Kushner’s company has large stake in firm with Israeli military links as he negotiates in Gaza

At the same time Jared Kushner has acted as a key negotiator in the war in Gaza, his private equity company, Affinity Partners, has held the largest stake in an Israeli firm backing businesses involved in Israel’s military campaigns, a CNN investigation has found.

Kushner has skirted deeper scrutiny of this potential conflict of interest by acting as a volunteer envoy, rather than accepting a government job that would require him to disclose his finances.

In the process, Kushner has carved out an unprecedented dual role under the Trump administration – one that blends lucrative business and high-stakes politics amid a devastating war.

CNN used Israeli financial transparency laws to trace some of the military-linked investments of Phoenix Financial, a Tel Aviv-based firm that Kushner’s investment group doubled its stake in last year, shortly before Donald Trump returned to the Oval Office. Kushner later described Phoenix as Affinity’s “best investment.”

Those records, which include only a fraction of Phoenix’s holdings, show Phoenix has invested hundreds of millions of dollars into Israel’s largest arms manufacturer, Elbit Systems. Phoenix also holds stakes in at least eight other companies providing equipment for the Israeli military ranging from drones to warships to demolition machinery, CNN found.

All nine companies identified by CNN saw their stock value climb last year, with many stating the war in Gaza had driven demand for their businesses.

Affinity doesn’t directly hold a stake in the nine companies CNN identified – but it does stand to reap rewards when Phoenix makes a profit.

Since spring 2025, Kushner has been a leading administration voice in the Middle East, advising Trump and flying across the globe to negotiate with leaders including Israeli Prime Minister Benjamin Netanyahu – and even unveiling plans for rebuilding and transforming the Gaza Strip into a global tourist hub.

Kushner was a key architect of the Gaza ceasefire brokered between Israel and Hamas last October; despite that deal, Israel continues striking the enclave on a near daily basis.

CNN found no indication that Kushner’s actions as a diplomat directly affected the investments reviewed. However, his firm has reaped strong gains from its Phoenix investment, cashing out a quarter of its stake in July for more than $340 million – a return of more than five times its initial stock purchase. Owned solely by Kushner, Affinity remains Phoenix’s largest shareholder with a 7.4% stake worth more than $1 billion as of July.

Omar al-Qattaa/AFP/Getty Images

Kushner has spoken candidly about both his Phoenix investment and his role as a peace broker, arguing that financial profit is the best path toward lasting peace.

“When you get an Arab and Israeli together and they start talking about a business opportunity, they forget about everything else and then they realize that there’s a lot of similarities,” Kushner told the “No Priors” podcast in September last year.

“My investors from the Middle East are now looking at Israel, and they’re saying, ‘Wait a minute, maybe there’s a benefit to having these wars done,’” he added.

But critics say Kushner’s financial entanglements combined with his unofficial role as a powerful White House representative to a war-torn region raise questions about whether he’s acting in the best interests of taxpayers or his own bottom line.

“There are always people who profit from war or government policies. The difference is that the people profiting should not be the people making the decisions to make that policy. And that is what is happening here,” said Cynthia Brown, chief ethics counsel for Citizens for Responsibility and Ethics in Washington.

Saul Loeb/AFP/Getty Images

An attorney for Kushner told CNN Kushner has “never participated in or directed Phoenix’s decisions” on where to invest, adding he had “no involvement in the decision to purchase, hold or sell any of the nine companies” highlighted by CNN and has never been on Phoenix’s board. They added, “any suggestion that Jared’s diplomatic work influenced Phoenix’s investments in the companies you identify, or vice versa, is incorrect.”

Kushner, however, told Forbes last September that he maintains “a very active dialogue” with the financial group, meeting every few weeks with its leadership.

His attorney confirmed to CNN this statement was accurate at the time and that Kushner “regularly spoke with Phoenix management about the company, broader market trends and potential strategic opportunities.”

But they added that Kushner’s interaction with Phoenix’s management had significantly reduced since becoming “substantially more engaged in volunteer public-service and diplomatic efforts.”

Kevin Dietsch/Getty Images

Some of Phoenix’s stakes in companies tied to the Israeli military came before Kushner’s firm became the largest shareholder. Others, including a company making electronic fuzes for shells used in Gaza, and another that manufactures parts for Israeli tanks, came after.

