1789 Capital, the investment firm co-founded by Donald Trump Jr., is reportedly in discussions to raise $3 billion for a new fund, according to sources familiar with the matter. The move comes as the firm's initial $2 billion fund has generated substantial returns, positioning it to capitalize on opportunities across several high-growth sectors.
Strong performance and expansion
The firm, where the president's eldest son serves as a partner, has seen its portfolio appreciate significantly, driven by investments in technology, defense, and financial services. The new fund would nearly double the firm's assets under management, underscoring its ambitions to become a major player in the venture capital landscape.
Key portfolio companies
Polymarket
One of 1789 Capital's most notable positions is in Polymarket, a leading prediction market platform. The firm invested approximately $200 million in 2025, and Trump Jr. joined its advisory board. Polymarket is now participating in a funding round that could value the company at over $21 billion, following a $15 billion valuation from an investment by D.E. Shaw in April.
Anduril and defense sector
1789 Capital has also backed Anduril, a defense technology company now valued at around $115 billion, making it one of the largest private companies globally. The firm participated in Anduril's $2.5 billion funding round in June last year. Anduril's growth has been bolstered by a $20 billion Army contract secured in March, and it stands to benefit from proposed increases in U.S. defense spending. Other defense-related investments include SpaceX, Axiom Space, Firehawk Aerospace, and Vulcan Elements.
Artificial intelligence
The firm has made significant bets on artificial intelligence, a move that has drawn criticism from some who argue the administration is not adequately addressing AI risks. Investments include Groq, which recently signed a major licensing agreement with Nvidia, and xAI, which merged with SpaceX earlier this year. Other AI holdings include Reflection AI, PsiQuantum, Ayar Labs, and Databricks.
Fintech and consumer brands
In the fintech space, 1789 Capital has invested in Ramp and Plaid. Ramp has emerged as a standout, reportedly eyeing a $60 billion valuation just three months after raising $750 million at a $44 billion valuation. The firm has also backed Neuralink, Substack, Juul Labs, and Happy Dad.
With the new fund, 1789 Capital aims to deepen its exposure to these sectors, betting on continued growth in AI, defense, and financial technology. The firm's strategy appears to align with broader market trends, as investors increasingly seek exposure to these high-growth areas.
This article is for informational purposes only and does not constitute financial advice.
