Gaza aid logistics company funded by Chicago private equity firm
Israel blocked almost all aid into Gaza for 11 weeks until May 19, and has since only allowed limited deliveries in, mostly managed by the new GHF operation
SRS is run by a former CIA official named Phil Reilly, but its ownership has not previously been disclosed
Updated 06 June 2025
Reuters
WASHINGTON: A Chicago-based private equity firm - controlled by a member of the family that founded American publishing company Rand McNally - has an "economic interest" in the logistics company involved in a controversial new aid distribution operation in Gaza.
McNally Capital, founded in 2008 by Ward McNally, helped "support the establishment" of Safe Reach Solutions, a McNally Capital spokesperson told Reuters. SRS is a for-profit company established in Wyoming in November, state incorporation records show. It is in the spotlight for its involvement with the U.S.- and Israeli-backed Gaza Humanitarian Foundation, which last week started distributing aid in the war-torn Palestinian enclave. The foundation paused work on Wednesday after a series of deadly shootings close to its operations and has suffered from the departure of senior personnel.
HIGHLIGHTS
• McNally Capital has economic interest in Safe Reach Solutions
• GHF aid distribution halted after deadly shootings near operations
• U.N. and aid groups refuse to work with GHF, citing lack of neutrality
"McNally Capital has provided administrative advice to SRS and worked in collaboration with multiple parties to enable SRS to carry out its mission," the spokesperson said. "While McNally Capital has an economic interest in SRS, the firm does not actively manage SRS or have a day-to-day operating role."
SRS is run by a former CIA official named Phil Reilly, but its ownership has not previously been disclosed. Reuters has not been able to establish who funds the newly created foundation.
The spokesperson did not provide details of the scale of the investment in SRS by McNally Capital, which says it has $380 million under management.
McNally Capital founder Ward McNally is the great great great grandson of the co-founder of Rand McNally. The McNally family sold the publishing company in 1997.
A spokesperson for SRS confirmed it worked with the foundation, also known as GHF, but did not answer specific questions about ownership.
GHF, which resumed aid distribution on Thursday, did not respond to a request for comment
While Israel and the United States have both said they don't finance the operation, they have pushed the United Nations and international aid groups to work with it, arguing that aid distributed by a long-established U.N. aid network was diverted to Hamas. Hamas has denied that.
Israel blocked almost all aid into Gaza for 11 weeks until May 19, and has since only allowed limited deliveries in, mostly managed by the new GHF operation. This week GHF pressed Israel to boost civilian safety beyond the perimeter of its distribution sites after Gazan health officials said at least 27 Palestinians were killed and dozens wounded by Israeli fire near one of the food distribution sites on Tuesday, the third consecutive day of chaos and bloodshed to blight the aid operation.
The Israeli military said its forces on Tuesday had opened fire on a group of people they viewed as a threat after they left a designated access route near the distribution center in Rafah. It said it was investigating what had happened.
The U.N and most other aid groups have refused to work with GHF because they say it is not neutral and that the distribution model militarizes aid and forces displacement.
The SRS spokesperson said in a statement that under Reilly's leadership, "SRS brings together a multidisciplinary team of experts in security, supply chain management, and humanitarian affairs."
McNally Capital has investments in defense contracting companies. Among the firms it acquired was Orbis Operations, a firm that specializes in hiring former CIA officers. Orbis did not return calls for comment. Reilly used to work for Orbis.
What do the leaked Assad videos tell us about the deposed Syrian regime?
Videos obtained by Al-Arabiya and Al-Hadath channels expose former president Bashar Assad’s inner circle, revealing toxic culture
Regional media coverage regard leaks as confirmation of critiques of Assad’s contempt for Syrians, cynicism toward allies
Updated 9 min 56 sec ago
TAREK ALI AHMAD
LONDON: The recent leak by Al-Arabiya of a series of videos allegedly showing Bashar Assad in candid, closed-door conversations has reopened longstanding questions about how his former regime functioned — and perhaps why Syria descended into such a devastating conflict.
Assad is shown in the Al-Arabiya leaks, prior to his Dec. 8, 2024, ouster, making contemptuous remarks about Syrians, Syria itself, Eastern Ghouta and even Russian President Vladimir Putin, while speaking privately with his late adviser Luna Al-Shibl.
While the new Syrian government of Ahmad Al-Sharaa has not verified the footage, analysts say the material is consistent with the behavior patterns of Assad’s inner circle: personalized decision-making, narrative obsession and a deep-rooted siege mentality.
Assad is shown in the Al-Arabiya leaks, prior to his Dec. 8, 2024, ouster, making contemptuous remarks about Syrians and Syria itself. (AFP)
“These videos don’t actually tell Syrians anything new — they merely reveal, with complete clarity, what people have known and lived through for decades,” Ibrahim Hamidi, editor-in-chief of Al-Majalla, who is himself from Syria, told Arab News.
“What stands out to me is the indifference and contempt he shows toward everything: his people, his cities, his allies, and the sense that power is an inheritance, not a responsibility.”
In one clip, when Al-Shibl asks him what he feels about the state of Syria, Assad says he does not only feel ashamed but “disgusted,” adding that this is “our country,” conveying revulsion rather than responsibility.
In another segment he says that when Syrians look him in the face he “loves them” yet is also “disgusted by them,” exposing a deeply cynical view of his own population.
He is also shown mocking ordinary Syrians for their spending priorities, saying they spend money on mosques even though they “cannot afford food.”