Phoenix declined to address what appeared to be inconsistencies in the labeling of some of its public reports. Two forensic accountants in Israel separately reviewed the records and concluded, despite those inconsistencies, the filings analyzed by CNN are Phoenix’s holdings. These include investments CNN identified that were made by Phoenix in the military-linked firms.

The documents show details for only one part of Phoenix’s portfolio, and do not include assets in retirement accounts or stakes held in companies through mutual funds, corporate bonds and other securities, the accountants confirmed.

Though Phoenix did not provide comment on CNN’s findings, a company spokesperson noted that the firm is “regulated” and that “shareholder value is derived primarily from operating performance rather than investment returns.”

As a private company, Affinity, like Kushner, is not required under US law to disclose where it invests. Kushner revealed in March that Affinity had made 28 investments so far, but the size of its stake in Phoenix relative to the rest of its holdings remains unclear.

A spokesperson for the White House dismissed concerns over a potential conflict of interest between Kushner’s roles as volunteer and businessman, calling them a “tired narrative that Democrats have pushed against President Trump, his family, and his administration for a decade.”

“Jared Kushner’s personal business activities have nothing to do with his diplomatic engagements, which he conducts on a volunteer basis at the President’s request,” said White House principal deputy press secretary Anna Kelly. She cited his “record of success” in past diplomatic efforts, including helping broker the Abraham Accords, the normalization agreements between Israel and several Arab states during Trump’s first term.

Democrats, though, have sought to open new investigations into Kushner’s activities in the region, probes that could heat up if they retake control of the House in the midterms. In a letter sent to Kushner in April promising an investigation by the House Judiciary Committee, Democratic Rep. Jamie Raskin described Kushner’s dual roles as a “completely irreconcilable and unethical” decision that he said “has been haunting American foreign policy since President Trump returned to Washington in 2025.”

Kushner incorporated the company he later transformed into the Miami-based Affinity Partners on January 21, 2021, just a day after Trump’s first term ended. Six months later, the firm secured a $2 billion investment from the Saudi Public Investment Fund (PIF) – Saudi Arabia’s sovereign wealth fund led by the Crown Prince Mohammed bin Salman, with whom he had built a close relationship during Trump’s first term in office. At the time, the fund’s board overruled a group of PIF advisers who cautioned against the investment, warning in part of “the inexperience of the Affinity Fund management,” the New York Times reported.

Cash injections from Qatar and the United Arab Emirates followed, as did a string of investments that included stakes in the Abu Dhabi-backed Zamp, which operates fast food restaurants across Brazil, and the Germany-based smart fitness company EGYM.

Zak Bennett/Bloomberg/Getty Images

In 2023, Affinity agreed to make its first investment in Israel, buying a 15% stake in the Shlomo Group’s car rental and credit business for $150 million.

The next year, Affinity bought a 4.95% stake in Phoenix Financial for $128.5 million. Phoenix is one of Israel’s largest financial groups, offering services spanning insurance, pensions and asset management. Affinity then roughly doubled its stake in Phoenix five days before Trump was sworn back into office, becoming Phoenix’s largest shareholder.

Kushner has described the investment as a bet on Israel’s economic strength.

“Investing in Phoenix in July 2024 was a decision rooted in my belief in Israel’s resiliency and the fundamentals of Phoenix’s business,” Kushner told Bloomberg after receiving the nod from authorities to double his stake.

Affinity’s renewed bet on Phoenix came amid Israel’s escalating war in Gaza, which began in retaliation for Hamas’ deadly Oct. 7, 2023, attacks, in which more than 1,200 Israelis were killed. Israel’s campaign, which officials have argued is necessary for national security, has killed more than 74,000 people, according to Palestinian health ministry figures, and been described as disproportionate by critics. An independent United Nations inquiry found Israel’s military actions in Gaza amounted to genocide, a characterization Israel has repeatedly rejected.

Kushner soon stepped into a central role in mediating the conflict. But unlike during Trump’s first term, when Kushner was a senior adviser in the White House and helped craft key deals like the Abraham Accords, this time he avoided taking on a formal role.

