Jared Kushner filed a form with the Securities and Exchange Commission in March. Almost nobody read past page one. We read all fifty.

Page 39 is the one that matters. Affinity Partners Parallel Fund I holds $4,307,145,842. It has six beneficial owners. The minimum to get in is $25 million. And the box asking what share of the fund is owned by non-US persons gives one answer: 100%.

The filing

That is one fund. Two more Affinity funds, worth another $1.8 billion between them, carry the same answer on the same form: 100% foreign.

Add it up and $6.1 billion of the $6.16 billion Kushner's firm manages comes from outside the United States. Americans across his funds hold $63 million. Twelve million of that belongs to his own people.

The form never names the six owners of the $4.3 billion fund. It does not have to. SEC rules ask an adviser how many owners a private fund has and how much of it is foreign. They do not ask who.

The $2 billion check

Here is what is on the record about where Affinity's money started. In 2021, the screening panel at Saudi Arabia's Public Investment Fund reviewed Kushner's brand-new firm and called its diligence "unsatisfactory in all aspects." Days later, a board chaired by Crown Prince Mohammed bin Salman overruled the panel and committed $2 billion, The New York Times reported.

Congressional investigators say Affinity has since collected about $157 million in fees from foreign clients, $87 million of it from the Saudi government, according to a March 2026 letter from Rep. Robert Garcia and Sen. Ron Wyden, the top Democrats on House Oversight and Senate Finance.

The pile keeps growing. Affinity reported about $3 billion in early 2024, $4.8 billion by the end of that year, and $6.16 billion on the March 2026 form.

Back at the table

Kushner is now back in government work as a Trump envoy on Gaza, Iran and Russia. He negotiates for the United States in the same capitals that fund his firm. According to the Garcia and Wyden letter, Affinity is raising $5 billion more in foreign money while he does it.

For the claims in the recent Vanity Fair book excerpt about Kushner's accounts, and what is and is not confirmed, read our check of that excerpt. Nothing in this story depends on it.

The flacks register. He does not.

The Saudi Public Investment Fund hires lobbyists and PR firms in Washington. Eleven of them are registered as its foreign agents with the Justice Department under the Foreign Agents Registration Act.

We searched every registrant in the FARA eFile database, active and terminated. Jared Kushner: zero registrations. Affinity Partners: zero.

The firms that polish the fund's image in Washington have to register. The man it handed $2 billion to, who now speaks for the United States abroad, does not. Investment advice is not lobbying under the law, and nothing on the record shows Kushner has broken it. That is exactly the problem.

What would settle it

Six names. Affinity could publish who owns the $4.3 billion fund. Congress could require it. Until one of them does, the public is being asked to trust a negotiator whose largest backers it is not allowed to know.

Six owners bought a seat at America's table. Make them say their names.