Exclusive | NYC financial giants in talks to handle Ukraine’s postwar reconstruction fund: sources

Larry Fink’s BlackRock, Marc Rowan’s Apollo Global Management, and Henry Kravis’s KKR are in talks to handle a US investment fund to bankroll postwar reconstruction in Ukraine, The Post has discovered.

Sources acquainted with the matter said Jared Kushner, President Trump’s son-in-law, was in New York City on Wednesday for exploratory discussions with the top asset managers in Manhattan’s swanky Hudson Yards development.

“Kushner is looking for a US-based asset manager who will administer and officiate over the Ukraine reconstruction fund,” said one insider.

Ukrainian troopers of the 66th Brigade attend a training fight exercise in the Donetsk area, Ukraine, in September. AP

BlackRock CEO Larry Fink halted his firm’s own multi-billion-dollar Ukraine Development Fund in July amid uncertainty over how President Trump would attempt to end the struggle.

Fink and Kushner, who runs the Saudi-backed Affinity Partners fund, took half in a call with Treasury Secretary Scott Bessent and Ukrainian President Volodymyr Zelensky yesterday.

“BlackRock is considered the most neutral. If you look in the past — which firm the government has been the most comfortable with — it was BlackRock. They are the clear frontrunners,” one source said.

“This is not a huge money maker for whoever does it. They are not going to charge incentive fees. It’s a public service,” the particular person briefed on the scenario added.

“You are going to ingratiate yourself with the president and Mr Kushner. Anyone who gets this mandate is going to be considered No. 1 with this administration — and they are going to f–k the Europeans.”

Indeed, the transfer might raise fears amongst Ukraine’s allies in Europe that they are going to be cut out of any profitable contracts to rebuild the war-torn nation.

Larry Fink, chairman and CEO of BlackRock, attends the Global Financial Leaders’ Investment Summit in Hong Kong last month. REUTERS

The Trump administration, through the US International Development Finance Corporation (DFC), in September pledged $75 million in equity supposed to jumpstart the fund’s investment in crucial minerals, hydrocarbons, protection, and associated infrastructure in Ukraine.

That investment is about to be matched by Kyiv to deliver it to an initial mixed whole of $150 million, however DFC confused that a lot of the work can be accomplished by “aligned private sector partners.”

The talks come as Ukrainian authorities officers, including Prime Minister Yulia Svyrydenko, are set to carry what one source described as “marathon talks” about the US-backed peace proposal.

They will also give attention to how to rebuild the nation that has been subjected to a brutal four-year try and wipe Ukraine off the map by Russian invaders.

Ukrainian President Volodymyr Zelensky speaks during a press convention following talks at Mariyinsky Palace in Kyiv on Sept. 11, 2025, amid the Russian invasion in Ukraine. AFP through Getty Images

Kushner, who will not be formally half of the administration, has emerged as a central determine in the course of of negotiating a peace settlement between Ukraine and Russia.

Alongside Trump envoy Steve Witkoff, he attended 5 hours of Kremlin talks last week with Russian President Vladimir Putin and then later discussions with a Ukrainian delegation in Florida.

The 44-year-old, married to the president’s daughter, Ivanka Trump, beforehand performed a major function in negotiating a ceasefire settlement in Gaza between Israel and Hamas and has also put ahead proposals for reconstruction in Gaza.

A key point in plans for the reconstruction of Ukraine has been the institution of an investment fund for sectors including uncommon metals – sought by the United States, with Svyrydenko playing a key function in setting it up.

Kyiv despatched its own revised draft of the now 20-point plan to the White House on Wednesday, according to German Chancellor Friedrich Merz.

It reportedly contains the creation of a demilitarized zone alongside the line of contact, safety ensures for Ukraine consistent with NATO’s Article 5, and membership for Ukraine in the European Union by 2027.

It removes language barring Ukraine from ever becoming a member of NATO, however doesn’t point out if the nation will ever be a part of the navy alliance – a key Kremlin speaking point.

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