Jared Kushner spent his final days in the White House traveling to the Middle East and after leaving, he has worked his contacts there to capture investors for his "investment" fund.
According to the New York Times, a panel screening investments for the Saudis couldn't quite figure out why they should give Kushner $2 billion for his fund. There are previously undisclosed documents showing questions the Saudis had with Affinity Partners.
The documents include details like "the inexperience of the Affinity Fund management," as well as concerns that the Saudis owned "the bulk of the investment and risk." They also found Kushner's firm operations were “unsatisfactory in all aspects." There were problems with an asset management fee that “seems excessive”; and “public relations risks” because Kushner previously worked at the White House.
Crown Prince Mohammed bin Salman allowed the investment from the Saudi's $620 billion fund.
"Ethics experts say that such a deal creates the appearance of potential payback for Mr. Kushner’s actions in the White House — or of a bid for future favor if Mr. Trump seeks and wins another presidential term in 2024," said the Times.
"The Saudi fund agreed to invest twice as much and on more generous terms with Mr. Kushner than it did at about the same time with former Treasury Secretary Steven Mnuchin — who was also starting a new fund — even though Mr. Mnuchin had a record as a successful investor before entering government," said the Times about the documents. "The amount of the investment in his firm, Liberty Strategic Capital — $1 billion — has not been previously disclosed."
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