Donald Trump Jr.'s 1789 Capital Raises $1.2B Real Estate Fund

• 1789 Capital closes $1.2B fund, targets $8B+ in Sun Belt real estate
• Partnered with Palm Beach's Easton Street Capital
• Focus: housing, community development, manufacturing, data centers
• Trump Jr. joins the investment committee for this fund

The Close

1789 Capital has closed its $1.2 billion real estate fund and is targeting more than $8 billion in Sun Belt deals through a partnership with Easton Street Capital, the Palm Beach firm led by Rob Frisbie Jr. and Cody Crowell. The fund, 1789 Real Estate, will chase housing, community development, manufacturing and data center deals across Florida, Texas, Tennessee, Georgia and the Carolinas, markets that keep absorbing population and capital moving out of higher-tax states. Workforce and multifamily housing are expected to be the largest allocation.

Donald Trump Jr. joins the investment committee for the new fund, a step up from his role at 1789's growth equity vehicle, where he's a partner but doesn't sit on the committee.

Easton Street's Track Record

Frisbie Jr. and Crowell, brothers-in-law, both came up at the Frisbie Group, the Palm Beach development firm Frisbie's father and uncles founded in 1996 after getting their start renovating Boston brownstones. The two now run Frisbie Group day to day, and Easton Street marks their move into larger, outside-capital deals.

The partnership is already live on the ground: in June, 1789 and Easton Street filed plans for a 26-story condo tower at 201 and 203 Arkona Court in West Palm Beach's Cultural Quarter, beside the Norton Museum of Art. The SCB-designed building totals roughly 156,400 square feet across 16 full-floor residences starting on the 11th floor, each at least 6,000 square feet, topped by a two-story penthouse.

1789's Rapid Growth

1789 Capital, co-founded by Omeed Malik and Chris Buskirk, has grown to more than $3 billion in assets under management, up from a few hundred million when Trump Jr. joined after the 2024 election. Its main growth equity fund has posted returns of roughly 200% through June 30, helped by an early stake in prediction market Polymarket. About 40% of 1789's capital comes from foreign investors, according to regulatory filings.

What's Next

1789 and Easton Street's West Palm Beach tower is still working through entitlements. The next signal to watch: the new fund's first acquisitions, expected to land in the housing and community development bucket the firm has flagged as its priority.