bought a mansion in Miami last August; several months and one presidential election later, Jared and his wife bought a multimillion-dollar plot that is a short drive away.

Since founding Thrive in New York in 2009, at the age of 25, Mr. Kushner and his team built a reputation as low-key, nerdy investors who prefer sifting through balance sheets and strategy documents than pontificating on social media.

Mr. Kushner has also benefited from a high-powered network: Early backers included Princeton University and Peter Thiel, and in 2013, Thrive hired Jon Winkelried, a former president of Goldman Sachs who is now co-chief executive of the investment giant TPG, as a senior adviser. Employees include former staff members in both the George W. Bush and Barack Obama administrations.

raised $2 billion for two new funds last month. The firm declined to comment on its financial performance. “They have been consistently a high performer in our portfolio,” is all that Mr. Walker of the Ford Foundation would reveal.

Thrive first focused on consumer-facing businesses like the eyeglasses retailer Warby Parker and the e-commerce platform Jet. Among its first blockbuster hits was Instagram, where it invested in 2012 at a $500 million valuation as part of a financing round, only to see Facebook agree to buy the social network for $1 billion 72 hours later.

Despite all the attention that later went on Mr. Kushner’s high-profile brother, Thrive didn’t appear to alter its approach in the Trump era. One big win was the sale of the online code repository Github to Microsoft in 2018. Thrive had invested $150 million in Github for a 9 percent stake; the company was sold for $7.5 billion.

In the waning days of the Trump administration, Thrive’s bets included becoming one of the first outside investors in Vimeo, the video platform owned by IAC, when it led a fund-raising round for the company at a $2.75 billion valuation in November. In January, Vimeo raised another round, at a $6 billion valuation.

Thrive was “a bit of an underdog” when Vimeo was vetting investors, said Anjali Sud, the company’s chief executive. But she was won over by what she called “this insanely dense, nuanced analysis of Vimeo and our market.”

Since then, she said, she texts or calls someone from Thrive most days for advice or guidance as it prepares to be spun off from IAC this year.

run for president in 2024, and Jared could again serve as one of his top advisers. That would renew the tests of loyalty and related complications that the younger Mr. Kushner may have thought were behind him.

What do you think? Will Joshua Kushner’s family ties always loom over his ventures? Let us know:

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