Instead, Kushner began acting as an unofficial adviser to his father-in-law starting in May 2025, as the war reached a fever pitch.

Regional officials told CNN at the time they welcomed the help of Kushner, who had known Netanyahu since his teenage years and had forged strong relationships with other key regional players during the first Trump administration. Officials said they viewed him as more adept than Trump’s special envoy to the Middle East, Steve Witkoff, at navigating complex negotiations.

Ronen Zvulun/Reuters

“It really got started with Gaza. … I spent a lot of time helping Steve, just quietly. And then when things got very intense with Gaza, Steve and the president asked me to get more involved operationally,” Kushner later said.

In September 2025, Kushner stood in the Oval Office as Netanyahu called Qatar’s prime minister following an Israeli strike targeting Hamas leaders in Doha. Later that day, he huddled with Netanyahu and his delegation to go over a framework for a Gaza ceasefire deal.

In October last year, Trump dispatched his son-in-law to Sharm el-Sheikh, Egypt, to seal the deal. “I have Jared,” he said at the time. “Find anybody more capable.” Days later, Kushner stood in Hostages Square, Tel Aviv, celebrating the ceasefire he had helped broker.

Amid this diplomatic maneuvering, Kushner openly discussed his commercial interests in the region. In January, he unveiled a “masterplan” for Gaza’s rebuilding at the World Economic Forum at Davos, including a “coastal tourism” zone long enough for 180 skyscrapers, and an airport to replace one destroyed in Israeli strikes more than two decades ago.

“New Gaza” would be a center of industry, Kushner said, imploring private sectors to come forward, and promising them “amazing investment opportunities” awaited them in Gaza.

Weeks later, in February, at the inaugural meeting of Trump’s “Board of Peace” established to oversee Gaza’s redevelopment and security, Kushner, who is an executive member of the board, said: “A lot of these people are volunteers. They’re doing this not for any personal gain. People are not personally profiting from this.”

Both Kushner and his fellow envoy Witkoff have described approaching diplomacy as businessmen, identifying what each side wants, resolving obstacles and brokering deals. Kushner has brushed aside concerns about such overlaps. In an interview with “60 Minutes Overtime” in October 2025, he said, “What people call conflicts of interests, Steve and I call experience and trusted relationships.”

In the case of Affinity’s stake in Phoenix, Kushner’s public diplomacy and private profit openly intersect.

While Kushner is not required to disclose his holdings because of his volunteer status, Israel’s financial regulations provide a rare window into a firm Affinity has invested in. As a public company, Phoenix is required to publish some business details to Israeli regulators every quarter. Those documents show that Phoenix has invested significant capital in companies that have done business with Israel’s military as it waged war in Gaza, Lebanon and Iran.

The largest stake among those firms, worth at least $265 million, is in Elbit Systems, Israel’s largest weapons manufacturer. In the past year, the company has secured hundreds of millions of dollars in contracts from Israel’s defense ministry, including about $200 million for advanced airborne munitions, $48 million for thousands of 155mm artillery shells, and $210 million to upgrade the military’s battle tanks.

Jack Guez/AFP/Getty Images

Israel was Elbit’s biggest market in 2025, accounting for 32% of its total revenue. Phoenix, which holds at least a 0.6% stake in the company according to Israeli stock exchange data, has been invested in Elbit for more than a decade.

Elbit has said it had seen a “material increase” in demand for its products from Israel’s Ministry of Defense compared with the demand before the Israel-Gaza war. Since the start of the war, Elbit’s stock price has increased more than 165%, according to Tel Aviv Stock Exchange figures.

The defense electronics and arms manufacturer’s products, including high explosive tank shells and 500-pound bombs, have been traced to the scene of multiple Israeli strikes that killed civilians, according to analysis by CNN and rights groups.

Another sizeable Phoenix stake, at more than $68 million, is in Next Vision, a company that makes cameras for military drones and sells them to contractors including Elbit and Israel Aerospace Industries. While Next Vision reported an increase in orders from Israeli customers since the beginning of the war in Gaza, just 12 percent of its sales in 2025 came from Israel.

Phoenix has also invested at least $40 million in Reshef Technologies, a company producing electronic fuzes for artillery shells. The company reported $165 million worth of orders from the Israeli Ministry of Defense since the start of the war in Gaza.

