Jared Kushner has been helping broker an end to the war in Gaza while his private equity company holds a billion dollar stake in a group that invests in suppliers to the Israeli military. CNN reported the financial overlap, which has revived questions about potential conflicts of interest.

Kushner’s Affinity Partners has become the largest shareholder in Phoenix Financial, a Tel Aviv group that has invested at least $456 million across nine companies providing weapons and equipment to Israeli forces. Affinity is owned solely by Donald Trump’s son in law.

Affinity does not directly hold stock in the nine military suppliers identified by CNN. The network also said it found no evidence that Kushner’s diplomatic work for the Trump administration affected investment decisions made by Phoenix.

Still, the arrangement has drawn fresh scrutiny because Kushner is operating simultaneously as a private investor and an unofficial White House representative. His diplomatic work involves one of the world’s most sensitive and longest running conflicts.

Affinity first purchased a 4.95% stake in Phoenix for $128.5 million in July 2024. The company roughly doubled that position less than a week before Trump, 80, returned to office in January 2025.

The investment delivered a sizable return. Affinity sold about a quarter of its Phoenix holdings in July for $340 million, which CNN described as a fivefold return on the amount originally paid for those shares.

Affinity still owns a 7.4% stake in Phoenix. That remaining position was worth more than $1 billion at the time of the July sale, according to CNN.

Phoenix’s holdings include at least $265 million invested in Elbit Systems, Israel’s largest arms manufacturer. The company also holds more than $68 million in drone camera maker Next Vision.

Phoenix has invested roughly $56 million in Bet Shemesh Engines, a producer of military engines. It also has at least $40 million in Reshef Technologies, which manufactures electronic fuses for artillery shells.

Kushner has emerged as one of Trump’s central Middle East intermediaries during the president’s second term. He helped negotiate the October 2025 ceasefire between Israel and Hamas and has worked on Trump’s plans for reconstructing the Gaza Strip.

He has also joined Trump envoy Steve Witkoff in negotiations intended to end Vladimir Putin’s full scale invasion of Ukraine. Kushner has additionally participated in negotiations involving the U.S. war with Iran.

Kushner held no formal White House role before Trump named him a Special Envoy for Peace in February. His new title does not make him a government employee, and the federal ethics rules that now apply to him remain unclear.

Before receiving that title, Kushner was not subject to the financial disclosure and transparency requirements imposed on officials. That distinction has added another layer to the questions surrounding his investment interests and diplomatic responsibilities.

During the first Trump administration, Kushner served as an official senior adviser to the president. At that time, he resigned from the family real estate business and agreed to dispose of foreign investments, stocks, and other assets to avoid conflicts of interest.

Kushner’s lawyer told CNN that he has “never participated in or directed Phoenix’s decisions” about its investments. The lawyer also said Kushner had “no involvement in the decision to purchase, hold, or sell any of the nine companies” identified by the network.

The Daily Beast contacted the White House, Kushner’s representatives, and Affinity for comment. Democrats, meanwhile, have signaled that Kushner could face congressional scrutiny if the party takes control of the House after November’s midterms, ahead of which they hold a lead of almost 9 points over the GOP.

Rep. Jamie Raskin told Reuters last month that Kushner “is a corporate executive that we absolutely will need to talk to” if Democrats prevail. Raskin said Kushner had already failed to answer two letters concerning Affinity’s dealings with Saudi Arabia, Qatar, and the United Arab Emirates while working on administration diplomacy.

Raskin has also focused on other members of the first family, including the president. They have faced separate conflict of interest accusations as their wealth has increased since Trump returned to the White House last year.