Kushner’s Saudi-Backed Affinity to Acquire Stake in Israeli Firm

Jared Kushner’s Affinity Partners is acquiring a $150 million minority stake in an Israeli car company, marking the first investment in Israel for the Miami-based private equity firm that is backed by Saudi Arabia’s sovereign wealth fund.

Affinity will buy a 15% stake in the closely held S Shlomo Holdings Ltd’s car and credit division, it said in a filing on Wednesday.

The investment comes as the Biden administration seeks to broker a deal that would see Saudi Arabia establish diplomatic ties with Israel. The two countries have no official relations and direct investment by the kingdom in Israeli-linked ...