A little-known venture capital fund, with close ties to Donald Trump and his family, quietly reached a $1 billion milestone in the months that followed Donald Trump's return.

1789 Capital was once a niche firm that tried to align equity investment with conservative political values.

It has become a financial powerhouse this year after two strokes. Trump's victory in November, and the addition of Donald Trump Jr. as a partner to 1789 that same month.

Interviews with close associates of the firm and financial records reveal that its portfolio has expanded dramatically to include defense contractors and AI startups, as well as other companies, which, according to ethics experts, could benefit from federal contracting and regulatory changes.

1789 Capital's rise can be traced back to its beginnings as a partnership formed by Omeed Malik, an ex-investment banker from New York, with Christopher Buskirk. Buskirk was a struggling Arizona businessman, who later became a confidant for conservative tech billionaire Peter Thiel, and vice president JD Vance. The fund gained unprecedented access to political power with the addition of Don Jr.

Before Trump's victory, 1789 Capital was a relatively low-profile company. It's now thriving. Recent deals have included investments in three companies owned by tech billionaire Elon Musk: rocket maker SpaceX and artificial intelligence startup xAI.

According to two people familiar with 1789 Capital's deals, Neuralink is a brain implant company.

. People said that the deals were made after Malik and Musk met during the Trump campaign.

1789 Capital has made a number of recent investments that haven't been reported before, such as a stake in Perplexity AI (an artificial intelligence company) and Juul Labs (the e-cigarette maker). The fund also invested in a number of new ventures including Hadrian, an emerging defense manufacturing startup. Two people confirmed that the firm invests between $5 million and $50 million.

They also created a stir with the opening a social club located in Washington DC's Georgetown neighborhood.

According to two people who are familiar with 1789 Capital's deals, today the firm has more than $1 billion in assets. This is thanks to an influx of new investments made since Trump returned to power. This number is a significant increase over the $150 million that the fund managed last year.

reporting.

The name 1789 evokes the founding year of the American Republic. The firm's mission is "patriotic capitalism" and its partners want to create a parallel economy, a network of media outlets, businesses and political organizations that will serve and profit from the America First movement, led by Trump.

Thiel, a billionaire investor in technology and major Republican donor, was a central figure to the creation of the network.

Thiel was involved in the financing of Buskirk’s early political activism. Campaign and financial records reveal that he poured millions into a committee which paid consulting fees to Buskirk's company. Thiel helped Vance launch his career in venture capitalism and introduced him Buskirk.

Previous reports

The Thiel and Vance office did not respond when asked for comments for this report.

There is no evidence to suggest that 1789 Capital violated any laws, or received preferential treatment.

Four government ethics experts said that 1789 Capital's business structure could be a conflict of interest, because Don Jr. was both a partner and son of an incumbent president. Investments in defense and technology industries could be influenced by policies from his father's administration.

The value of 1789 Capital's stakes could increase if these policies result in increased government contracts or deregulations that make it easier for companies in 1789 Capital's portfolio to profit. This would directly benefit Don Jr., and his partners. Experts say foreign investors may invest in 1789 Capital or its holdings in order to gain access to Trump's family and to influence in Washington.

Richard Painter was the White House Ethics Lawyer under the former Republican President George W. Bush. He said, "I do not think the founders of the United States would have tolerated such a thing in 1789. That's irony."

One person close to Don Jr. stated that he doesn't discuss his business with his father, nor does he ask for government favors. Don also "makes this clear" to everyone with whom he conducts business.

Don Jr.'s supporters argued that other relatives of Democratic politicians had participated in financial ventures, without receiving the same attention from media or ethics watchdogs. Governance experts have noted that other members of the presidential family have used their names and connections in the past, but they claim the Trump family’s business activities are unlike anything else in recent U.S. History.

Trump, unlike past presidents who have divested themselves of their business interests or distanced from them, has retained ownership and control over a global empire, while allowing his close relatives to engage in ventures that benefit from the policies of his administration, leverage his name, and profit from it.

Trump's family is accumulating billions of dollars in crypto-related assets as he helps to shape the regulatory landscape for digital assets. The stock of a bitcoin-related company owned by Trump's two oldest sons more than doubled in value last week.

