1789 Capital Research
Investment Thesis
1789 Capital positions itself as the first venture and growth-equity fund built explicitly around "Patriotic Capitalism" and what it calls "American exceptionalism." Founded on October 3, 2022 by investment banker Omeed Malik, entrepreneur Chris Buskirk, and Rebekah Mercer, the firm's stated mandate is to "only invest in America," targeting companies that support domestic industrial capacity, deglobalization, and reshoring of critical supply chains (defense, chips, energy, rare earths). Malik describes the strategy as pursuing "EIG" (Entrepreneurship, Innovation, Growth) companies with explicitly no ESG or DEI components, positioning the fund as a direct counter-thesis to ESG-oriented investing. The firm markets itself as building a "parallel economy" of conservative-aligned businesses and media.
Sector Focus
The portfolio spans several concentrated themes:
- Defense and aerospace technology (Anduril, Axiom Space, Firehawk Aerospace, Vulcan Elements rare-earth magnets)
- AI infrastructure and compute (Groq, Cerebras, PsiQuantum, Reflection AI, Perplexity AI, xAI)
- Fintech and enterprise infrastructure (Plaid, Ramp, Deel, Databricks, Crusoe)
- Consumer platforms and media (Substack, Tucker Carlson Network, Polymarket, GrabAGun, Juul Labs)
- Real estate development (new dedicated real estate fund, see below)
Stage Focus
1789 Capital operates primarily as a growth-equity and late-stage investor, participating in large rounds alongside major venture firms (e.g., SpaceX, Anduril, Databricks). Its flagship vehicle is explicitly named the "1789 Capital Growth Equity Fund." It does not present itself as a traditional seed-stage shop.
Check Size
No specific check-size range is publicly disclosed. Given participation in nine- and ten-figure rounds for companies like SpaceX, Anduril, and Databricks, individual allocations are inferred to be in the low tens of millions to potentially $100M+, though this is not confirmed by primary sources.
Lead Tendency
Unclear from public sources; the firm typically appears as a participant alongside other investors in large syndicated rounds rather than as a headline lead, though it has led its own dedicated vehicles (e.g., the Real Estate Development Fund).
Recent Activity
The firm's growth has been extremely rapid: AUM grew from roughly $200 million at the start of 2025 to $861.2 million by September 2025, to $2 billion by December 31, 2025, and reportedly $3.5 billion by May 2026 — a roughly 17x increase in about a year. The flagship Growth Equity Fund was reported closed to new investors as of early January 2026. In August 2026 the firm closed an inaugural $1.2 billion "1789 Real Estate Development Fund" targeting Sun Belt markets (Florida, Texas, Tennessee, Georgia, North and South Carolina) in partnership with operating partner Easton Street Capital, with a projected total capitalization exceeding $8 billion across the underlying portfolio.
Portfolio Highlights
Notable names include SpaceX, Anduril Industries, Neuralink, xAI, Groq, Cerebras, Perplexity AI, Reflection AI, PsiQuantum, Plaid, Ramp, Deel, Databricks, Crusoe, Hadrian, Vulcan Elements, Polymarket, Substack, Tucker Carlson Network, GrabAGun (which completed a NYSE listing via SPAC in July 2025), Axiom Space, and Firehawk Aerospace. Ten of the firm's defense, space, and software portfolio companies reportedly received over $1.6 billion in federal contracts and grants within the first 500 days of the second Trump administration.
Team
- Omeed Malik — Founder & President; investment banker by background, drives strategy and capital raising.
- Christopher Buskirk — Founder & CIO; entrepreneur and political commentator.
- Rebekah Mercer — Founder; longtime conservative political donor and financier.
- Donald Trump Jr. — Partner (joined November 2024); focused on new investment origination, capital raising, and strategy.
- Paul Abrahimzadeh — Partner; involved in the firm's real estate vertical.
- Joe Voboril — Partner.
- Jordan Cohen — Partner & COO.
- Andy Nasser — Partner.
- Emanuel Zareh — Partner.
Decision Process
Given the eight-plus-partner structure and the multiple named partners attached to specific verticals (e.g., Abrahimzadeh on real estate), the firm appears to operate as a partnership rather than a solo-GP or formal investment-committee structure, though this is inferred rather than confirmed.
Founder Preferences
Public messaging suggests a preference for founders and companies explicitly aligned with domestic manufacturing, national security, deregulation, and "anti-woke" positioning — often companies that are simultaneously benefiting from or aligned with the current U.S. administration's policy agenda (drone dominance, crypto/digital-asset regulation, reshoring).
Geographic Focus
Exclusively United States-focused ("only invest in America"), headquartered in Palm Beach, Florida. The new real estate fund specifically targets Sun Belt growth markets.