Phoenix also holds a much smaller stake of $524,524 in Israel Shipyards, a shipbuilder that manufactures fast attack boats sold to the Israeli Navy. Boats produced by Israel Shipyards have been used in the war in Gaza to launch missiles at the enclave, according to the Israel Defense Forces (IDF). In a 2026 report, the company noted the war had had “positive effects on the business” as seen in the orders it had received for its military vessels, including from Israel’s defense ministry. In 2024, the defense ministry had signed a $780 million contract with Israel shipyards for five vessels, with the first delivery expected around 2031.

Another company that noted an increase in demand for its products during the war in Gaza was Ashot Ashkelon, which sells components including gearboxes and transmissions to the IDF for the tanks and armored vehicles it uses on the battlefield. Phoenix’s stake in the company is more than 10%.

Amir Levy/Getty Images

Phoenix has also made small investments in two giant American corporations – Boeing and Caterpillar, Inc. – both of which sell products used by the Israeli military.

Phoenix has a $4 million investment in Boeing, whose products include fighter jets and helicopters, as well as small diameter bombs and kits used to convert 2,000-pound bombs into precision-guided munitions.

Boeing sells products to Israel both directly and through the US Foreign Military Sales (FMS) program, under which the US government acts as an intermediary, procuring equipment from the company for sale to Israel. The company’s business with Israel is a small fraction of its portfolio but has drawn international condemnation as its munitions have been repeatedly identified at the scene of attacks where Israel has killed civilians. Israel has said that it has taken steps to minimize civilian casualties in Gaza.

Ali Jadallah/Anadolu/Getty Images

Phoenix holds a smaller stake in Caterpillar, at $2.5 million. Via the FMS, the tractor-maker has sent the Israeli military bulldozers that have been used to flatten neighborhoods in Lebanon and Gaza, according to the UN, which has urged the firm to cease business with Israel, warning it may be complicit in human rights violations.

Boeing declined to comment for this story. Neither Caterpillar nor any of the other firms Phoenix invested in responded to questions from CNN.

Affinity told CNN Kushner had no direct involvement in the firm’s decisions over the businesses it backs.

But in interviews, Kushner has described taking a deep interest in the work of every company he supports.

“In my business, I try to work with founders I love, on companies I’m excited about, and on missions that I think could be productive,” he said on the “No Priors” podcast last September.

Kushner has also openly talked of using Affinity and its stake in Phoenix to blur commercial and political ambitions in the Middle East.

He described on the same podcast receiving scrutiny from his backers in the Gulf over Affinity’s initial move to invest in Phoenix. “At the time we made the decision, we had very intense discussions in our investment committee because they said, ‘Look there’s about to be a war in the country,’ which is what we kind of thought was going to happen, and said, ‘How do we explain this to the investors if it goes wrong?’ And I said, ‘Well number one, it’s not a bad thing to have them more vested in the economy of Israel now.’”

Kushner then suggested that relationship could work both ways, with Phoenix investing in Saudi Arabia and the UAE in return.

“The next phase of that is Phoenix, which is a monster company, is now looking at investments in Saudi Arabia, investments in UAE, and basically thinking how do they start deploying their huge amounts of capital into infrastructure projects in the region next to it. Which again is just further going to bring people together,” he said.

Ultimately, Kushner said Affinity’s investments are focused on “the big trends that we think are changing the world,” adding, “I think a lot of it is about partnership and standing behind the right companies.”

CNN’s Em Steck, Alayna Treene, Kevin Liptak and Andy Carey contributed to this report

CNN 的一项调查发现，就在贾里德·库什纳担任加沙战争的关键谈判代表的同时，他的私募股权公司 Affinity Partners 却持有以色列一家公司的最大股份，而这家以色列公司支持参与以色列军事行动的企业。

库什纳通过担任志愿特使而不是接受需要他披露财务状况的政府工作，来规避对这种潜在利益冲突的更深入审查。

在此过程中，库什纳在特朗普政府中扮演了前所未有的双重角色——在一场毁灭性的战争中，将利润丰厚的商业和高风险的政治结合起来。

CNN利用以色列金融透明法追踪了凤凰金融公司（Phoenix Financial）的一些与军方有关联的投资。这家总部位于特拉维夫的公司，库什纳的投资集团去年在唐纳德·特朗普重返白宫前不久，将其持股比例翻了一番。库什纳后来称凤凰金融是Affinity公司“最好的投资”。

