By Alexandra Ulmer
(Reuters) - President-elect Donald Trump's eldest son, Donald Trump Jr., is joining venture capital firm 1789 Capital, which focuses on investing in conservative companies, according to three sources familiar with his plans.
1789 Capital is a roughly $150 million venture capital firm based in Palm Beach, Florida, and owned by entrepreneur Chris Buskirk, financier and Trump donor Omeed Malik and hedge fund heiress Rebekah Mercer (NASDAQ:MERC), Reuters previously reported.
As a partner, Trump Jr. is expected to help 1789 Capital with investments in companies in the "parallel economy" of companies that espouse a conservative world view, as well as help raise capital for the fund, one of the sources said.
The news was first reported by the New York Times (NYSE:NYT).
Reuters was not immediately able to contact Trump Jr. for comment.
Trump Jr., a close adviser to his father, will add heft to 1789 Capital at a time when the conservative movement is seeking investments in conservative companies amid their criticism that tech and social media companies have a left-wing bias.
The news also highlights close ties between the Trump family and conservative businessmen in the tech and investment world.
The idea for 1789 Capital began at a meeting of secretive conservative donor group Rockbridge Network, which was co-founded by Buskirk and Vice President-elect JD (NASDAQ:JD) Vance, Reuters has also reported.
1789 Capital's investments include $15 million in conservative TV personality Tucker Carlson's newly formed company "Last Country Inc."
Given his role at 1789 Capital, Trump Jr. will not be going into the Trump administration, the same source familiar with his plans said. However, the source added that he would continue to host his podcast and campaign for Republican candidates.