions of dollars from the Saudis after leaving their White House jobs, according to a new report.
The New York Times reported that Affinity Partners, a newly-formed private equity firm from Kushner, secured a $2 billion investment from Saudi Arabia’s Public Investment Fund. The fund is led by Crown Prince Mohammed bin Salman, who reportedly overruled the fund’s screening officials and authorized the investment despite several qualms they had with it.
According to the Times, “those objections included: ‘the inexperience of the Affinity Fund management’; the possibility that the kingdom would be responsible for ‘the bulk of the investment and risk’; due diligence on the fledgling firm’s operations that found them ‘unsatisfactory in all aspects’; a proposed asset management fee that ‘seems excessive’; and ‘public relations risks’ from Mr. Kushner’s prior role as a senior adviser to his father-in-law, former President Donald J. Trump.”
The deal raises questions about whether the Saudis would have leverage on Kushner’s father-in-law if he runs for president again, though it also places a spotlight on Kushner’s relationship with the Saudi government. Kushner was politically friendly toward the Saudis throughout the Trump administration, but beyond that, the Times’ reported that they analyzed Securities and Exchange Commission filings, found that Kushner is seeking to raise up to $7 billion with Affinity Partners, and the Saudi investment represents the bulk of the $2.5 billion they’ve raised so far from overseas investors.
The Times’ report also says the Saudi Public Investment Fund made a $1 billion investment with Mnuchin’s firm, Liberty Strategic Capital. The Mnuchin fund is described as “focused on cybersecurity, financial technology, and entertainment — all sectors that fit Saudi priorities, according to an executive summary prepared by the fund’s staff.”
A spokesman for Liberty gave the Times a statement saying it “has a diverse investor base including U.S. insurance companies, family offices, sovereign wealth funds, and other institutional investors.” Mnuchin’s firm has reportedly raised $2.7 billion, most of which also came from foreign investors.
Have a tip we should know? tips@mediaite.com
