Democrats to investigate ‘miraculous’ rise of Trump Jr’s investment firm

Congressman Jamie Raskin, ranking member of the US House of Representatives judiciary committee, has launched an investigation into 1789 Capital, a venture capital firm that has seen rapid growth since Donald Trump Jr joined as a partner in November 2024. The firm's assets under management have ballooned from $150 million in 2024 to $3.5 billion by May, with a significant portion of capital coming from foreign investors.

Democrats allege that Trump Jr's leadership has enabled the firm to identify companies set to receive substantial government funding or benefit from changes in federal policies.

Raskin has requested records from Trump Jr and the firm's founders, Omeed Malik and Christopher Buskirk, including details of companies that have received investments and any communications with US elected or federal government officials by September 9. However, Democrats have little subpoena power without Republican support. In a statement to the Guardian, 1789 Capital's counsel, AJ Merton, dismissed the allegations as "unsubstantiated talking points" and characterized the Democrats' actions as "partisan stunts and politically motivated harassment."

Raskin cites several recent investments by 1789 Capital that coincide with government support, including a $620 million direct loan to Vulcan Elements from the Pentagon and a $50 million grant from the Department of Commerce. He also highlights Trump's comments about his children having "inside information" due to his policies touching various sectors of the economy. Trump Jr, however, claims he only speaks to his father "every few weeks" and has "no policy position or role within the administration."

The investigation also reveals that 1789 Capital has acquired a stake in Anduril Industries, a major military contractor founded by Trump ally and donor Palmer Luckey. Additionally, two Pentagon advisory board members have ties to 1789 Capital, including Blake Masters and Andreessen Horowitz, which co-invests in three defense contractors with the firm.