这些记录仅涵盖了凤凰集团部分持股，但显示凤凰集团已向以色列最大的武器制造商埃尔比特系统公司投资数亿美元。CNN还发现，凤凰集团至少持有其他八家公司的股份，这些公司为以色列军方提供从无人机、军舰到爆破机械等各种设备。

CNN 评选出的这九家公司去年股价均有所上涨，其中许多公司表示，加沙战争推动了对其业务的需求。

Affinity 并未直接持有 CNN 指出的九家公司的股份，但当 Phoenix 盈利时，它确实会从中受益。

自 2025 年春季以来，库什纳一直是美国政府在中东问题上的主要发言人，他为特朗普提供建议，并飞往世界各地与包括以色列总理本雅明·内塔尼亚胡在内的各国领导人进行谈判，甚至还公布了将加沙地带重建和改造为全球旅游中心的计划。

库什纳是去年十月以色列和哈马斯之间达成的加沙停火协议的主要策划者；尽管有该协议，以色列仍然几乎每天都对加沙地带进行袭击。

CNN并未发现任何迹象表明库什纳作为外交官的行为直接影响了所审查的投资。然而，他的公司从对凤凰公司的投资中获得了丰厚的回报，7月份套现了其持有的四分之一股份，套现金额超过3.4亿美元——回报超过其最初股票购买价格的五倍。截至7月份，库什纳全资拥有的Affinity仍然是凤凰公司的最大股东，持有7.4%的股份，价值超过10亿美元。

Omar al-Qattaa/法新社/盖蒂图片社

库什纳曾坦率地谈到他在凤凰城的投资以及他作为和平斡旋者的角色，他认为经济利益是实现持久和平的最佳途径。

“当一个阿拉伯人和一位以色列人聚在一起，开始谈论商业机会时，他们会忘记其他一切，然后意识到彼此有很多相似之处，”库什纳去年9月在“No Priors”播客节目中说道。

“我的中东投资者现在正在关注以色列，他们说，‘等等，也许结束这些战争是有好处的，’”他补充道。

但批评人士表示，库什纳的财务纠葛，加上他作为白宫在战乱地区的非正式代表所扮演的强大角色，让人质疑他究竟是在为纳税人的利益服务，还是在为自己的利益服务。

“总会有人从战争或政府政策中获利。区别在于，获利者不应该是制定政策的人。而这正是现在正在发生的事情，”华盛顿公民责任与道德组织首席道德顾问辛西娅·布朗说道。

Saul Loeb/AFP/Getty Images

库什纳的律师告诉CNN，库什纳“从未参与或指导凤凰投资公司的投资决策”，并补充说，他“没有参与CNN重点提及的九家公司的购买、持有或出售决策”，也从未担任过凤凰投资公司的董事。他们还表示，“任何关于贾里德的外交工作影响了凤凰投资公司对您提到的这些公司的投资，或者反之亦然的说法都是不正确的。”

然而，库什纳去年九月告诉《福布斯》杂志，他与该金融集团保持着“非常积极的对话”，每隔几周就会与该集团的领导层会面。

他的律师向 CNN 证实，这一说法当时是准确的，库什纳“经常与菲尼克斯管理层讨论公司、更广泛的市场趋势和潜在的战略机会”。

但他们补充说，自从库什纳“更多地参与志愿公共服务和外交活动”以来，他与菲尼克斯管理层的互动已显著减少。

Kevin Dietsch/Getty Images

凤凰集团持有的部分与以色列军方相关的公司股份是在库什纳的公司成为最大股东之前取得的。其他股份，包括一家为加沙使用的炮弹生产电子引信的公司，以及另一家为以色列坦克生产零部件的公司，则是之后取得的。

菲尼克斯公司拒绝就其部分公开报告中标签上的明显不一致之处作出回应。以色列的两名法务会计师分别审查了这些记录，并得出结论：尽管存在这些不一致之处，但CNN分析的文件所列的资产仍属于菲尼克斯公司。这些资产包括CNN所确认的菲尼克斯公司对与军方有关联的公司的投资。

