Congressional Democrats on the House Judiciary Committee have initiated an inquiry into 1789 Capital, a venture capital firm that experienced substantial growth following Donald Trump Jr’s recruitment as a partner in November 2024. Congressman Jamie Raskin, the committee’s ranking member, has requested documentation from Trump Jr and the firm’s founders regarding its recent expansion and any communications with government officials.
According to Securities and Exchange Commission filings reviewed by news organizations, the firm’s assets under management increased from approximately $150 million in 2024 to $3.5 billion by May. Reports indicate that roughly 40 percent of these assets originated from foreign investors. Democrats characterize this trajectory as unusual, with Raskin describing the firm’s transformation as “miraculous” and arguing that its success cannot be explained by conventional investment performance.
Raskin’s correspondence details specific investment cases that Democrats contend demonstrate potential conflicts of interest. The firm invested millions in Vulcan Elements, a rare earth manufacturer, in August 2025, preceding substantial government support including a $620 million Defense Department loan and a $50 million Commerce Department grant. Democrats also note investments in Anduril Industries, a defense contractor, which has secured billions in government contracts during the current administration. The firm stated that two individuals with ties to 1789 Capital have been appointed to the Defense Policy Board, a Pentagon advisory body.
The firm’s counsel dismissed the investigation as “politically motivated harassment,” characterizing the allegations as “unsubstantiated talking points.” Trump Jr stated in a recent interview that he discusses business matters with his father only infrequently and maintains no official role within the administration. The president has acknowledged his children possess awareness of policy matters due to their extensive business interests, though he stated he advises them to maintain distance from his administration.
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