Updated Oct. 26, 2026: expanded into a full explainer on Jared Kushner’s investment firm, Affinity Partners, what it owns, including a stake in video game maker EA, and why congressional Democrats are asking questions.
Quick answer: Jared Kushner runs Affinity Partners, a private investment firm funded largely by Gulf governments. Its holdings include the largest stake in Israeli insurer Phoenix Financial and a small piece of Electronic Arts, the maker of Madden NFL, after a $55 billion buyout closed in August 2026. On Oct. 5, 2026, Rep. Robert Garcia, the top Democrat on the House Oversight Committee, asked Affinity for details of its Middle East deals, citing a CNN report on Phoenix’s holdings in Israeli defense companies. Kushner’s lawyer says Kushner has no role in what Phoenix buys or sells. No wrongdoing has been found, and the minority’s request can’t force an answer.
Here’s what Affinity owns, what investigators are asking and why it matters while Kushner serves as an unpaid Middle East envoy.
Affinity Partners at a glance
| Question | Answer |
|---|---|
| Founded | 2021, after Kushner left his White House job in Trump’s first term |
| Main backers | Gulf sovereign funds, led by Saudi Arabia’s Public Investment Fund (PIF) |
| Best-known holdings | Phoenix Financial (Israel); a stake in Electronic Arts |
| Kushner’s current government role | Unpaid volunteer envoy in Middle East negotiations |
| Who is asking questions | House Oversight Democrats led by Rep. Robert Garcia; earlier, Sen. Ron Wyden |
Timeline: Affinity and Phoenix Financial
| Date | What happened |
|---|---|
| July 2024 | Affinity buys a nearly 5% stake in Phoenix Financial for about $128 million, Israeli business site Calcalist reported. |
| Early 2025 | Affinity roughly doubles its stake and becomes Phoenix’s largest shareholder, shortly before Trump returns to office. |
| Sept. 2025 | Kushner calls Phoenix Affinity’s “best investment.” |
| March 2026 | Garcia and Sen. Wyden ask the White House and Affinity what separates Kushner’s diplomacy from his fundraising. |
| July 2026 | Affinity sells about a quarter of its Phoenix stake for roughly $343 million, cutting it from about 9.9% to 7.4%, per Globes. It remains the largest shareholder. |
| Early Oct. 2026 | CNN reports Phoenix holds stakes in Elbit Systems and other companies that supply Israel’s military. |
| Oct. 5, 2026 | Garcia sends Affinity a letter asking for details of its Middle East business. |
What CNN found
CNN reviewed Phoenix’s insurance-side holdings. It found investments in Elbit Systems, Israel’s largest defense company, and in at least eight other companies that supply the Israeli military. They include makers of drones, warships and demolition machinery. All nine saw their stock rise in 2025.
Two points matter here:
- Affinity doesn’t own those defense stocks directly. It owns part of Phoenix, and Phoenix owns them. Affinity benefits when Phoenix does well.
- CNN found no sign that Kushner’s diplomatic work directly affected the investments it reviewed. Kushner called the report “deeply misleading” but didn’t point to specific errors.
What Democrats are asking
Garcia’s letter asks Affinity for details on its Middle East deals. He wants to know whether the firm’s gains “have come at the cost of Americans’ safety and security,” as the letter puts it.
There’s a catch. Garcia is in the minority. Requests from minority members are voluntary, and only the committee chair or a committee vote can issue a subpoena. If Democrats win the House in the Nov. 3 midterms, they would gain that power in January.
Earlier, in March 2026, Garcia and Sen. Ron Wyden of Oregon raised a broader concern: that Affinity was raising money from Gulf governments while Kushner helped negotiate U.S. policy in the region. Affinity’s top lawyer said the firm had only held early talks and wouldn’t take new money while Kushner volunteers for the government. The White House said Kushner acts in the best interests of the American public.
Kushner’s side
Kushner’s attorney said Kushner has “no role in deciding what Phoenix buys or sells.” He isn’t on Phoenix’s board and doesn’t manage it.
The attorney also hit back at Garcia, pointing out that Garcia’s public pension plans, through California’s CalPERS and CalSTRS, hold Phoenix or Elbit shares. Garcia’s office replied that he doesn’t trade stocks and can’t control or opt out of his pension fund.
Also read: Warren Buffett Steps Down as Berkshire Chairman: What It Means for Investors
What Phoenix Financial is
Phoenix Financial is one of Israel’s largest insurance and investment groups, based in Tel Aviv. Like big U.S. insurers, it invests customer premiums and savings across hundreds of companies, from banks and tech firms to defense makers.
