1789 Capital, a venture firm tied to Donald Trump Jr., is refusing to comply with a congressional inquiry led by Rep. Jamie Raskin over whether political ties influenced its investment outcomes.
According to CBS News, attorneys Alexander J. Merton and William A. Burck rejected Raskin’s demands for confidential business records, calling the inquiry “political gamesmanship” and criticizing his “spaghetti-against-the-wall approach.”
Raskin, the ranking Democrat on the House Judiciary Committee, launched the probe last month, alleging several 1789 portfolio companies—including Anduril Industries, Juul, Polymarket, and Vulcan—benefited from “favorable administration decisions.”
The Investments In Raskin’s Crosshairs
- Anduril benefited from the Trump administration through higher defense spending, favorable border-tech policies and a soaring valuation fueled in part by political ties.
- 1789 invested in Juul in March 2025. Four months later, the Food and Drug Administration granted full marketing clearance to Juul to keep its e-cigarettes on store shelves.
- Polymarket was once barred from accepting U.S. wagers, but after receiving a federal operating license last year, its valuation surged from $300 million to $15 billion following 1789’s investment.
- Last year, 1789 invested in Vulcan when its valuation hovered around $200 million. The company eventually landed a $620 million loan commitment from the Defense Department. Now it’s worth roughly $2 billion.
Deadline Passes
The House Judiciary Committee set a Sept. 9 deadline for 1789 to provide detailed records. It demanded portfolio companies, communications with government officials, government policies or contracts affecting the firm, and documents related to hiring President Trump’s eldest son.
The committee also asked for due diligence materials on portfolio companies and ordered the firm to preserve communications with members of the Trump administration, including messages sent through encrypted apps such as Signal, WhatsApp, Telegram, and X.
Trump Jr.’s firm did not produce those materials. Its counsel said Vulcan had federal business going back to 2024, before the financing round in which 1789 Capital participated, and described the firm as one of multiple institutional backers.
The response letter stated that Raskin made "unsubstantiated and emotional aspersions" and argued he mixed up separate entities and misstated transactions.
House Democrats have sent multiple information requests in recent months to government officials, Trump family members and related businesses, though Democrats lack subpoena power unless they regain the House majority, CBSNews noted.
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