Kushner’s Affinity to Invest in Oakland Fintech Company

The private equity firm Jared Kushner, the son-in-law of former President Donald Trump, started in 2021 has announced its first deal, according to Axios. It has agreed to invest in Mosaic, a fintech company that funds residential solar installations. The deal is expected to close later in the third quarter.

Affinity Partners has raised more than $3 billion for its first fund. Mosaic is raising more than $200 million in Series D funding at a valuation of about $1 billion, Axios reported in early July. Affinity is co-leading the round with J. Safra Sarasin.

Become a Subscriber

Please purchase a subscription to continue reading this article.

Subscribe Now

Mosaic investor Warburg Pincus is expected to remain the company’s biggest outside shareholder, though it’s been rumored that the private equity firm may sell some of its stake in the deal, Axios reported. JPMorgan and Citigroup are handling the process for the 12-year-old Mosaic.

Affinity’s fund is backed by sovereign wealth funds in Middle Eastern countries such as Saudi Arabia. The House Committee on Oversight and Reform is investigating a $2 billion investment made in Affinity from a fund controlled by Saudi’s crown prince, questioning whether “Kushner’s personal financial interests improperly influenced U.S. foreign policy” during his father-in-law’s term in office, according to a letter from the committee.

Mosaic is one of three companies that in 2021 shared an 80% market share for residential solar loans. The company has recently lowered its prices, though, as rising interest rates may decrease demand for loans.