Trump Jr.’s 1789 Capital in Talks to Raise $3B

The reported scale of the raise is notable for a firm still building its public profile, and it signals that the Trump-adjacent capital network is moving from a handful of thematic bets toward a larger, more institutional pool. That matters less for any single deal than for the direction of travel: political proximity is increasingly being priced as an allocator's edge. Whether limited partners treat that as durable or cyclical is the open question, and it will show up in how quickly the effort closes.