Kushner’s Fund Has Reaped Millions in Fees, but So Far Returned No Profits

The private equity firm run by Jared Kushner, the son-in-law of former President Donald J. Trump, has been paid at least $112 million in fees since 2021 by Saudi Arabia and other foreign investors, even though as of July it had not yet returned any profits to the governments largely bankrolling the firm.

Those are among the findings of a Senate Finance Committee inquiry into the operations of Affinity Partners, the Miami-based firm Mr. Kushner set up.

The committee opened an investigation this spring in response to reporting in The New York Times examining the firm’s first three years of work.

Senator Ron Wyden, Democrat of Oregon, the committee’s chairman, said the new information had only deepened his concerns that Mr. Kushner’s firm creates conflicts of interest, particularly with his father-in-law running for re-election.

Mr. Wyden asked why Affinity Partners had not “distributed a penny of earnings back to clients,” and suggested that perhaps it was set up primarily as a way for foreign entities to pay the Kushners rather than a typical fund in which partners reap the returns of deployed capital.

“Affinity’s investors may not be motivated by commercial considerations but rather the opportunity to funnel foreign government money to members of President Trump’s family, namely Jared Kushner and Ivanka Trump,” Mr. Wyden wrote in a letter to Affinity this week, asking two dozen questions.