Joshua Kushner

Joshua Kushner
Born (1985-06-12) June 12, 1985
Livingston, New Jersey, United States
Alma mater Harvard College (AB)
Harvard Business School (MBA)
Occupation Owner Thrive Capital
Co-founder Oscar Health
Principal director Kushner Properties
Parent(s) Charles Kushner
Seryl Stadtmauer
Relatives Jared Kushner (brother)
Murray Kushner (uncle)
Ivanka Trump (sister-in-law)

Joshua Kushner (born June 12, 1985) is an American businessman and investor. He is the founder and managing partner of the investment firm Thrive Capital, co-founder of Oscar Health, and the son of real estate magnate Charles Kushner. Jared Kushner the son-in-law of Donald Trump is his brother.

Early life and personal life

Joshua Kushner grew up in a Jewish family in Livingston, New Jersey.[1] He is the son of Seryl (née Stadtmauer) and prominent real estate developer Charles Kushner, who has an estimated net worth of $500 million.[2][3] His brother, Jared Kushner, heads the family real estate empire and graduated from Harvard University in 2003. Joshua graduated from Harvard University in 2008 and Harvard Business School in 2011.[4][5]

According to journalist Daniel Golden in The Price of Admission, Kushner and his brother Jared Kushner were admitted to Harvard despite a modest academic record after their father had made a $2.5 million donation to the university, with the Chair of his high school's science department noting that Kushner was a "hard worker" despite not being an "academic star."[6]

He has been dating model Karlie Kloss[7] since 2012.[8][9]

Career

Scene, Vostu and Unithrive

During his sophomore year, Kushner was founding executive editor of Scene, a new Brooks Brothers-sponsored student-publication that aimed to be "Harvard's version of Vogue and Vanity Fair."[10] According to The Harvard Crimson, Scene "faced blistering criticism upon its release," with students going so far as creating a “Scene Magazine is Bullshit” Facebook group criticizing it for its "completely ludicrous...skewed portrayal of the Harvard community" and lack of models who were minorities."[11]

In the spring of his junior year, with two graduate students he pooled $10,000 to found social network Vostu,[2] which aimed to "fill a void left by online communities in which English is the lingua franca," like Facebook. According to Kushner, Latin America was a promising market for a Facebook-alternative and new social networking site because "[it was] a place where Internet use is increasing every year and technology is booming at a rapid pace."[12]

The year after graduation he also co-founded a startup called Unithrive, with the cousin of the president of Kiva who was also a Harvard student. Unithrive was inspired by the peer-to-peer loan model of Kiva, but aimed to "ease the crisis in paying for college" by matching "alumni lenders to cash-strapped students..who [could] post photographs and biographical information and request up to $2,000," interest-free for repayment within five years of graduation.[13] The startup is no longer operational.

Goldman Sachs and Thrive Capital

After graduating from Harvard, Kushner started his career in the Private Equity Group at Goldman Sachs, in the Merchant Banking Division,[14] but left after a short stint to found Thrive Capital in 2009, his private equity and venture capital firm that focuses on media and internet investments.[15][16] Since its founding, Thrive has raised $750 million from institutional investors, including Princeton University.[17] Thrive has raised several capital funds, including Thrive II, which raised $40 million in 2011, Thrive III, which raised $150 million in 2012, and Thrive IV, which raised $400 million in September 2014.[17][18]

For his work with Thrive, Kushner was named to Forbes’ 30 Under 30, Inc. Magazine’s 35 Under 35, Crain’s 40 Under 40 and Vanity Fair’s Next Establishment.[19][20][21][22]

Oscar

Kushner is also a co-founder of Oscar Health, a health insurance start-up. Founded in 2012, Oscar was valued at $2.7 billion in 2016.[23] As of 2015 the company insured over 145,000 members across four states and has been named to CNBC’s Disruptor 50, Inc. Magazine's Most Innovative Startups and MM&M Top 40 Healthcare Transformers.[24][25][26][27]

In 2015, the company lost $92.4 million,[28] and was reported to be struggling and reducing its footprint.[29]

Cadre

In 2015 Kushner founded a new company called Cadre with his brother Jared Kushner and their friend Ryan Williams, with Williams as Cadre's CEO. Cadre is a technology platform designed to help certain types of clients, such as family offices and endowments, invest in real estate. The company has raised more than $250 million in capital.[30]

