An investment firm that has partnered with one of President Donald Trump’s sons is aiming to spend billions of dollars on Sun Belt real estate as part of a new fund.
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1789 Capital, which is partnered with Donald Trump Jr., closed a $1.2B fund that will target more than $8B in real estate in states like Florida, Texas, Tennessee, Georgia and the Carolinas, areas that have benefited from a boost in population from other parts of the country in recent years, Axios reported.
The firm teamed up with Florida-based real estate company Easton Street and will focus on housing, community development, manufacturing and data centers, according to Axios, citing a source familiar with the fund.
In June, 1789 and Easton Street announced plans for a luxury 26-story condominium project in West Palm Beach with full-floor units and a 10,500 SF private club, Markets of TMW reported.
The fund, titled 1789 Real Estate Management LLC, was founded by Omeed Malik, a former Bank of America executive and former Democrat who became a Republican in 2020. He formed 1789 in 2022 with a thesis of investing in non-“woke” companies, including stakes in conservative commentator Tucker Carlson’s Last Country media outfit, Forbes previously reported. The company also invested in the online prediction market platform Polymarket, which rose from a value of $300M when 1789 invested in it to $15B this past April, according to Axios.
“1789 Capital has a proven track record of identifying unmet needs in the market, and having the conviction to act on them. That same thinking shaped how we approached real estate,” Malik said in a press release. “With this development fund, we’re seeking to advance American exceptionalism while also recognizing the post-Covid great migration is a structural reordering of where Americans live, work, and build wealth.”
1789 couldn't immediately be reached for comment.
Since Trump Jr. joined 1789 in 2024, the firm’s assets under management jumped from a few hundred million dollars to more than $3B, with its main growth equity fund generating around a 200% return as of the end of June, according to The New York Times. Trump Jr. will sit on the investment committee of 1789’s real estate fund, Axios reported, citing a source familiar with the arrangement.
The fund’s formation comes as some ethics experts and Democrats have criticized the president and his family’s growing wealth during his second term.
The elder Trump reaped more than $2B in revenue last year with cryptocurrency holdings and in expanding interests in his Truth Social media platform.
“Trump has figured out a way to monetize the presidency, political power and public policy in ways no other president has achieved,” Princeton University historian Julian Zelizer told the Guardian this week, adding that the president “smashed all guardrails” that existed between federal policy and business interests.
The NYT reported that executives of companies 1789 has invested in haven’t seen the firm seek special treatment from the Trump administration. Still, CNN found that companies in defense, space and software that 1789 was invested in were awarded more than $1.6B in federal contracts and grants in the first 500 days of Trump Sr.’s second term.
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