Venture capital firm 1789 Capital, where Donald Trump Jr. is a partner, has formally refused to comply with a congressional inquiry. In a letter dated September 9, 2026, the firm’s legal counsel rejected requests from Representative Jamie Raskin for internal documents, including portfolio lists and communications with government officials.
The investigation, initiated by Democrats in late August 2026, examines whether portfolio companies gained advantages through ties to the White House. Lawmakers specifically questioned the firm's investments in Vulcan Elements, Anduril Industries, and Juul Labs. Vulcan Elements received a $620 million loan from the Department of Defense and a $50 million equity investment shortly after 1789 Capital invested in August 2025.
The firm denies any wrongdoing or improper influence regarding federal contracts and regulatory shifts. Legal representatives characterized the inquiry as politically motivated and lacking evidence. Previous attempts by Democrats to subpoena Trump Jr. regarding these investments were blocked by Republicans in March 2026.
Since Donald Trump Jr. joined as a partner, the assets managed by 1789 Capital have grown from approximately $150 million to roughly $3 billion as of September 2026. Additionally, the firm’s primary fund reported a return rate of around 200% as of June 30, 2026.
