Goldman Sachs Gives Kushner-Backed Startup Cadre $250M To Invest In The Next Hot Market
Goldman Sachs has deepened its partnership with a Kushner-backed real estate investment platform.
Cadre aims to make commercial real estate investing more like the stock market, with a streamlined process of buying shares in buildings rather than taking entire buildings or putting money in REITs without controlling where it goes. Recently, it revealed its machine-learning-based approach to identifying markets ripe for investment.
Jared Kushner made a founding investment into Cadre through his company, BFPS Ventures, which he did not disclose on his initial forms when he became a senior adviser to President Donald Trump. Another early investor in Cadre was Yuri Milner, who had previous connections to Russia's sanctioned VTB Bank. Kushner's lack of disclosure of this connection (and continued investment in Cadre) has drawn criticism as a potential conflict of interest.
Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn both held senior leadership positions at Goldman Sachs before joining the Trump administration. Goldman Sachs had previously made smaller investments in Cadre last year before this new partnership.