❯ Trump Jr.’s 1789 Capital seeks $3 billion for a new fund with $2 billion raised, as its portfolio’s federal contracts draw a congressional probe

the raise1789 Capital, where President Trump’s eldest son Donald Trump Jr. is a partner, is raising $3 billion for its second growth fund and has already secured $2 billion from existing backers, Bloomberg reported, citing people familiar. The final total could be higher.

assets quadrupled1789 Capital was founded in 2022, and Trump Jr. joined as a partner after Trump’s 2024 election win. According to the Financial Times, assets under management grew from about $861 million in September 2025 to $3.5 billion in May 2026. Its portfolio includes xAI, Groq, Cerebras, Perplexity, Anduril, SpaceX and Polymarket.

conflict-of-interest questionsIn Trump’s first year in office, 1789’s portfolio companies received about $735 million in federal contracts, including a $620 million Pentagon loan to Vulcan Elements. House Democrats have opened an investigation and asked the firm to explain the deals. The bigger the new fund, the more scrutiny it will draw.

▪ SIGNAL1789 is raising this fast because backers are betting on political access, and that logic falls apart once the White House changes hands.