An investment fund led by Jared Kushner holds a significant stake in an Israeli financial institution that backs arms manufacturers involved in Israel's military operations in Gaza, according to a CNN investigation published earlier this week. The report details how Kushner's private equity firm, Affinity Partners, increased its ownership in Phoenix Financial to 7.4 percent last year, just before Donald Trump returned to office. Phoenix Financial manages approximately $220 billion and holds investments in multiple Israeli defense contractors, including Elbit Systems, Bet Shemesh, Next Vision, Reshef Technologies, and Boeing. CNN found no indication that Kushner's diplomatic activities directly influenced these investments. The findings emerge as Israel continues military operations in Gaza, which have resulted in over 1,300 deaths since a ceasefire agreement was initially signed 11 months ago. Kushner has previously dismissed reporting on his financial ties as misleading, stating on social media that CNN's coverage suggested his Middle East diplomacy benefited defense industry investments, which he denies. He has characterized Phoenix as a non-defense entity focused on broad financial regulation, though the firm's portfolio includes substantial holdings in weapons-related companies. In September 2025, Forbes listed Kushner as a billionaire, noting approximately $100 million in growth from the prior year. The investment fund's activities form part of a broader pattern of financial interests spanning multiple global conflicts, including negotiations involving Iran, Ukraine, and Gulf state engagements. Kushner has maintained that his business experience, rather than potential conflicts of interest, qualifies him for diplomatic roles, stating that what others label as conflicts represent professional experience.