Several clips are from a tour of Eastern Ghouta and its surroundings, during or after the area’s reconquest in 2018. Assad is heard cursing Ghouta, directed at an area that had endured years of siege and bombardment.
“It showed that Assad is a weak dictator,” said Ghassan Ibrahim, a Syria expert and founder of the Global Arab Network. “He tried to present himself as a strong personality, but all these videos showed how easy it was to be manipulated by his assistant, his media officer.”
In another clip, Assad appears to mock the Russian president’s appearance, despite Moscow having been his main war-time ally.
When Al-Shibl draws his attention to how “puffy” Putin looks, Assad responds that it is “all procedures” or “all surgeries,” suggesting extensive cosmetic work.
The tone in these exchanges is casual and derisive, portraying Assad as privately belittling Putin’s looks while publicly thanking him. (AFP/File)
The tone in these exchanges is casual and derisive, portraying Assad as privately belittling Putin’s looks while publicly thanking him.
“Such remarks reflect Assad’s deep-rooted duplicity,” said Egyptian writer and political expert Hani Nasira. “The same man who publicly deferred to Putin — whose military intervention preserved Assad’s rule and offered him refuge — privately mocked him.
“These comments will likely erode whatever sympathy Putin may still have for the former Syrian leader and underscore Assad’s penchant for betrayal, even toward those who offered him sanctuary.”
Hamidi concurs: “The question now is: How will Putin respond? Especially since Bashar lives in Moscow — and Putin does not easily forgive any insult.”
The videos also capture Assad and Al-Shibl speaking dismissively about Hezbollah and pro-regime commanders.
Regional media coverage framed the Assad leaks as confirmation of long-held critiques of his contempt for Syrians and cynicism toward allies, with tone varying by outlet but broadly harsh.
Pan-Arab platforms like The New Arab and Asharq Al-Awsat foregrounded Assad’s insults toward Ghouta, Syrians and the army, highlighting his disgust at Syria, and mockery of soldiers as emblematic of an entrenched disdain for his own population.
Gulf-based media stressed his ridicule of loyalist figures and allies, using the leaks to underline his perceived disloyalty to those who fought for him and to question his past narratives of steadfastness and resistance.
Several clips are from a tour of Eastern Ghouta and its surroundings, during or after the area’s reconquest in 2018. Assad is heard cursing Ghouta, directed at an area that had endured years of siege and bombardment. (Supplied)
Syrian opposition-aligned and exile media amplified the footage as further evidence of his moral and political bankruptcy rather than a revelation, stressing that the content matched years of lived experience under his rule.
A recurring feature in the leaked clips is Assad’s habit of issuing direct orders to intelligence chiefs, senior officers and advisers, bypassing ministries and formal structures.
The informal tone — part off-the-record briefing, part reprimand — underscores the extent to which the Syrian state under Assad revolved around personal allegiance.
Assad postured publicly as a defender of the Syrian state but has since been unmasked as someone who harbors deep disdain for all around him.
In private, he mocks his loyal fighters, sneers at those who kiss his hand, and speaks of them with derision — as if unable to feel genuine empathy for their sacrifices.
“This is a man who views Syria through the lens of masters and servants, rulers and ruled,” said Nasira.
“To Assad, those who fought for him — in Syria and abroad — are nothing more than an annoyance. Speaking casually and comfortably to Al-Shibl, he reveals a condescending view of the nation, his people, and even his inner circle.”
The leaked videos stripped away the official image and exposed the toxic culture of a ruling circle that never viewed Syrians as citizens with rights but “as subjects expected to endure anything,” Hamidi said.
Assad postured publicly as a defender of the Syrian state but has since been unmasked as someone who harbors deep disdain for all around him. (AFP)
“For years, they endured hardships believing Assad was steady, serious, and above chaos. What hurts them now is seeing a completely different personality: careless, mocking, and seemingly dismissive of people’s suffering.
“This shakes the narrative they built in their minds to justify their loyalty. And when that narrative cracks, everything else becomes harder to defend.”
The footage also shows Assad fixating on media coverage, urging officials to safeguard the regime’s messaging and chastising those who, in his view, allowed “contradictory signals” to emerge.
His language mirrors longstanding regime strategy: project strength, deny missteps and attribute all instability to external interference.
Another pattern evident throughout the clips is Assad’s repeated framing of Syria’s crises as part of a coordinated foreign plot. Whether discussing political dissent, economic collapse or battlefield challenges, the theme of encirclement dominates.
The leaked comments reveal that “for Bashar Assad, there was never a true cause or message — just a regime to preserve, and a throne to protect,” Nasira said.
Despite the performative confidence, the videos reveal moments of frustration, especially when Assad chastises advisers for mismanaging situations or warns of rivalries within the security services.
The timing of the leaks is notable. Regional governments have reopened channels with Damascus, diplomatic rehabilitation is creeping forward, and the question of Syria’s postwar reconstruction looms large.
Assad is also shown mocking ordinary Syrians for their spending priorities. (AFP)
“Released on the anniversary of what pro-regime media called “Liberation Day” — marking the collapse of Assad’s rule — the timing could not have been more symbolic,” said Nasira.
For Syrians, the footage is less revelation than validation — an affirmation of what many lived through: a state defined not by institutions but by coercion, suspicion and the whims of an inner circle.
“Most Syrians no longer care about Bashar himself; they care about Syria’s future. They want to look forward, not backward,” said Hamidi.
For international observers, the videos offer one of the clearest windows yet into the operating logic of a regime that has survived sanctions, war, isolation and internal collapse.