Stakes north of $1.5 Billion

A windfall which highlights the blurred line between political power, and private gain.

1789 Capital denies that it benefits from Don Jr.’s role. 1789 Capital maximizes compliance and transparency, even though nobody at the fund worked in government," said a spokesperson in a press release.

Karoline Leavitt, White House Press secretary, said in an email that it was "irresponsible", for the media, to "fabricate" conflicts of interests. "Neither the president nor his family has ever engaged, and will never engage, in conflict of interest," wrote she.

A representative of Don Jr. stated that there was no conflict arising from his work at 1789. The representative stated that Don Jr. has been a businessman for his entire life and does not have any role in government. He also has no decision-making power within the government.

From Debt to Dominance

Buskirk’s journey into the heart of MAGA’s power began with a rough beginning, as previously undisclosed court documents and interviewees show.

According to court records in Maricopa County Arizona, Buskirk struggled for over a decade with debts and lawsuits by collection companies. These records show that Buskirk and wife were sued 11 times between 2011 and 2015. This was by debt collection agencies, business partners, and their dry cleaner, among others.

The records indicate that at least 10 cases resulted in judgments when the Buskirks did not respond to the actions. In a 2011 dispute involving a solar panel company, Buskirk filed a response denying the debt. Arbitrator Buskirk was awarded $7,190 by an arbitrator.

Records show that in five cases, Buskirk paid off his debts eventually, often years after the judgments had been filed. The court records did not reveal whether debts had been paid in six of the other cases.

Buskirk stated in a press release that he was focusing his attention on "decades-old personal conflicts" over "trivial amounts of money". "

Buskirk stated that although the issues were resolved long ago, they "showcased only how I stood on principle when it was necessary and fought for what is right, just as I did in all of my business ventures." His biography can be found on the

1789 Website

He has sold "multiple finance companies" including those in the insurance industry and specialty lending.

Buskirk didn't respond to any specific questions regarding the legal cases, or his relationship with Thiel.

Gina Buskirk, Buskirk's spouse, did not reply to a comment request.

Buskirk reached a turning point in 2016, when Trump rose to power.

Buskirk, along with a group of small associates, launched the Center for American Greatness (a nonprofit organization that runs the conservative website American Greatness). The site gained popularity as a place for pro-Trump comments, which helped to raise Buskirk's status in Republican circles. The site includes opinion pieces, cultural criticisms and political analyses aimed at challenging the mainstream narratives.

In an interview, Seth Leibsohn said that the idea was to provide an intellectual backbone for the America First Movement, the Trump-led populist movement that reshaped Republican Party. Leibsohn is a Phoenix radio presenter who worked with Buskirk during the early days of the website.

Sources familiar with the magazine's origins say that Thiel was a major contributor to the initial funding of American Greatness. Thiel is the PayPal cofounder and self-described Libertarian. He made headlines at the time as Silicon Valley’s most prominent investor publicly supporting Trump.

Buskirk was a conservative commentator because of his role as the publisher of American Greatness. In interviews with NPR and PBS, MSNBC and CNN, he provided analysis of Trump's appeal. In 2017, he told NPR that the old left/right divides in American politics were obsolete. He said that the "divide" could be between Washington and the rest the country.

Buskirk and Vance founded the 2019

Rockbridge Network

, a Silicon Valley-backed donor organization. By 2022 Buskirk was no longer a struggling entrepreneur, but a political insider who had a growing influence. Buskirk’s consulting firm supported Blake Masters, the Republican U.S. Senate Candidate backed by Thiel. According to Federal Election Commission documents, he also raised $45 million for Trump's campaign in 2024 through an outside super PAC called Turnout For America.

According to FEC filings, between April 2021 and this June, two Buskirk-based consulting firms, Timoleon LLC & Telperion LLC received almost $3.8 million in donations from political groups.

A Thiel spokesperson did not respond when asked for comments about Thiel's relationship with Buskirk or his support of American Greatness or 1789 Capital.

From Manhattan to MAGA World

Malik, a former investment banker in New York, rose through the ranks while Buskirk built ties with the MAGA movement. He was a law graduate, and a former aide of a Democratic Congressman from New Jersey. He rose to the top of Bank of America's financial industry, where he managed a division that served hedge fund clients.

