A venture capital company linked to President Trump’s family on Tuesday fired back at Democrats’ claims that it benefited from White House connections.
“1789 Capital welcomes legitimate congressional oversight, but it has no intention of being held hostage to political gamesmanship,” a letter from the company’s lawyers, first reported by CBS, reads.
Donald Trump Jr., the president’s oldest child, is a partner at the company.
In August, Rep. Jamie Raskin, a Maryland Democrat on the House Judiciary Committee, announced an “investigation” of 1789 Capital.
Mr. Raskin accused the firm of profiting from “insider political influence” and demanded it turn over its portfolio, records and any communications with the Trump administration.
“Before Trump Jr. joined 1789 Capital, the struggling firm managed roughly $150 million in investment capital and had a record of flopped investments,” Mr. Raskin wrote.
“Today, it manages more than $3 billion, and its main investment fund generated a roughly 200% return as of June 30, 2026— ten times the average for peer venture capital firms founded in 2023.”
In particular, Mr. Raskin said the administration’s decisions regarding federal loans to a mining company, the authorization of e-cigarette sales, and the closing of an investigation into a prediction market have benefited the firm.
Mr. Raskin’s targeting of 1789 Capital is a glimpse of how he would likely use the committee’s power if Democrats take the House after the midterm elections.
House Minority Leader Hakeem Jeffries, New York Democrat, and Rep. Robert Garcia, a California Democrat on the House Oversight Committee, have also pledged to probe the administration and the Trump family’s business dealings.
In the majority, Democrats would have the power to subpoena testimony and records, rather than just asking for them.
In the Tuesday letter, 1789 Capital’s lawyers wrote that “political association is not a substitute for evidence.”
The lawyers acknowledged that “individuals associated with 1789 Capital have political affiliations and personal relationships” but characterize this as “commonplace throughout the financial industry.”
The lawyers added that Mr. Raskin has made “demonstrably inaccurate statements.”
The letter said Mr. Raskin failed to note that Vulcan Elements, the mining firm alleged to have received preferential treatment from the Trump administration, had received federal funding dating back to 2024, “before the financing in which 1789 Capital participated.”
Asked for comment on Mr. Raskin’s investigation, Davis Ingle, a White House spokesman, told The Washington Times in a statement that the president’s “stock and bond portfolio is independently managed by third-party financial institutions.”
He added, regarding the president’s personal investments, “Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold. All investment decisions are made entirely by independent managers. There are no conflicts of interest.”
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