The Real Deal reported:
When filling out his government disclosure forms, Jared Kushner omitted a few things, including his stake in a real estate tech company and at least $1 billion in loans.New York Post reported:
The president’s son-in-law and senior advisor didn’t disclose his stake in Cadre, a tech startup he co-founded with his brother and Ryan Williams in 2014, or loans totaling at least $1 billion from 20 different lenders to properties and companies co-owned by Kushner, the Wall Street Journal reported. (5-2-2017)
Cadre is an online investment portal co-founded by CEO Ryan Williams, who has had stints at Blackstone and Goldman Sachs. Thrive Capital’s Joshua Kushner and his brother, real estate developer Jared Kushner, are backers and strategic advisers.Business Insider reported:
Joshua Kushner is also the cofounder of health insurance startup Oscar and runs a startup investment firm, Thrive Capital. His brother Jared Kushner, who owns the New York Observer and runs his family's real estate business Kushner Properties, is the third Cadre co-founder.Prior the election of father-in-law President Donald Trump Jared Kushner was General Partner of Thrive Capital, a private equity underwriter (PEU).
Thrive Capital invested in Cadre's Series A financing of $18.3 million.
An attorney for Kushner noted that a revised version of his disclosure forms includes his stake in Cadre. According to the papers filed with the Financial Industry Regulatory Authority, Kushner holding company JCK Cadre LLC, owns 25 to 50 percent of Quadro Partners, Inc., which owns at least 75 percent of RealCadre LLC, which operates Cadre.The attorney omitted any stake Kushner might have in Cadre via Thrive Capital.
Residual stakes in private equity affiliates are potential conflicts of interest. Obama Health Reformer Nancy-Ann Deparle never declared her residual stakes from CCMP Capital Partners, a :J.P. Morgan private equity underwriter. Payouts came during her public service despite having disposed of "all conflicting assets."
Kushner's General Partner role with Thrive is more significant than Deparle's Managing Director position with CCMP. How much does Jared hold in residual stakes for Thrive's many investments?
Kusher's attorney is Jamie Gorelick, who was personally enriched during a period of fraudulent Fannie Mae accounting and collaborated with the White House to minimize BP's liability for the Gulf Oil Spew.
Kushner has reduced his Cadre ownership stake to less than 25 percent, Kushner’s attorney Jamie Gorelick told the Journal.
Jame did risk management for BP and is now doing the same for Jared Kushner. I'm sure she will be rewarded for her shepherding Jared.
Update 6-3-17: Kushner took federal financing for low income areas to build a luxury high rise across from Manhattan waterfront. He's now in a position to steer more federal funding to Trump's billionaire PEU friends.
Update 1-25-23: In July 2020 CNBC reported:
President Donald Trump’s son-in-law and senior advisor has decided to remain an investor for the time being in real estate tech start-up Cadre, which he co-founded.