Malik settled with Bank of America in July 2018 after being fired earlier that same year, according a source familiar with the situation.

Malik claimed in a complaint to the Financial Industry Regulatory Authority – Wall Street’s self-regulatory organization – that he had been dismissed as a retaliation after he whistle-blew about a supervisor’s lack of regulatory licensing, and was also subjected discrimination and defamation. According to a separate FINRA submission made by the bank, and reviewed by he was dismissed following an internal investigation of alleged misconduct.

Bank of America refused to comment on any allegations of misconduct or specific details of a settlement.

Malik gave $11,200 the following year to support Trump’s presidential campaign. A month earlier, Malik had donated $2,800 to former president Joe Biden’s Democratic campaign.

Malik and Don Jr. wrote an op-ed in 2020 for the right-wing Daily Caller website, founded by Tucker Carlson. They criticized corporate America's "willful blindness" and its "dogmatic adherence to China free trade."

In 2021, Malik moved to Palm Beach, home to Trump's resort-turned-headquarters at Mar-a-Lago and the gravitational center of the MAGA movement. Trump had left office and the resort that was once a playground of the ultra-wealthy became a place for him to try to come back to power, as well as a center for networking for the Trump-dominated right. Malik and Buskirk met in Palm Beach. Buskirk was supporting a tech investor who at the time was considered a political outsider: Vance.

Vance, now Thiel's protege and boosted by Thiel's campaign money in April 2022 was mounting a successful bid for an Ohio U.S. Senate Seat. Vance held a modest fundraising event in Palm Beach that month. Malik and Don Jr. were among the attendees.

"PATRIOTIC CAPITALISM"

In Palm Beach, Buskirk & Malik launched 1789 Capital in 2023.

alik, Buskirk, and Rebekah Mercer were listed as the presidents in a SEC filing. Rebekah Mercer is the daughter of hedge fund billionaire Robert Mercer. She has been a major donor to conservative causes. Rebekah Mercer did not reply to a request for comment made through the foundation of her family.

They pitched "patriotic capitalism", a MAGA aligned investment strategy which rejects environmental and social principles, as well as governance principles. This is done to align with Trump's core voters. The two people familiar with 1789 said that the firm only invests in minority positions within private U.S. firms.

According to two people familiarized with 1789 Capital's deals, 1789 Capital is willing to accept foreign investors, even sovereign wealth funds if they come from countries that the group considers to be "pro-American", but only if the country in question falls into this category. The group does disclose its investors.

One of the first investments that made the company a name was Tucker Carlson’s Last Country Inc., a media firm that promotes pro-Trump views. In March, 1789 and its investors were bought out by the company.

Neil Patel, co-founder of Last Country, told. Patel refused to disclose financial details.

Malik's relationship with Don Jr. grew in 2023. Malik's special-purpose acquisition firm, which is a shell company designed to raise money and merge with private companies, acquired a stake at PSQ Holdings in 2023, where Don Jr. had invested. PSQ is the owner of PublicSquare - an online marketplace that claims to serve "consumers, business owners and those who cherish God-given freedom and family values."

Don Jr. in a light blue suit, sat between Malik and his former girlfriend, Kimberly Guilfoyle on the balcony of the New York Stock Exchange, as PSQ was going public. "USA! USA! "USA!" They all chanted as Malik patted Don Jr. on the shoulder.

Don Jr. wrote in June 2024 on X, "People are sick of this woke shit." It's the reason I'm a PublicSquare investor and believer. PublicSquare has not responded to a comment request.

Malik, who was once a supporter of Robert F. Kennedy Jr., co-hosted an event for Trump in Manhattan's Pierre Hotel last May, when Trump was facing a fraud trial. This showed the growing influence of this investor. Malik, who was an early supporter of Robert F. Kennedy Jr., played a role behind the scenes in brokering Kennedy’s endorsement of Trump.

Previous reports

. These moves marked a new turning point. Malik no longer circled the MAGA orbit; he had become a fixture in it.

JUNIOR ASSCENDANT

Don Jr. became a partner in Malik's 1789 Capital venture firm in November, just days after his dad won the presidential elections. By 2025, the first class of MAGA-aligned elites began to emerge.

