Full Breakdown
House Judiciary Committee Probes 1789 Capital Over Trump Jr. Ties
8/28/2026, 8:17:36 AM
Core Event: Committee Launches Investigation
Ranking member Representative Jamie Raskin, Democrat from Maryland, has opened a formal inquiry into 1789 Capital, a venture-capital firm that added Donald Trump Jr. as a partner days after President Donald Trump secured a second term in November 2024. The committee’s letter, dated for a response by September 9 (scheduled), requests records of the firm’s portfolio companies, communications with U.S. elected or federal officials, and details on foreign investment.
Background & Context
1789 Capital was a modest firm in 2022, reporting roughly $150 million in assets under management. After Trump Jr. joined, the firm’s reported assets rose sharply: $1 billion in August 2025, $2.7 billion at the end of that year, and $3.5 billion by May 2026, according to SEC filings. Approximately 40 percent of the assets are attributed to overseas investors. The investigation follows earlier reporting that several portfolio companies—Vulcan Elements, Anduril Industries, Juul Labs, and Polymarket—received significant federal contracts, grants, or regulatory decisions during the Trump administration.
Data & Statistics
- Assets under management: $150 million (2024) -> $1 billion (Aug 2025) -> $2.7 billion (Dec 2025) -> $3.5 billion (May 2026).
- Foreign capital share: 40 percent of total AUM.
- Key portfolio investments cited: Vulcan Elements (rare-earths), Anduril Industries (defense technology), Juul Labs (e-cigarettes), Polymarket (prediction market).
- Government support for Vulcan Elements: $620 million Pentagon loan (Nov 2025) and $50 million Department of Commerce grant under the Chips and Science Act.
Criticism & Opposition
The firm’s legal counsel’s rebuttal underscores the partisan dimension of the inquiry, labeling the committee’s approach as a “hallmark of partisan stunts.” This criticism aligns with Raskin’s own acknowledgment that Democrats lack subpoena power without Republican cooperation, limiting the investigation’s reach.
Conflicting Reports & Gaps
The sources uniformly report the firm’s asset growth and foreign-capital proportion; no numerical discrepancies appear.
What’s Next
The committee has set a September 9 deadline for 1789 Capital and its founders, Omeed Malik and Christopher Buskirk, to produce the requested documents. Without Republican backing, the Democrats on the Judiciary Committee lack subpoena authority, so further action may depend on voluntary compliance or future bipartisan negotiations.
Verbatim Quotes
- “This was an amazing turn of events when the Trump Administration decided to pump over half a billion dollars into an unproven startup company,” — Congressman Jamie Raskin, of Maryland at a campaign event in Ann Arbor on Wednesday
- “I tell my kids, ‘stay away,’” — Donald Trump, president
