1789 Capital fires back at Congressional inquiry
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Business executive Omeed Malik (L) and Donald Trump Jr. (R) talk during a session in the Qatar Economic Forum in Doha on May 21, 2025. Photo: Karim Jaafar/AFP via Getty Images
Lawyers representing 1789 Capital, the investment firm where Donald Trump Jr. is a partner, are firing back at House Judiciary Committee ranking member Jamie Raskin (D-Md.) in response to his recent investigation into their business, according to a copy of the letter obtained by Axios.
Why it matters: Raskin says the fund is benefiting from favorable federal actions, which warrants an investigation. 1789 Capital argues Raskin's accusation is emotionally charged and not based in facts.
Zoom in: The letter, sent to Raskin's office Wednesday, alleges the inquiry "levels unsubstantiated and emotional aspersions about 1789 Capital and its investment success, repeatedly conflates separate entities, mischaracterizes transactions, and, in several instances, appears fundamentally at odds with the very sources it cites."
- It's a response to allegations Raskin made in late August when he posted a letter demanding answers from 1789.
- "With Don Jr.'s new leadership role, 1789 Capital has developed an uncanny ability to identify companies that are about to receive massive influxes of cash from the Trump Administration or to benefit from significant changes in federal policies and regulations," his letter reads.
- "They say there is no such thing as a sure thing in investing, but this is about as close as you can get," wrote Raskin.
Between the lines: 1789 Capital calls out Raskin's letter for technical inaccuracies, such as alleging that the firm took a conservative online marketplace company, Public Square, public.
- 1789 Capital didn't take Public Square public. The company went public through a merger with Colombier Acquisition Corp., a SPAC led by 1789 Capital founder and president Omeed Malik.
Zoom out: One of the things prompting Raskin's inquiry is the extraordinary returns 1789 Capital has seen in recent months.
- 1789 Capital now manages more than $3 billion overall, Axios confirmed, up sharply from a few hundred million dollars around the time Trump Jr. joined after the 2024 election.
- 1789 Capital argues its success stems from an investment thesis launched long before the 2024 election.
The bottom line: "1789 Capital welcomes legitimate congressional oversight, but it has no intention of being held hostage to political gamesmanship in which assertions are made publicly and broad demands for confidential business records follow in the hope that those records will supply the factual basis that was missing when the assertions were made," the letter reads.
- Raskin's office did not immediately return a request for comment.
