United States Congressman Jamie Raskin has launched an investigation into venture capital firm 1789 Capital following its rapid growth after Donald Trump Jr joined as a partner.
The eldest son of President Donald Trump became a partner at the investment firm four days after the 2024 United States presidential election. Prior to his arrival, the firm managed about $150 million in capital and was considered unsuccessful.
Since 2024, the volume of capital under management at 1789 Capital has grown to more than $3 billion, while its primary fund recorded a return of 200 percent.
Surge in assets and government contracts
According to a statement on the House Democrats website, several companies within the fund portfolio received financial benefits through government funding, federal contracts, or regulatory decisions by the Trump administration. The portfolio businesses highlighted in the inquiry include Vulcan Elements, Anduril Industries, Juul Labs, and Polymarket.
In a letter detailing the probe, Raskin wrote that two years ago 1789 Capital experienced severe difficulties and consistently produced disappointing outcomes by repeatedly putting funds into projects that ultimately failed completely. He added that immediately after the 2024 presidential election, the firm suddenly acquired what he described as a Midas touch.
Raskin stated that 1789 Capital began investing without error into businesses that shortly afterwards secured highly lucrative federal government contracts and public grants.
Allegations of insider trading and conflict of interest
The lawmaker said the sudden success of the company displays hallmarks of political insider trading, the use of official position for personal enrichment, and a conflict of interest.
In his letter, Raskin questioned how the dramatic transformation occurred, asking whether the change was genuinely a miracle or represented outright corruption.
Raskin requested that 1789 Capital provide complete lists of its portfolio companies, records of communication with government officials, and documentation concerning its business relationship with Trump Jr. He also instructed the firm to preserve all correspondence, including communications on encrypted messaging applications.
Background on venture capital and congressional oversight
Venture capital firms pool money from private and institutional investors to purchase equity stakes in early stage businesses and high growth technology startups. 1789 Capital was established as an American venture firm aimed at providing capital to conservative leaning companies and alternative technology ventures.
Donald Trump Jr is an American businessman and author who previously served as an executive trustee at The Trump Organization, managing commercial real estate and business operations.
Jamie Raskin is a Democratic representative in the United States House of Representatives. Congressional representatives routinely conduct oversight investigations into ethical standards, executive branch decisions, and potential financial conflicts of interest.
Forbes financial reports on presidential earnings
The congressional inquiry comes after estimates published by American business magazine Forbes in 2025 calculated that no president in United States history had earned as much money from holding office as Donald Trump.
Forbes reported that Trump generated $1.4 billion in revenue from cryptocurrency investments alone during the first year of his presidency.
