The private equity firm Affinity Partners which Jared Kushner established acquired an 8% stake in British business lender OakNorth according to Sky News sources from the industry.
The stake was purchased from an undisclosed investor. The private equity firm Affinity launched in 2021 receives funding from sovereign wealth funds operating in Saudi Arabia Qatar and the United Arab Emirates.
The SoftBank-backed OakNorth achieved £215 million ($291 million) in pretax profit during the last year while expanding its operations to the U.S. market since 2023. The lender operates with assets exceeding £7.5 billion while providing financial services to F1 Arcade and training provider Ultimate Performance among others.
The deal terms remain undisclosed although OakNorth received a $2.8 billion valuation assessment in 2019.
