Jared Kushner’s little brother will cash the check the next time he dines with his better-known sibling.
Josh Kushner, founder of Thrive Capital, saw his personal fortune soar to around $3.7 billion, according to Bloomberg calculations, after his company secured a major investment from several billionaires.
Disney CEO Bob Iger and KKR co-founder Henry Kravis were part of a group that paid $175 million to acquire a minority stake in Thrive Capital, the company announced Tuesday.
The cash injection has allowed Kushner, 37, who is married to model and TV personality Karlie Kloss, to eclipse the net worth of his former White House adviser brother and even former President Donald Trump.
Jared, 42, and his wife, Ivanka Trump, disclosed personal assets worth between $206 million and $803 million, according to the outlet. Trump is worth around $2.6 billion.
The son of disgraced property developer Charles Kushner, Josh founded Thrive Capital in 2009 after a stint in private equity at Goldman Sachs.
Thrive specialized in technology-related investments, making early bets on big companies such as Spotify, Instagram, Twitch and Stripe.
More recently, Thrive poured money into Kim Kardashian’s booming fitness brand Skims and the NFT-focused Bored Ape Yacht Club. Other bets on companies such as Robinhood and Instacart proved less successful during a broader market meltdown.
With the latest investment, Thrive is now valued at $5.3 billion, a company spokesperson told Bloomberg. Other attendees included Indian oil tycoon Mukesh Ambani, French telecommunications executive Xavier Niel and Brazilian food tycoon Jorge Paulo Lemann.
“These extraordinary operators have built legendary institutions, achieved geographic pre-eminence, propelled beloved brands to even greater heights, and launched entirely new industries,” Thrive said in a blog post about its latest minority investors.
“As our businesses move into new regions and industries, maturing into the generational businesses we believe they are, this group will serve as a powerful extension of the Thrive Network,” the post added.
Iger has strong ties to Thrive. Last September, he took on a venture capital partner role with the company and was to serve as an advisor on its day-to-day operations. Instead, he left the role in November to return as Disney’s top boss.
The deal gives Thrive access to the vast networks of billionaires.
Ambani ranks among the richest people in the world with a personal fortune of $84.7 billion, while Lemann is worth $21.1 billion, Kravis is worth $9.5 billion and Niel is worth $8.1 billion. dollars, according to the Bloomberg Billionaires Index.
“A lot of these people have been involved in my life for quite a while,” Kushner said in an interview with The Wall Street Journal. “Now they actually have a vested interest in the success of the company.”
Jared Kushner founded his own $3 billion investment firm, Affinity Partners, in 2021 after leaving the White House.