1789 Capital, a venture fund with ties to the Trump family, has crossed $1 billion in assets during Donald Trump’s second term as president. While the firm was once a niche experiment that aimed to align equity investment with “conservative values,” it grew into a financial powerhouse following the election and the addition of Trump’s eldest son, Donald Trump Jr., as a partner.
According to a Reuters report, 1789 saw a dramatic expansion in its portfolio to include defense contractors, AI startups, and other companies that could benefit from federal contracts and regulatory changes, according to ethics experts.
READ: Big Beautiful Bill’s health care rollback to hit Green Card holders; tighter enforcement alarms H‑1B workers (July 6, 2025)
1789 began as a partnership between Omeed Malik, a former investment banker, and Christopher Buskirk, a businessman and confidant of conservative tech billionaire Peter Thiel and Vice President JD Vance. With the addition of Donald Trump Jr. this firm now has significant access to political power.
While the company used to keep a low profile before the election, its recent deals include investments in three of tech billionaire Elon Musk’s companies: rocket maker SpaceX, artificial intelligence startup xAI, and brain-implant company Neuralink, according to two people with knowledge of 1789 Capital and its deals. The deals came together after Malik met Musk during the Trump campaign, sources told Reuters. Musk was a close associate of the president, however the two had a public fallout earlier this year.
Many of 1789 Capital’s recent investments have not been previously reported, including a stake in Perplexity AI, an artificial intelligence company, and Juul Labs, the e-cigarette manufacturer. The fund has also reportedly backed a series of emerging ventures, including Hadrian, a defense manufacturing startup. The firm’s investments typically range from $5 million to $50 million.
Prediction markets platform Polymarket recently said it has secured an investment from venture capital firm 1789 Capital and that Trump Jr. has joined the board. While the terms of the deal were not disclosed, a source familiar with the matter told Reuters it was in the double-digit millions of dollars.
1789 Capital has been named after the year the American constitution went into effect. The firm describes its mission as “patriotic capitalism,” and its partners have said they want to build a “parallel economy,” a network of businesses, media outlets and political organizations designed to serve, and profit from, the America First movement led by Trump. Billionaire tech investor and major republican donor Peter Thiel was a central figure in the founding of this venture.
Government ethics specialists have said that 1789 Capital’s structure poses a potential conflict of interest since Trump Jr. is both a partner in the firm and the son of a sitting president. The firm’s investments in industries such as defense and technology could benefit from policies shaped by his father’s administration.