会计师证实，这些文件仅显示了凤凰投资组合的一部分详情，并不包括退休账户中的资产或通过共同基金、公司债券和其他证券持有的公司股份。

尽管菲尼克斯公司没有对 CNN 的调查结果发表评论，但该公司发言人指出，该公司受到“监管”，并且“股东价值主要来源于经营业绩，而不是投资回报”。

作为一家私人公司，Affinity 与库什纳一样，无需根据美国法律披露其投资去向。库什纳在三月份透露，Affinity 迄今已进行了 28 项投资，但其在 Phoenix 的持股比例相对于其其他持股的比例仍不清楚。

白宫发言人驳斥了有关库什纳作为志愿者和商人之间可能存在利益冲突的担忧，称这是“民主党人十年来一直用来攻击特朗普总统、他的家人和他的政府的陈词滥调”。

白宫首席副新闻秘书安娜·凯利表示：“贾里德·库什纳的个人商业活动与他的外交活动毫无关系，他的外交活动是应总统要求以志愿者的身份进行的。”她列举了库什纳过去在外交工作中取得的“成功记录”，包括在特朗普第一任期内协助促成《亚伯拉罕协议》，即以色列与几个阿拉伯国家之间的关系正常化协议。

然而，民主党人一直试图对库什纳在该地区的活动展开新的调查，如果他们在中期选举中重新掌控众议院，这些调查可能会升温。今年4月，民主党众议员杰米·拉斯金致信库什纳，承诺众议院司法委员会将对此展开调查。拉斯金在信中将库什纳的双重身份描述为“完全不可调和且不道德”的决定，并表示“自特朗普总统2025年重返华盛顿以来，这一决定一直困扰着美国的外交政策”。

库什纳于2021年1月21日注册成立了后来发展成为总部位于迈阿密的Affinity Partners的公司，而就在第二天，特朗普的第一任期就结束了。六个月后，该公司从沙特公共投资基金（PIF）获得了20亿美元的投资。PIF是沙特阿拉伯的主权财富基金，由王储穆罕默德·本·萨勒曼领导，库什纳在特朗普的第一任期内与王储建立了密切关系。据《纽约时报》报道，当时，PIF董事会否决了一组顾问的警告，这些顾问曾告诫不要进行这项投资，部分原因是“Affinity Partners的管理层缺乏经验”。

随后，卡塔尔和阿拉伯联合酋长国也注入了资金，并进行了一系列投资，其中包括投资阿布扎比支持的 Zamp 公司（该公司在巴西经营快餐店）和总部位于德国的智能健身公司 EGYM。

Zak Bennett/Bloomberg/Getty Images

2023 年，Affinity 同意在以色列进行首次投资，斥资 1.5 亿美元收购了 Shlomo 集团汽车租赁和信贷业务 15% 的股份。

次年，Affinity斥资1.285亿美元收购了Phoenix Financial 4.95%的股份。Phoenix是以色列最大的金融集团之一，提供保险、养老金和资产管理等服务。在特朗普宣誓就职前五天，Affinity将其在Phoenix的持股比例几乎翻了一番，成为Phoenix的最大股东。

库什纳将这项投资描述为对以色列经济实力的押注。

库什纳在获得当局批准将其持股比例翻倍后告诉彭博社：“2024 年 7 月投资 Phoenix 的决定源于我对以色列韧性和 Phoenix 业务基本面的信念。”

在以色列加沙战争不断升级之际，Affinity再次押注Phoenix。这场战争始于以色列对哈马斯2023年10月7日致命袭击的报复，那次袭击造成超过1200名以色列人丧生。以色列官员辩称，这场军事行动对于国家安全是必要的，但根据巴勒斯坦卫生部的数据，已有超过74000人丧生，批评人士则认为以色列的军事行动过度。联合国一项独立调查认定，以色列在加沙的军事行动构成种族灭绝，但以色列一再否认这一指控。

