Yahoo Finance

Affinity Partners founder Jared Kushner 
(Getty Images/Pool)
Affinity Partners, a Jared Kushner-founded firm that has secured commitments from Saudi Arabia's sovereign wealth fund, is set to invest in two Israeli startups, The Wall Street Journal reported.  

The deal would mark the first known instance that Saudi Arabia's Public Investment Fund has had investments in Israeli businesses, according to the report. The PIF, which has $620 billion in assets under management, is said to have committed $2 billion to Kushner's vehicle. The names of the two startups have not been revealed. 

Affinity was set up last year by Kushner, a former White House adviser and the son-in-law of President Donald Trump. Reuters reported in December that the Miami-based firm had managed to raise around $3 billion in total.

While Israel and Saudi Arabia do not have diplomatic relations, there are signs of growing business ties between the two countries. Saudi Arabia, which is looking to diversify its economy away from oil, announced in February that it had plans to invest more than $6.4 billion in future technologies. Israel has one of the most active tech startup ecosystems globally. Last year, Israeli companies raised around $12.6 billion in venture capital investment, according to PitchBook data.
     
Related read: The 10 most active Israeli VCs

This article originally appeared on PitchBook News