1789 Capital Seeks $3 Billion for Second Growth Fund

1789 Capital is in discussions to raise $3 billion for its second growth fund, a person familiar with the matter told Bloomberg News.

The target could go higher. Sources, who requested anonymity to discuss private information, said the size of the capital raising program may increase as talks proceed.

The Palm Beach, Florida-based firm operates in growth equity and venture capital, with a focus on startups, according to the report published on Wednesday.

1789 Capital counts Donald Trump Jr. among its partners. The firm is said to be leading a $1 billion funding round for Polymarket, the prediction markets platform, according to an earlier report. That round reportedly seeks a valuation of $2.1 billion for the company.

The firm's track record gives it leverage in the new raise. Its first growth fund, launched in 2023, posted returns of over 200% through the end of June, according to one of the sources.

A $3 billion second fund would mark a substantial escalation in the firm's ambitions. Combined with the reported Polymarket round, the figure signals that 1789 Capital intends to compete for large growth-stage deals at a time when many established venture firms are pulling back from fresh fundraising.