References

  1. ↑ "Forbes Features Members of the Tribe In 30 Under 30". Jspace.com. December 29, 2011. Archived from the original on January 30, 2012. Retrieved November 7, 2013.
  2. 1 2 "The 26-Year-Old VC Who Cashed In On Instagram". Forbes. Retrieved January 2, 2016.
  3. ↑ "50 Wealthiest New Jerseyans". Insurance News Net. Retrieved January 2, 2016.
  4. ↑ Alyson Shontell (October 28, 2010). "Here Is Why VC And Entrepreneur Joshua Kushner Is Bothering To Get His MBA". Business Insider. Retrieved November 7, 2013.
  5. ↑ "Q+A Joshua Kushner". Details. Retrieved November 7, 2013.
  6. ↑ Golden, Daniel (January 21, 2009). The Price of Admission: How America's Ruling Class Buys Its Way into Elite Colleges--and Who Gets Left Outside the Gates. Crown/Archetype. ISBN 9780307497376.
  7. ↑ Friedman, Gabe (January 25, 2017). "Who is Jared Kushner’s brother, and could his $2.7b company fail under Trump?". The Times of Israel. Retrieved January 25, 2017.
  8. ↑ "Karlie Kloss on why knowledge is power". ELLE UK. 2016-02-18. Retrieved 2017-01-25.
  9. ↑ "Instagram photo by Karlie Kloss • Jun 8, 2016 at 4:11pm UTC". Instagram. Retrieved 2017-01-25.
  10. ↑ "DOORDROPPED: Which Scene? | Magazine | The Harvard Crimson". www.thecrimson.com. Retrieved January 2, 2016.
  11. ↑ "Glossies Gear Up For Second Run | News | The Harvard Crimson". www.thecrimson.com. Retrieved January 2, 2016.
  12. ↑ "Students Start Spanish Social Site | News | The Harvard Crimson". www.thecrimson.com. Retrieved January 2, 2016.
  13. ↑ Salkin, Allen (June 12, 2009). "I’m Going to Harvard. Will You Sponsor Me?". The New York Times. ISSN 0362-4331. Retrieved January 2, 2016.
  14. ↑ "The 26-Year-Old VC Who Cashed In On Instagram". Forbes. Retrieved November 7, 2013.
  15. ↑ Rusli, Evelyn M. (August 22, 2011). "Joshua Kushner's Thrive Capital Raises $40 Million". The New York Times. Retrieved November 7, 2013.
  16. ↑ "Joshua Kushner worked for Goldman Sachs before he started Thrive Capital, which invested in Instagram and Kickstarter". Business Insider. Retrieved January 2, 2016.
  17. 1 2 Rusli, Evelyn M. (September 6, 2012). "Thrive Capital Raises $150 Million Fund, Bolstering Profile". The New York Times. Retrieved November 7, 2013.
  18. ↑ "Venture Firm Thrive Capital Raises Another Fund". The New York Times. October 6, 2014. Retrieved June 3, 2015.
  19. ↑ Vardi, Nathan. "Joshua Kushner, Managing Partner, Thrive Capital, 26 - In Photos: 30 Under 30: Finance". Forbes. Retrieved November 7, 2013.
  20. ↑ "Insurance in the U.S. is Broken. Oscar Wants to Fix It". Inc. Magazine. June 24, 2014. Retrieved June 3, 2015.
  21. ↑ "Crain's 40 Under Forty Joshua Kushner, 28". Crain's New York Business. Retrieved June 3, 2015.
  22. ↑ Deligter, Jack (March 21, 2012). "The Next Establishment". Vanity Fair. Retrieved November 7, 2013.
  23. ↑ Bertoni, Steven. "Oscar Health Gets $400 Million And A $2.7 Billion Valuation from Fidelity". Forbes. Retrieved May 12, 2016.
  24. ↑ "Oscar, a Health Insurance Start-Up, Valued at $1.5 Billion". The New York Times. April 20, 2015. Retrieved November 7, 2013.
  25. ↑ "CNBC Disruptor 50". CNBC. May 12, 2015. Retrieved June 3, 2015.
  26. ↑ "The 10 Most Innovative Startups of 2014". Inc. Magazine. December 12, 2014. Retrieved June 3, 2015.
  27. ↑ "Mario Schlosser: Top 40 Healthcare Transformers". MM&M. January 5, 2015. Retrieved June 3, 2015.
  28. ↑ Vox.com
  29. ↑ The New York Times
  30. ↑ "Kushner Brothers Combine Real Estate and Technology". The New York Times. March 24, 2015. Retrieved June 3, 2015.
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