Those are among the findings of a Senate Finance Committee inquiry into the operations of Affinity Partners, the Miami-based firm Mr. Kushner set up.

The committee opened an investigation this spring in response to reporting in The New York Times examining the firm's first three years of work.

Senator Ron Wyden, Democrat of Oregon, the committee's chairman, said the new information had only deepened his concerns that Mr. Kushner's firm creates conflicts of interest, particularly with his father-in-law running for re-election.

Mr. Wyden asked why Affinity Partners had not "distributed a penny of earnings back to clients," and suggested that perhaps it was set up primarily as a way for foreign entities to pay the Kushners rather than a typical fund in which partners reap the returns of deployed capital.

"Affinity's investors may not be motivated by commercial considerations but rather the opportunity to funnel foreign government money to members of President Trump's family, namely Jared Kushner and Ivanka Trump," Mr. Wyden wrote in a letter to Affinity this week, asking two dozen questions.

Mr. Kushner, in interviews with The Times, acknowledged that his firm had moved slowly at first to invest the $3 billion it had collected from its investors since it formed in 2021. He said that was, in part, because a flood of venture capital moving into markets made it difficult initially to find attractive deals. That meant a delay in generating profits to return money to his investors.