# James Li, "It's Over for Jared Kushner" (51-49, 26 Oct 2026): recompute, 26 Oct 2026

This supports the episode. Affinity Partners' own filing with the SEC puts the money it manages at $6.16 billion, and 99% of it comes from investors outside the United States. The $2 billion Saudi stake is one part of that.

The claim: the episode's "$2 billion paper trail" of foreign money behind Jared Kushner's Affinity Partners.

Our path: the Form ADV filed by Affinity's adviser, A Fin Management LLC (SEC CRD 315482), its annual amendment of 22 March 2026, the latest on file. The form carries the warning "False statements or omissions may result in denial of your application, revocation of your registration, or criminal prosecution."

- Assets under management: $6,160,297,411, in 6 accounts.
- Attributable to investors outside the United States: $6,097,061,904 (99.0%).

| Fund | Gross assets | Investors | Owned outside the US |
|---|---|---|---|
| Affinity Partners Parallel Fund I LP | $4,307,145,842 | 6 | 100% |
| Affinity Partners Fund I Co-Invest Delta LP | $1,193,319,132 | 1 | 100% |
| Affinity Partners Fund I Co-Invest Sigma LP | $596,596,930 | 1 | 100% |
| Affinity Partners Fund I LP | $45,179,176 | 1 | 0% |
| Affinity Partners Fund I Co-Invest Delta II LP | $12,033,077 | 1 | 0% |
| Affinity Partners Fund I Co-Invest Sigma II LP | $6,023,254 | 1 | 0% |

- The six funds add up to the $6.16 billion total, and the three fully foreign funds add up exactly to the $6.10 billion.
- The US-owned side is $63 million, in three funds with one investor each.
- Four of the six funds require a minimum investment of $25 million.

What the filing doesn't say: who the investors are. The Saudi Public Investment Fund's $2 billion comes from press reporting; the filing confirms that the money is foreign, not whose it is.

Files: parse_adv.py, adv_figures.json, the filing as downloaded (adv_315482_2026-03-22.pdf), SHA256SUMS.