Trump Jr.: 1789 Capital’s “Patriotic Capitalism” Will Unleash America First Prosperity

After years of relentless lawfare and debankings, it would have seemed unthinkable for Donald Trump Jr. to emerge as a venture capitalist backing some of the world’s most innovative startups. And yet, here we are.

At the onset of his father’s second term, Trump Jr. joined 1789 Capital as a partner. The firm, co-founded in 2022 by investment banker Omeed Malik, Republican megadonor Rebekah Mercer and American Greatness publisher Chris Buskirk, has staked out territory as an explicit alternative to the environmental, social and governance investing that dominated Wall Street in recent years. Its pitch: back American companies driving what it calls “IEG” – innovation, entrepreneurship and growth - while sidestepping the diversity mandates and climate commitments that became corporate orthodoxy.

At the Future Investment Initiative in Riyadh on Wednesday, Malik and Trump Jr. detailed a portfolio heavy on artificial intelligence and defense technology, sectors experiencing a funding surge amid heightened geopolitical tensions and Pentagon modernization efforts, CAPITAL reports. The timing has proved fortuitous, as defense-tech startups raised a record $33 billion in 2024, according to PitchBook.

Among 1789 Capital’s holdings are Anduril Industries, the autonomous weapons maker valued at $30.5 billion that has positioned itself as a nimble alternative to traditional defense contractors; Hadrian, which manufactures precision parts for military applications; and a suite of Elon Musk’s companies, including SpaceX, xAI and Neuralink.

Additionally, 1789 Capital recently joined a funding round for Vulcan Elements, a rare-earths magnet producer that has secured Pentagon contracts. The investment reflects a broader push—echoed in administration policy—to rebuild domestic supply chains for critical minerals that China has long dominated, controlling roughly 70% of global rare-earth production. The firm also invested in Base, an Austin-based energy startup co-founded by Michael Dell’s son, Zach Dell, that focuses on residential battery storage and grid management solutions to Texas residents.

“We want to complement all the great work that the Trump administration is doing within the private sector,” Malik said, while Trump Jr. cast the effort in more political terms.

“What we want is a generational shift towards these America first policies both, in government and in the private sector, to unleash the freedom and prosperity that all Americans deserve,” the president’s son said.

The firm’s growth has accelerated since President Donald Trump returned to office in January. Securities and Exchange Commission filings from recent months showed assets under management approaching $900 million. PitchBook estimates place the figure closer to $1.25 billion, while the New York Times reports that assets now total roughly $2 billion—more than doubling in less than a year.

During the panel discussion, Malik and Trump Jr. appeared to confirm a Bloomberg report that 1789 Capital was seeking to raise a fund for investing in South Florida real estate.

“It’s actually part of a broader vision,” Malik began when asked about the plans. “1789 will be a multi-strategy asset manager and we have the growth equity fund, we have a small situations fund and the next thing we were going to do is real estate.”

“One is certainly a macro or political assessment of the situation that I referenced earlier, which is there will continue to be mass migration from the northeast to the sun belt, including Florida,” Malik said. “We want to be able to have a real estate development fund that’s going to take advantage of that migration as well as the fact that a lot of the sun belt has not been zoned or built properly. That’s a huge opportunity in that area. Chicago, LA, and New York which are on the decline.”

“The other is if you think about all the things we’re investing in, all the innovation, all the AI, all the tech, you can’t do that without infrastructure,” the 1789 Capital co-founder added. “The other aspect that’s very synergistic with our portfolio is making sure that you can do those data centers, the hyperscalers, and that’s a thing that we’re going to invest in in our own portfolio.”