Jared Kushner & Affinity: Pentimento, Shield, or MBS' Buffett?

(On the Theory of Silence)

How did Jared Kushner raise $2B from KSA Sovereign Wealth Fund (PIF)?

Rogues often emanate from a lost world. That is, they leave behind their history and remake themselves, placing in a vault hidden from the world what made them. I am not a dispassionate historian, and I have a past too, the proud part I keep to myself, the part I would rather forget, I do not forget. We can better understand people’s destination if we can understand where they came from. A space exists along the spectrum of good and evil and in that continuum some men prefer to package their awkward baggage of the past by simply forgetting about it. But memories are never erased, they just become more difficult to recall. As in Proust’s La Recherche (In Search of Lost Time), some memories just need a madeleine, think of it a a neural agent provacateur.

Kushner, however, is no “weak minded man”. He is a product of his life.

According to to the April 10, 2022 NYT article co-authored by David D. Kirkpatrick and Kate Kelley, in its most recent public filings with the Securities and Exchange Commission, dated March 31, Mr. Kushner’s firm reported that its main fund had $2.5 billion under management, almost entirely from investors based overseas. Most of that appears to be the $2 billion from Saudi Arabia’s sovereign wealth fund the Public Investment Fund (“PIF”).

However, the most interesting fact in the Saudi documents, as obtained by The Times, is the disclosure that in return for its investment, the Saudi PIF fund would receive a stake of at least 28 percent in Mr. Kushner’s main investment vehicle. The April 10th article does not make it clear if KSA owns a 28 percent interest is in Kushner’s LLC, or if Kushner’s GP LLC has a sharing arrangement of its Profits Commission of the General Partner LLC.