1789 Capital, the venture capital firm that counts Donald Trump Jr. as a partner, has formally told Congress to take a hike. In a letter dated around September 9, 2026, the firm’s legal counsel rejected an inquiry from Rep. Jamie Raskin (D-MD), characterizing it as built on unfounded allegations rather than actual evidence.
The firm declined to provide the documents Raskin had requested, which included a comprehensive portfolio list and communications with government officials. The deadline for that handover was the same date the rejection letter was sent.
What Raskin wanted, and why
The Democratic-led inquiry, launched in late August 2026, zeroes in on whether 1789 Capital’s portfolio companies benefited from their proximity to the White House.
The most eyebrow-raising case involves Vulcan Elements. Just months after 1789 Capital invested in the company in August 2025, Vulcan received a $620 million loan from the Department of Defense. Vulcan also reportedly received a $50 million equity investment around the same period. White House adviser Peter Navarro was reportedly involved in the loan approval process.
Raskin’s inquiry also flagged investments in Anduril Industries and Juul Labs. The broader concern is whether investment decisions at 1789 Capital were shaped by advance knowledge of, or influence over, government actions like federal contracts, loans, or regulatory shifts.
A firm that grew very fast
Before Trump Jr. joined as a partner, the firm managed roughly $150 million in assets. As of September 2026, that number sits at approximately $3 billion.
The firm’s primary fund reported return rates of around 200% as of June 30, 2026.
1789 Capital and Trump Jr.’s team have repeatedly denied any inappropriate influence or insider knowledge related to federal government actions that may have benefited portfolio companies. The firm’s legal response to Raskin framed the entire inquiry as politically motivated rather than fact-driven.
Political math working against Democrats
Raskin’s investigation faces a structural problem that goes beyond legal arguments. Democrats previously attempted to subpoena Trump Jr. specifically regarding the Vulcan Elements situation, but that effort was blocked by Republicans in March 2026.
Subpoena power in congressional committees is controlled by the majority party, which means Democratic-led investigations operate with limited enforcement tools. They can request documents and send pointed letters, but compelling compliance requires bipartisan cooperation that simply doesn’t exist on this issue.
Why this fight matters beyond Capitol Hill
Reports of expedited federal processing tied to White House direction add fuel to concerns about whether the investment-to-government-benefit pipeline operated with unusual speed or favoritism. The firm categorically denies this, but the timeline remains difficult to explain away when a $620 million DoD loan lands months after an investment.