Democrats launch probe into 'miraculous' growth of Trump Jr's investment firm
US House Judiciary Committee Democrats have requested records from 1789 Capital, whose assets under management surged after Donald Trump Jr became a partner. The firm's counsel dismissed the allegations as unsubstantiated.
Democrats on the US House of Representatives judiciary committee have opened an inquiry into venture capital firm 1789 Capital, which has seen rapid growth since Donald Trump Jr joined as a partner just days after his father's 2024 election victory.
Ranking member Jamie Raskin sent a letter to Trump Jr and the firm's founders, Omeed Malik and Christopher Buskirk, requesting records by September 9 covering companies that received investments and any communications with government officials. As a minority member, Raskin has limited power to compel compliance without Republican backing.
Previous Guardian reporting found the firm's assets under management grew from around $150m in 2024 to $1bn last August, $2.7bn by year's end, and roughly $3.5bn by May, according to SEC filings. About 40% of that capital reportedly came from foreign investors.
Raskin wrote that a firm once known for disappointing results has since developed an unusual knack for picking companies that go on to receive large government cash infusions or benefit from federal policy shifts. He cited Vulcan Elements, a rare earths manufacturer that received 1789 Capital investment in August 2025, before the Pentagon later announced a $620m loan and the Commerce Department awarded a $50m grant to the company.
Counsel for 1789 Capital called the allegations "unsubstantiated talking points" and accused Democrats of a partisan stunt. President Trump said in a July interview that his children have "inside information" given how his policies touch the economy, while Trump Jr has said he speaks with his father only occasionally and does not discuss business with him.
The letter also referenced defense contractor Anduril Industries, in which 1789 Capital holds a stake and which has secured billions in government contracts, as well as two individuals with ties to the firm recently appointed to the Pentagon's Defense Policy Board.
