Key Takeaways
- • 1789 Capital has closed its inaugural Real Estate Development Fund at $1.2 billion in assets under management, marking a significant expansion beyond the firm's core tech, defense, and manufacturing investments.
- • The fund targets high-growth Sun Belt markets including Florida, Texas, Tennessee, Georgia, and the Carolinas, with primary focus on housing (multifamily and workforce housing), community development, manufacturing, and digital infrastructure including data centers.
- • 1789 Capital has partnered with Easton Street, a South Florida real estate company, integrating more than 20 personnel from Easton Street to serve as both investment manager and operator, designed to eliminate secondary fee layers typical in outsourced real estate development.
- • The firm targets returns upward of 30% by leveraging Easton Street's pre-existing pipeline of developed projects, eliminating the typical lag between acquisition and development phases.
- • Donald Trump Jr., a partner at 1789 Capital, will sit on the investment committee for the new real estate fund, and the firm now manages more than $3 billion in total assets, up substantially from a few hundred million dollars following Trump Jr.'s involvement post-2024 election.
Summary
1789 Capital, the investment firm where Donald Trump Jr. serves as a partner, has closed its debut Real Estate Development Fund at $1.2 billion in assets under management. The fund represents a substantial strategic pivot for the firm, which has historically concentrated its portfolio in technology, defense, and manufacturing investments. According to sources familiar with the business, 1789 Capital is positioning this vehicle to capitalize on the continued migration of American wealth and population to Sun Belt markets.
The fund's geographic and sectoral focus is precisely defined. It will target fast-growing Sun Belt markets including Florida, Texas, Tennessee, Georgia, and the Carolinas, with investments spanning housing, community development, manufacturing, and digital infrastructure such as data centers. Housing—particularly multifamily residential and workforce housing—is expected to represent one of the strategy's largest concentration areas. This focus aligns with demographic trends showing sustained demand in these high-growth regional markets.
To operationalize this strategy, 1789 Capital has formed a partnership with Easton Street, a South Florida-based real estate company formerly known as Frisbie Group. The integration brings more than 20 personnel from Easton Street into 1789 Capital through a joint venture structure. This operational design is intended to deliver a dual benefit: combining investment management expertise with hands-on development capabilities eliminates the secondary layer of fees that investors typically incur when large asset managers outsource real estate execution to third-party operators. Sources indicate 1789 Capital believes this integrated model can generate target returns exceeding 30%, leveraging Easton Street's pre-existing pipeline of projects already in advanced development stages.
Trump Jr. will serve on the investment committee for the new real estate fund, distinguishing his role from his position in the firm's growth equity fund, where he does not hold investment committee membership. The fund's closing reflects broader momentum at 1789 Capital: the firm now manages more than $3 billion in total assets, a sharp increase from the few hundred million dollars under management at the time of Trump Jr.'s partnership involvement following the 2024 election.
The fund's geographic and sectoral focus is precisely defined. It will target fast-growing Sun Belt markets including Florida, Texas, Tennessee, Georgia, and the Carolinas, with investments spanning housing, community development, manufacturing, and digital infrastructure such as data centers. Housing—particularly multifamily residential and workforce housing—is expected to represent one of the strategy's largest concentration areas. This focus aligns with demographic trends showing sustained demand in these high-growth regional markets.
To operationalize this strategy, 1789 Capital has formed a partnership with Easton Street, a South Florida-based real estate company formerly known as Frisbie Group. The integration brings more than 20 personnel from Easton Street into 1789 Capital through a joint venture structure. This operational design is intended to deliver a dual benefit: combining investment management expertise with hands-on development capabilities eliminates the secondary layer of fees that investors typically incur when large asset managers outsource real estate execution to third-party operators. Sources indicate 1789 Capital believes this integrated model can generate target returns exceeding 30%, leveraging Easton Street's pre-existing pipeline of projects already in advanced development stages.
Trump Jr. will serve on the investment committee for the new real estate fund, distinguishing his role from his position in the firm's growth equity fund, where he does not hold investment committee membership. The fund's closing reflects broader momentum at 1789 Capital: the firm now manages more than $3 billion in total assets, a sharp increase from the few hundred million dollars under management at the time of Trump Jr.'s partnership involvement following the 2024 election.
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