Norway’s Government Pension Fund Global holds investments in Phoenix Financial Ltd. valued at over one billion kroner in 2026, up from roughly 190 million kroner in 2023, according to financial data reported by dagbladet.no. At the same time, Affinity Partners, a company owned by Donald Trump’s son-in-law Jared Kushner, holds the largest ownership stake in the same Israeli financial firm.
Jared Kushner Doubles Phoenix Financial Stake Ahead of White House Return
Jared Kushner served as a volunteer envoy in the conflict between Israel and Hamas. In 2025, shortly before Donald Trump returned to the White House, Kushner doubled his ownership stake in Phoenix Financial Ltd., referring to the acquisition as Affinity Partners’ best investment. CNN uncovered that Affinity Partners holds the largest ownership stake in the Israeli company and has invested hundreds of millions of dollars into businesses supplying the Israeli military.
Kushner and the White House rejected the criticism regarding the investment. Anna Kelly, a spokesperson for Donald Trump, stated to CNN that Kushner’s personal business activities have nothing to do with his diplomatic engagement, which she noted he carries out on a voluntary basis at the president’s request.
Mads Harlem Calls Oil Fund Exposure to IDF Suppliers Special and Serious
Phoenix Financial has funneled substantial sums into companies conducting business with the Israel Defense Forces (IDF) while military operations took place in Gaza, Lebanon, and Iran. Among its holdings is an investment of hundreds of millions of dollars in Israel’s largest weapons manufacturer, Elbit Systems, an enterprise that the Norwegian sovereign wealth fund excluded back in 2009. Phoenix also maintains holdings in firms providing the IDF with equipment ranging from drones and warships to demolition machinery.
Mads Harlem, an attorney for Save the Children, criticized the current portfolio exposure in an interview with dagbladet.no. He pointed out that CNN documented Phoenix Financial’s heavy involvement in companies supplying equipment to the IDF alongside stakes in businesses the fund previously dropped, calling the situation special and serious.
Pål Nygaard Urges Complete Divestment from Israeli Corporations
The Government Pension Fund Global has excluded several Israeli companies over the decades due to an unacceptable risk of violating ethical guidelines. Past exclusions designed to prevent complicity in violations of individual rights during armed conflict or the financing of operations on occupied Palestinian land included Elbit Systems, Bet Shemesh, Caterpillar, and RP Optical Lab. Pål Nygaard, a professor at BI Norwegian Business School and spokesperson for Historikere for Palestina, asserted that Phoenix Financial presents a similar risk by insuring and financing real estate in illegally occupied areas.
Nygaard characterized the investment as a scandal, stating that researchers had warned authorities about the risk and that the fund could easily have conducted the investigative work independently.
Carine Smith Ihenacho Defends Broad Portfolio Following FTSE Index Mandate
Carine Smith Ihenacho, director for ownership and compliance for the oil fund, explained that the fund maintains broad investments in accordance with the mandate issued by the Ministry of Finance. She noted that the ministry establishes a reference index based on FTSE Global All Cap, which dictates the markets and enterprises eligible for investment.
:max_bytes(150000):strip_icc():focal(990x543:992x545)/ivanka-trump-jared-kushner-1-7479937f4d3e4af28089512d80f31eb3.jpg "Norway's Pension Fund holds investments in Jared Kushner-linked firm")
According to Ihenacho, Israel and Phoenix Financial are included within that index. She added that the fund invests in more than 7,000 companies, does not comment on assessments of individual enterprises, and maintains ongoing contact with the Ethics Council while regularly reviewing portfolio risk.
Frequently Asked Questions About Phoenix Financial and Norway’s Oil Fund
How much has the oil fund’s investment in Phoenix Financial grown?
The oil fund’s values in Phoenix Financial increased from approximately 190 million kroner in 2023 to more than one billion kroner in 2026.
Which major weapons manufacturer does Phoenix Financial invest in?
Phoenix Financial has invested hundreds of millions of dollars in Elbit Systems, which is Israel’s largest weapons manufacturer and a company the oil fund excluded in 2009.
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