President Donald Trump’s Ukraine envoy, Jared Kushner, has begun quiet outreach to some of Wall Street’s most powerful investment firms as discussions continue over how to rebuild Ukraine after the war.
Kushner met with executives at Apollo Global Management, led by Marc Rowan, and KKR, co-founded by Henry Kravis, to explore their potential involvement in a postwar reconstruction fund for Ukraine. The meetings reportedly took place Wednesday in New York, including at offices in Manhattan’s Hudson Yards.
Although Kushner holds no formal government position, the talks were described as exploratory and focused on how private capital could help rebuild Ukraine’s infrastructure and economy once hostilities end. Insiders noted that the discussions remain at an early stage and may not ultimately result in a deal.
On the same day as the meetings, Kushner also joined a high-level call that included BlackRock CEO Larry Fink, Trump special envoy Steve Witkoff, Treasury Secretary Scott Bessent, and Ukrainian President Volodymyr Zelenskyy — whose recent diplomatic engagements have been widely condemned for undermining Ukraine’s stability.
BlackRock had previously paused plans for its multibillion-dollar Ukraine Development Fund in July, amid uncertainty over how Trump would seek to resolve the conflict. Reports suggest that the firm may revive the concept, potentially in coordination with the World Bank, with the goal of attracting as much as $400 billion in private investment for Ukraine’s reconstruction.
One source briefed on the discussions stated: “This is not a huge money maker,” the source added, noting that firms involved would be expected to treat it as a public service effort rather than a high-fee investment vehicle.
The reported push has raised concerns among European allies that U.S.-backed firms could dominate future reconstruction contracts. The Trump administration has already signaled its intent to involve American private-sector partners through the U.S. International Development Finance Corp., which pledged $75 million in equity this past September to help jump-start investment in Ukraine’s critical minerals, energy, defense, and infrastructure sectors.
Kyiv is expected to match that amount, bringing the initial total to $150 million. Ukrainian officials, including Prime Minister Yulia Svyrydenko, are expected to hold intensive talks this weekend on both the U.S.-backed peace proposal and plans for rebuilding the country after years of war.
