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Kushner and Mnuchin have raised $3.5 billion from Arab states since leaving, according to the NYT.
Saudi Arabia has invested $2 billion and $1 billion in Kushner’s and Mnuchin’s funds respectively, he said.
The report says the two held meetings with their future investors while working at the White House.
Jared Kushner, former senior adviser to President Donald Trump, and former Treasury Secretary Steve Mnuchin raised a combined $3.5 billion from Arab monarchies within six months of leaving office, the New York reported. Times.
Shortly after President Donald Trump left, Mnuchin launched his own fund, Liberty Capital, and Kushner followed soon after, launching Affinity Partners in July.
In six months, Affinity Partners would have obtained an investment of 2 billion dollars from the Saudi sovereign wealth fund.
Liberty Capital raised more than $1.5 billion from sovereign wealth funds in Saudi Arabia, the United Arab Emirates, Kuwait and Qatar, within three months of Mnuchin’s departure, The Times reported.
Political commentators and ethics experts feared the investments could be a way for investors to gain a foothold with those close to Trump, should he run and win the 2024 election. Trump has yet to say whether he to present oneself to.
The Times reported that Kushner and Mnuchin made a series of visits to the Middle East while still in office, meeting those who would ultimately pour billions into their funds.
Kushner made three trips to the Middle East shortly after the November 2020 U.S. election, the Times said, including a Jan. 5 meeting with Gulf state leaders in Saudi Arabia.
On Jan. 5, 2021, Mnuchin kicked off his own Middle East tour, with scheduled stops with the heads of sovereign wealth funds from Saudi Arabia, the Emirates, Qatar and Kuwait, The Times reported.
All three were future investors in his funds.
Kushner managed to secure the $2 billion investment from the Saudis despite The Times reporting that the fund’s internal investor screening committee had warned against the investment.
The board reported that its background check found Affinity Partners to be “unsatisfactory in all respects” and that there were “public relations risks” given that Kushner was a former senior adviser to Trump, said the Times.
But the panel was rejected by the fund’s board, The Times reported. The chairman of the board is Crown Prince Mohammed bin Salman, the country’s de facto ruler who has had close ties with Kushner since 2017.
According to The Intercept, Affinity Partner’s pitch deck to investors boasted of its close ties to Saudi Arabia, also citing the success of the Abraham Accords, a groundbreaking project Kushner founded while in office to forge new ties between the United Arab Emirates, Israel and the US.
Read the original article on Business Insider
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