Jared Kushner's Albanian luxury resort, located in the middle of a wildlife refuge, has garnered public outrage amongst the common folk who are tired of corruption. Kushner's development is under the Affinity Partners umbrella and specifically under the corporate entity: Atlantic Incubation Partners.
Atlantic Incubation Partners also drew the ire of the Serbian public for a planned project in Belgrade.
Closer to home Kushner's only SEC listing is for QXO, an Affinity Partners affiliate. The building materials giant is an aggressive roll up of manufacturers and distributors.
Their most recent proxy statements sheds light on the complexity of private equity underwriting (PEU) at Affinity Partners. Jared controls 32 million shares in QXO and the footnote on page 24 states
Consists of (i) 12,111 RSUs that are expected to vest within 60 days of the Record Date and (ii) Mr. Kushner’s indirect beneficial ownership of 32,686,065 shares of our common stock, which is comprised of (a) 14,523 shares of our common stock beneficially owned by Atlantic Partners Splitter LLC, an entity controlled by Mr. Kushner, (b) 16,247,069 shares of our common stock beneficially owned by Affinity Partners Parallel Fund I LP (“Parallel Fund I”), (c) 164,310 shares of our common stock beneficially owned by Affinity Partners Fund I LP (“Fund I”), and (d) 16,260,163 shares of our common stock beneficially owned by Affinity QXO 1 LLC (“Affinity QXO”). Affinity QXO is owned by Fund I, Parallel Fund I, Affinity Partners Fund I Co-Invest Delta LP (“Delta”), Affinity Partners Fund I Co-Invest Delta II LP (“Delta II”), Affinity Partners Fund I Co-Invest Sigma LP (“Sigma”), and Affinity Partners Fund I Co-Invest Sigma II LP (“Sigma II”, and together with the other owners of Affinity QXO, the “Affinity Funds”). Affinity Partners GP LP (“GP”) is the General Partner of Fund I and Parallel Fund I, and Affinity Partners Fund I Co-Invest GP LP (“Co-Invest GP”) is the general partner of Delta, Delta II, Sigma and Sigma II. A Fin Management LLC (“A Fin”) is the investment manager of GP and the Affinity Funds. Mr. Kushner is the Chief Executive Officer of A Fin and the controlling owner of GP and Co-Invest GP. Mr. Kushner may be deemed to share voting and dispositive power over all such shares. Mr. Kushner disclaims beneficial ownership over all such shares.PEUs expect affiliates to do business with other affiliates, regardless of quality or price. So look for some new QXO rollup to provide construction products to Atlantic Incubation Partners, be it Serbia, Albania or elsewhere.
Kushner, like Trump II, is birthing more $ billions, every second of every minute of every hour of every day. It's a byproduct of insider connections and obscene levels of wealth. Both need to be broken.
Politicians Red & Blue love PEU and their TechGod brethren. Increasingly, more are one and for that the regular people and wildlife suffer, especially those dancing at the Pink Flamingo.
May the Pink Flamingo revolution in Albania prevail.
Note: My apologies to the real Jared who held a fundraiser for testicular cancer at the Pink Flamingo.
