Jared Kushner’s Affinity Partners investment firm filed a disclosure with minor updates and $50 million less in assets under management than the prior year

Jared Kushner

After leaving the White House Jared Kushner set up an investment advisory firm called Affinity Partners, which is officially registered as A Fin Management. In 2022 the Saudi Public Investment Fund (PIF) invested over $2 billion and in 2023 the United Arab Emirates invested over $200 million and a Qatari entity invested a similar sum.

Kushner’s firm receives millions of dollars in management fees each year for investing these funds on behalf of its clients. Last summer the Wall Street Journal reported that per some officials Saudi Arabia had “agreed to pay Kushner tens of millions in management fees each year—even if he didn’t invest the money.”

Jared Kushner has consistently denied that he has received preferential treatment after serving in the White House or because of his connection to Donald Trump. He repeated this in a recent New York Times story about his work with Affinity Partners.

“No one is ‘giving’ me deals,” said Mr. Kushner, who insisted he was not planning to return to Washington should his father-in-law win the presidency again. “I operate fairly meticulously, and these investments will create a lot of value for the local communities, our partners and our investors.”

Below are highlights from the most recent public disclosure for Kushner’s Affinity Partners along with pdfs of the updated filings, followed by a summary of known investments and upcoming projects.

Highlights of the new filing for Kushner’s Affinity Partners

Kushner’s A Fin Management LLC has just filed an updated Form ADV and firm brochure with the U.S. Securities and Exchange Commission dated March 28, 2024, for the fiscal year ending December 31, 2023.

Below are a few highlights:

  • $3,004,963,927 is the amount of regulatory assets under management in section (f) Pooled investment vehicles.
  • This amount was approximately $50 million less than the prior year 2022 which had $3,055,804,564.
  • Of the $3,004,963,927 of regulatory assets under management in 2023, the approximate amount attributable to clients who are non-United States persons was $2,973,976,414 or 99% of the total.*
  • Affinity Partners Parallel Fund I LP has $2,973,976,414 in regulatory assets under management and approximately 6 beneficial owners.
  • Affinity Partners Fund I LP has $30,987,513 in regulatory assets under management and approximately 1 beneficial owner.
  • John Rader who was listed as Chief Operating Officer in the prior form is no longer included in the list of direct owners and executive officers.

* The 99% was calculated based on section below showing that out of $3,004,963,927 that approximately $2,973,976,414 is attributable to clients who are non-U.S. persons.

A Fin Management aka Affinity Partners

Dated March 28, 2024 for fiscal year ending December 31, 2023

Jared Kushner
$3 billion+ from the Saudi Public Investment Fund, a United Arab Emirates sovereign wealth fund and a Qatari entity
Kushern and Mohammed bin Salman (MBS)

A Fin Management LLC

Large advisory firm that manages two Affinity funds


Total regulatory assets under management

More info

CRD Number: 315482

SEC file number 801-122021

Company # M21000001979

Inc 18 Feb 2021, Florida

Cassidy Luna – Chairman

Lauren Key – officer

Branch of A Fin Management LLC Delaware

Located in Sunny Isles Beach, FL

Direct Owners and Executive Officers

  • Jared Corey Kushner – Founder and Chief Executive Officer (owns 75% or more)
  • Lauren Elise Key – Chief Financial Officer (owns less than 5%)
  • Ian Joseph Brekke – Chief Compliance Officer (owns less than 5%)
  • Chad Robert Mizelle – Chief Legal Officer (owns less than 5%)
Affinity Partners Parallel Fund I LP


Approximate # of private fund’s beneficial owners: 6

Affinity Partners Fund I LP


Approximate # of private fund’s beneficial owners: 1

A Fin Management filings dated March 28, 2024

A Fin Management Form ADV
A Fin Management Brochure

Kushner’s Affinity Partners is working on several billion-dollar deals in the Balkans

Bloomberg recently reported that Kushner’s Affinity Partners was working on several billion-dollar deals in the Balkans. Affinity Partners has plans to transform Albania’s Sazan Island into a luxury Aman branded eco-resort community and the firm was also looking into renewable energy, data centers and AI projects. Two of the projects involve land controlled by the government which means a deal would have to be finalized with foreign governments.

I found the news on the plans of Affinity Partners to develop a luxury Aman resort of interest because in 2022 I had reported that Aman was a significant tenant of Trump Tower.

Kushner researched potential deals in the Balkans with his friends Asher Abehsera and Ric Grenell who had been U.S. Ambassador to Germany during the Trump administration. Per the New York Times Ric Grenell has said privately that he hopes to be secretary of state in a second Trump administration.

Three known Affinity Partner investment deals

Last month I published an article on the first three deals below that Affinity Partners reportedly invested in or planned to invest in:

  • Mosaic (California, USA) – agreement for $200 million investment: The first big investment deal for Jared Kushner’s Affinity partners, reported by Axios, was an agreement to lead the investment in a California-based fintech company called Mosaic that was raising more than $200 million.
  • EGYM (Munich, Germany) – led $225 million investment: An article in TechCrunch last year reported that Affinity Partners led the investment of $225 million in a Munich-based smart fitness startup EGYM which plans to do an initial public offering.
  • Shlomo Group Auto and Credit Operations (Israel) – $110 million: According to Calcalist Affinity Partners invested $110 million to acquire 15% of Shlomo Group’s auto and credit operations and the money “is intended to expand the Group’s automotive and credit operations in Israel to countries in the Middle East and North Africa.” They note some additional details of the transaction, including that Shlomo is granting Affinity a loan of almost $50 million to finance the $110 million deal.
  • Dubizzle – $150 million: This investment in a classified-ads site in the United Arab Emirates was mentioned in this Wall Street Journal article, and was not included in my prior article. More on the deal here.

According the the WSJ reporting from last summer Affinity had “looked at more than 1,000 companies and signed deals with six. Kushner agreed to invest $700 million—about 20% of the fund.”

I also reported on the Abraham Accords Peace Institute nonprofit that Jared Kushner set-up in 2021 and two directors of the nonprofit – Cassidy Luna and Charlton Boyd – who work at Affinity Partners.

For related information, here is my piece from 2022 on Saudi Arabian funding of Donald Trump and Jared Kushner through the Public Investment Fund (PIF):


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