库什纳很快在调解冲突中扮演了核心角色。但与特朗普第一任期内担任白宫高级顾问并参与制定《亚伯拉罕协议》等关键协议不同，这一次他避免担任正式职务。

相反，从 2025 年 5 月开始，随着战争进入白热化阶段，库什纳开始担任他岳父的非正式顾问。

当时，地区官员告诉CNN，他们欢迎库什纳的帮助。库什纳从内塔尼亚胡青少年时期就认识他，并在特朗普第一任期内与该地区其他重要人物建立了牢固的关系。官员们表示，他们认为库什纳比特朗普的中东特使史蒂夫·威特科夫更擅长处理复杂的谈判。

罗南·祖伦/路透社

“这一切其实是从加沙开始的……我花了很多时间默默地帮助史蒂夫。后来，当加沙局势变得非常紧张时，史蒂夫和总统邀请我更多地参与到实际行动中来，”库什纳后来说道。

2025年9月，以色列对多哈哈马斯领导人发动空袭后，内塔尼亚胡致电卡塔尔总理，库什纳当时就在椭圆形办公室。当天晚些时候，他与内塔尼亚胡及其代表团举行会晤，商讨加沙停火协议的框架。

去年十月，特朗普派遣女婿前往埃及沙姆沙伊赫促成停火协议。“我有贾里德，”他当时说道，“还有谁比他更胜任？”几天后，库什纳站在特拉维夫人质广场，庆祝他促成的停火协议。

在这一系列外交斡旋中，库什纳公开谈论了他在该地区的商业利益。今年1月，他在达沃斯世界经济论坛上公布了一项加沙重建“总体规划”，其中包括一条足以容纳180座摩天大楼的“沿海旅游”区，以及一座取代20多年前被以色列空袭摧毁的机场的新机场。

库什纳表示，“新加沙”将成为工业中心，他恳请私营部门积极参与，并承诺加沙将为他们提供“惊人的投资机会”。

几周后，在2月份特朗普为监督加沙重建和安全而设立的“和平委员会”的首次会议上，作为该委员会执行成员的库什纳说：“这些人很多都是志愿者。他们这样做不是为了任何个人利益。没有人从中获利。”

库什纳和他的另一位特使维特科夫都曾表示，他们以商人的方式处理外交事务，明确各方需求，排除障碍，促成交易。库什纳对这种利益重叠的担忧不以为然。在2025年10月接受“60分钟”节目采访时，他说道：“人们所谓的利益冲突，我和史蒂夫称之为经验和信任关系。”

就 Affinity 持有 Phoenix 股份一事而言，库什纳的公共外交和私人利润公开交织在一起。

尽管库什纳因其志愿者身份无需披露其持股情况，但以色列的金融监管条例却为我们提供了一个难得的机会，得以窥见Affinity投资的一家公司。作为一家上市公司，Phoenix必须每季度向以色列监管机构披露部分业务细节。这些文件显示，Phoenix曾向一些与以色列军方有业务往来的公司投入了大量资金，而以色列军方当时正在加沙、黎巴嫩和伊朗发动战争。

在这些公司中，持股最多的是以色列最大的武器制造商埃尔比特系统公司，价值至少2.65亿美元。过去一年，该公司从以色列国防部获得了数亿美元的合同，其中包括约2亿美元的先进空降弹药合同、4800万美元的数千枚155毫米炮弹合同以及2.1亿美元的军用坦克升级合同。

Jack Guez/AFP/Getty Images

以色列是埃尔比特系统公司2025年最大的市场，占其总收入的32%。根据以色列证券交易所的数据，凤凰投资公司持有该公司至少0.6%的股份，并且已投资埃尔比特系统公司超过十年。

埃尔比特公司表示，与以加战争爆发前相比，以色列国防部对其产品的需求出现了“显著增长”。据特拉维夫证券交易所的数据显示，自战争爆发以来，埃尔比特公司的股价已上涨超过165%。

据美国有线电视新闻网 (CNN) 和人权组织的分析，这家国防电子和武器制造商的产品，包括高爆炸性坦克炮弹和 500 磅炸弹，已被追溯到多起造成平民死亡的以色列袭击现场。

凤凰资本的另一项重大投资是Next Vision，价值超过6800万美元。Next Vision是一家为军用无人机生产摄像头的公司，其产品销往包括埃尔比特系统公司和以色列航空航天工业公司在内的承包商。尽管Next Vision报告称，自加沙战争爆发以来，来自以色列客户的订单有所增加，但预计其2025年的销售额中只有12%来自以色列。