CNN’s review focused on Phoenix’s insurance-side holdings and left out its retirement accounts. That’s where it found the stakes in Elbit Systems and other military suppliers.
How a firm like Affinity makes money
Affinity is a private equity firm. It collects money from big investors, mostly government funds in the Gulf, and buys stakes in companies it thinks will grow. It earns fees for managing the money and a share of the profits when it sells.
- Buy: Affinity bought into Phoenix for about $128 million in 2024 and added more in 2025.
- Grow: Phoenix’s shares rose, so Affinity’s stake gained value.
- Sell: In July 2026 it sold about a quarter of the stake for roughly $343 million, while keeping the rest.
Unlike a public company, a private firm doesn’t have to publish most of its finances. That’s one reason lawmakers say they want more disclosure.
The EA deal: why gamers noticed
Affinity is also part of the group that took Electronic Arts private. EA makes Madden NFL, EA Sports FC, The Sims and Battlefield.
| Detail | What was reported |
|---|---|
| Buyers | Saudi Arabia’s PIF, Silver Lake and Affinity Partners |
| Price | About $55 billion, or $210 a share in cash |
| Closed | August 2026, after shareholder and regulatory approval |
| Affinity’s share | Small; one report put it near 1%, with PIF owning the vast majority |
| What stays the same | Andrew Wilson remains CEO; EA stays in Redwood City, California |
For players, nothing changes overnight. Games and subscriptions continue as before. EA is no longer listed on the Nasdaq, though, so you can’t buy its shares anymore.
Why this matters
Kushner holds no paid government job, but he plays a real role in U.S. diplomacy. Ethics experts say that when someone negotiates for the country while managing money from foreign governments, the public deserves clear walls between the two. Kushner’s team says those walls exist. Democrats say they want proof.
For now, this is a political and ethics fight, not a legal case. No agency has accused Kushner or Affinity of breaking any law.
Plain-English example (made-up numbers, for illustration): Think of Affinity’s Phoenix stake like owning part of a big mutual fund. Say you own 10% of a fund, and the fund owns shares in 100 companies, including a few defense makers. When those stocks rise, the fund is worth more, so your 10% is worth more, even though you never picked those stocks. That’s the link CNN described: indirect, but real.
Who decides what happens next
| Decision | Who makes it |
|---|---|
| Whether to answer Garcia’s letter | Affinity Partners (it isn’t required to) |
| Whether to subpoena Affinity | The Oversight chair, or the committee by vote; Democrats would need a House majority |
| Whether Kushner keeps his envoy role | President Trump |
| Whether any law was broken | Federal prosecutors or regulators, if they ever opened a case; none has been reported |
What to watch
- Nov. 3 midterms: If Democrats win the House, subpoenas become possible in 2027.
- Affinity’s reply: Whether the firm answers Garcia’s questions voluntarily.
- More Phoenix sales: Affinity still holds about 7.4% of Phoenix.
FAQ
What is Affinity Partners?
It’s a private investment firm Jared Kushner founded in 2021. Most of its money comes from Gulf sovereign wealth funds, led by Saudi Arabia’s Public Investment Fund.
Does Jared Kushner own part of EA?
His firm, Affinity Partners, joined Saudi Arabia’s PIF and Silver Lake in the roughly $55 billion buyout of Electronic Arts, which closed in August 2026. Reports put Affinity’s share at around 1%.
Why is Congress investigating Jared Kushner?
House Oversight Democrats, led by Rep. Robert Garcia, want details on Affinity’s Middle East deals after a CNN report on Phoenix Financial’s holdings in Israeli defense companies. As the minority party, they can’t force answers.
Is Jared Kushner a government employee?
He serves as an unpaid volunteer envoy in Middle East negotiations for the Trump administration.
Has Kushner been accused of breaking the law?
No. No agency has accused Kushner or Affinity of any crime. The dispute is about ethics and possible conflicts of interest.
Bottom line
Kushner’s firm has made big gains, including a roughly $343 million sale of part of its Phoenix stake, and it now owns a slice of EA. Democrats say his diplomacy and his business are too close. His lawyer says they’re kept apart. Unless Democrats win the House on Nov. 3, they have little power to force answers.
Last reviewed: Oct. 26, 2026.
Sources: CNN via KION (Oct. 6, 2026); Globes: Affinity sells 25% of Phoenix stake; Calcalist: Affinity’s first Phoenix stake; House Oversight Democrats (March 19, 2026); Silver Lake: EA acquisition completed; TheWrap.
Featured image: Electronic Arts offices in Redwood City, California. Photo: King of Hearts / Wikimedia Commons, CC BY-SA 3.0; edited by Nexgen Headlines.
