Jared Kushner's Affinity Partners remains the largest shareholder in Phoenix Financial, an Israeli financial group whose disclosed portfolio includes at least $456M (£345M) across nine companies linked to Israel's military supply chain.
The important distinction is that Affinity does not directly own those companies. Its exposure runs through a 7.4% stake in Phoenix, valued at more than $1 billion (£758M) following a partial sale in July.
