Key Takeaways
- • 1789 Capital closed a $1.2 billion real estate fund with Donald Trump Jr. as an active partner, marking a strategic expansion into Sun Belt markets across Florida and Texas for the previously technology and defense-focused investment firm.
- • The fund targets multifamily and workforce housing alongside digital infrastructure including data centers, with projected returns exceeding 30 percent and total capitalization ambitions of $8 billion through co-investments and debt financing.
- • 1789 Capital integrated Easton Street and the former Frisbie Group into a joint venture structure to eliminate outsourcing development fees and leverage existing project pipelines in the South Florida market.
- • The firm manages over $3 billion in assets with approximately 40 percent foreign investor base; its primary growth equity fund achieved approximately 200 percent returns as of Q2, substantially boosted following Trump's joining post-2024 election.
- • The real estate fund represents a departure from 1789 Capital's core strategy, which previously focused on technology, defense, and manufacturing investments including positions in Polymarket, Substack, and Tucker Carlson's Last Country.
Summary
1789 Capital, an investment firm where Donald Trump Jr. serves as a partner, has closed a $1.2 billion real estate fund focused on Sun Belt development, according to reporting from The Real Deal. The fund marks a strategic pivot for Omeed Malik's firm, which has historically concentrated its investment thesis on technology, defense, and manufacturing sectors. Trump will participate in decision-making for the real estate fund, though he does not sit on the investment committee for the firm's primary growth equity vehicle.
The fund's geographic and asset-class focus reflects a deliberate market positioning. 1789 Capital is targeting the Sun Belt region stretching from Florida through Texas, with particular emphasis on multifamily and workforce housing development. Digital infrastructure, specifically data center investments, represents an additional target category. The firm is projecting returns exceeding 30 percent and seeking total capitalization of $8 billion across the fund lifecycle, with co-investments, debt financing, and outside partner participation expected to comprise deal structures.
To optimize development execution and reduce costs, 1789 Capital has established a joint venture with Easton Street that integrates the former Frisbie Group. This structural consolidation eliminates external outsourcing fees previously attached to development services. Easton Street's existing project pipeline will flow into the combined vehicle. The partnership builds on 1789 Capital's prior collaboration with Frisbie Group on a $1 billion South Florida real estate fund launched the previous year.
The firm's asset base and investor composition have expanded materially since Trump's arrival following his father's 2024 election victory. 1789 Capital currently manages over $3 billion in assets, with approximately 40 percent derived from foreign investors. As of the second quarter 2026, the firm's primary growth equity fund has delivered approximately 200 percent returns. Past investments include Polymarket, Substack, GrabAGun, Tucker Carlson's Last Country, and the Enhanced Games, demonstrating the firm's diversified exposure across technology, digital commerce, and entertainment verticals before this real estate fund launch.
The fund's geographic and asset-class focus reflects a deliberate market positioning. 1789 Capital is targeting the Sun Belt region stretching from Florida through Texas, with particular emphasis on multifamily and workforce housing development. Digital infrastructure, specifically data center investments, represents an additional target category. The firm is projecting returns exceeding 30 percent and seeking total capitalization of $8 billion across the fund lifecycle, with co-investments, debt financing, and outside partner participation expected to comprise deal structures.
To optimize development execution and reduce costs, 1789 Capital has established a joint venture with Easton Street that integrates the former Frisbie Group. This structural consolidation eliminates external outsourcing fees previously attached to development services. Easton Street's existing project pipeline will flow into the combined vehicle. The partnership builds on 1789 Capital's prior collaboration with Frisbie Group on a $1 billion South Florida real estate fund launched the previous year.
The firm's asset base and investor composition have expanded materially since Trump's arrival following his father's 2024 election victory. 1789 Capital currently manages over $3 billion in assets, with approximately 40 percent derived from foreign investors. As of the second quarter 2026, the firm's primary growth equity fund has delivered approximately 200 percent returns. Past investments include Polymarket, Substack, GrabAGun, Tucker Carlson's Last Country, and the Enhanced Games, demonstrating the firm's diversified exposure across technology, digital commerce, and entertainment verticals before this real estate fund launch.
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