凤凰公司还向生产炮弹电子引信的Reshef Technologies公司投资了至少4000万美元。该公司报告称，自加沙战争爆发以来，已从以色列国防部获得价值1.65亿美元的订单。

凤凰公司还持有以色列造船厂价值524,524美元的股份，该造船厂生产快速攻击艇，并出售给以色列海军。据以色列国防军（IDF）称，以色列造船厂生产的舰艇曾被用于加沙战争，向加沙地带发射导弹。该公司在2026年的一份报告中指出，战争对公司业务产生了“积极影响”，这体现在其收到的军舰订单上，其中包括来自以色列国防部的订单。2024年，以色列国防部与以色列造船厂签署了一份价值7.8亿美元的合同，订购五艘舰艇，预计首批舰艇将于2031年左右交付。

另一家在加沙战争期间产品需求激增的公司是阿肖特·阿什凯隆公司（Ashot Ashkelon）。该公司向以色列国防军（IDF）出售包括变速箱和传动装置在内的零部件，用于其战场上使用的坦克和装甲车辆。凤凰公司持有该公司超过10%的股份。

Amir Levy/Getty Images

Phoenix 还对两家美国巨型企业——波音公司和卡特彼勒公司——进行了小额投资，这两家公司都向以色列军方销售产品。

Phoenix公司向波音公司投资了400万美元，波音公司的产品包括战斗机和直升机，以及小直径炸弹和用于将2000磅炸弹改装成精确制导武器的套件。

波音公司直接向以色列销售产品，也通过美国对外军售（FMS）项目进行销售。在FMS项目中，美国政府作为中间人，从波音公司采购设备出售给以色列。波音公司与以色列的业务在其整体业务组合中占比很小，但由于其弹药多次在以色列造成平民伤亡的袭击现场被发现，因此招致了国际社会的谴责。以色列方面表示，已采取措施最大限度地减少加沙地带的平民伤亡。

阿里·贾达拉/阿纳多卢/盖蒂图片社

凤凰公司持有卡特彼勒公司价值250万美元的股份。据联合国称，这家拖拉机制造商通过对外军售（FMS）向以色列军方输送了推土机，这些推土机被用于夷平黎巴嫩和加沙的居民区。联合国已敦促该公司停止与以色列的业务往来，并警告称其可能参与了侵犯人权的行为。

波音公司拒绝就此事置评。卡特彼勒公司以及凤凰投资的其他任何公司均未回复CNN的提问。

Affinity 告诉 CNN，库什纳没有直接参与该公司对其所支持企业的决策。

但在采访中，库什纳表示，他对所支持的每一家公司的工作都非常感兴趣。

“在我的事业中，我努力与我喜欢的创始人合作，为我感到兴奋的公司效力，并参与我认为可能富有成效的项目，”他去年九月在“No Priors”播客节目中说道。

库什纳还公开谈到要利用 Affinity 及其在 Phoenix 的股份，模糊其在中东的商业和政治野心。

他在同一期播客节目中描述了Affinity最初投资Phoenix时，海湾地区的投资人对他的决策提出的质疑。“当时我们做出这个决定时，投资委员会进行了非常激烈的讨论，因为他们说，‘你看，以色列马上就要爆发战争了’，而我们也确实预料到了这种情况。他们还说，‘如果投资失败，我们该如何向投资者解释？’我说，‘首先，让他们更多地投资以色列经济并非坏事。’”

库什纳随后表示，这种关系可以是双向的，凤凰公司可以投资沙特阿拉伯和阿联酋作为回报。

“下一阶段是凤凰集团，这家巨头公司目前正在考虑在沙特阿拉伯和阿联酋进行投资，他们基本上是在思考如何将巨额资金投入到周边地区的基建项目中。这反过来又会进一步促进各方合作，”他说道。

库什纳最后表示，Affinity 的投资重点是“我们认为正在改变世界的重大趋势”，并补充说，“我认为这很大程度上是关于合作以及支持正确的公司。”

CNN的Em Steck、Alayna Treene、Kevin Liptak和Andy Carey对本报道亦有贡献。