Malik, Buskirk, and Don Jr. were among them. On the 15th of January, just before Trump's second inaugural, they joined other high-dollar donors in a bistro with marble walls, Le Bilboquet. The event was a $250,000 per plate fundraiser to honor Vance. The event highlighted the increasing overlap between conservative politics and private investment, as well as executive-branch influences. It also boosted the prominence of 1789 Capital in a network that includes donors, entrepreneurs, and political allies who are reshaping U.S. corporate landscape.

Don Jr. holds at least two positions at companies supported by 1789 Capital. He is an adviser for the betting site Polymarket, and a member of the board at BlinkRx.

One of those with intimate knowledge of 1789 Capital said that his primary role is to identify attractive investments.

This person stated that Don Jr. was the one who led the investment of 1789 in Happy Dad LLC. The company is a seltzer co-founded Kyle Forgeard. Forgeard is a conservative influencer and a member the Nelk Boys. He helped Trump win the election in 2024. Forgeard and Happy Dad did not respond to questions regarding 1789's investments.

Malik, Buskirk, and Don Jr. helped launch the Executive Branch in April, a private club hidden beneath a Georgetown condominium building in Washington, D.C., where membership fees can reach $500,000. Although not officially part of 1789 capital, the club's exclusivity and political connections have drawn criticism. The club's supporters claim it was set up to provide a place for conservatives to meet without being scrutinized by the media. They also say there aren't many Republican-friendly venues available in the city.

Other founding members and co-owners of Executive Branch include Trump's Crypto Czar David Sacks, billionaire twins Cameron and Tyler Winklevoss, and Alex and Zach Witkoff. They are the sons Steve Witkoff's special envoy Steve Witkoff who runs a crypto company with the Trump Family. Sacks, Winklevoss and Witkoff did not reply to requests for comments.

Ann Skeet is the senior director of leadership at the Santa Clara University Ethics Institute. She said that there was no way to avoid the impression that the club had "created private access" to the administration.

A spokesperson for Don Jr. refused to comment on criticisms about potential ethical issues arising from the club. A spokesperson for the Executive Branch dismissed any suggestion of conflict of interest, calling it "laughable" and noting that no members of Congress were members.

At least three 1789 Capital-backed companies have benefited from the Trump administration's policy changes and deregulatory agenda. It was not possible to determine whether 1789 Capital's investments or the negotiations that preceded them played a part in these outcomes.

According to Shayne Coplan of 1789 Capital's Polymarket, a blockchain betting platform backed with capital, federal authorities have dropped two investigations. He said in July on X that the company was cleared of all wrongdoing. These two investigations -- one civil and one criminal -- were launched under the Biden Administration and centered on whether

Polymarket

The federal ban on election betting was violated when the company allowed U.S. users to bet on the presidential election of 2024.

The bets of Polymarket were a source of attention because they strongly favored Trump's victory in the 2024 elections. In 2022, the Commodity Futures Trading Commission penalized Polymarket for operating unregistered market. Agents from the federal government searched Coplan’s house in November and seized his electronics and phone. Polymarket said that the investigation was politically motivated and denied any wrongdoing.

Polymarket refused to comment on the 1789 investment or the investigations. The Trump administration has not responded to a comment request on Polymarket's regulatory changes.

Separately in July, following years of regulatory scrutiny, the Food and Drug Administration approved the sale of Juul Labs e-cigarette devices and refill cartridges, both in tobacco and mint flavors. FDA's decision is seen as a breath of fresh air for the vape manufacturer, who narrowly avoided bankruptcy by 2022 due to a regulatory battle over whether their products could stay on the U.S. marketplace.

A spokesperson for Juul said that 1789 Capital took a stake in the company valued at approximately $5 million in March. The spokesperson refused to comment whether or not the company received political benefits from the investment.

Trump also announced plans to eliminate regulatory barriers for artificial intelligence development, a departure from Biden's cautious approach. Perplexity AI of San Francisco, one of the top startups trying to overthrow Alphabet's Google in the search engine market, has said that none its investors - including 1789 - receive any "political benefit". Aram Roston contributed additional reporting. Jason Szep edited the article.

(source: Reuters)