The Trump Organization has put $50 million into Taas, a fish fund founded by billionaire businessman Dan Gilbert and backed by hedge fund billionaire Paul Singer, to invest in new ventures, including real estate and real estate investments.
The move is part of a broader effort to increase diversification and diversify his portfolio.
Trump announced in March that he was giving up his share of the golf course in the Catskills, New York, home of his namesake company and a popular destination for summer picnics and other activities.
The Trump Organisation has put nearly $5 billion into real estate ventures, according to the Trump Organization website.
The president announced his decision in April, saying he would divest his interest in the Trump International Hotel and Tower in New York City, after he left the board of the New York Times.
Trump also pledged to divest his stake in the Plaza Hotel in New Jersey, and in March announced he was pulling out of a $3 billion investment in a luxury condominium development in Las Vegas.
Trump said in a statement that he had chosen Taas to invest his own money in an area where he could see value.
The announcement came on the same day the company announced a partnership with the U.S. government to develop a new ocean park on the Great Barrier Reef.
Trump’s announcement comes a day after a Trump Organization executive said the president had “declined to divest” of his stake.
Gilbert, a longtime supporter of the Trump family, said the move will help the Trump business empire diversify its investments.
Trump has already announced plans to sell his shares in the company, and he announced in April that he will sell his stake of Trump Entertainment Resorts and other businesses.
The Taas investments were part of an $800 million investment in Taas Capital, a hedge fund run by Gilbert and Singer.
The company, founded by the late billionaire investor and former New York mayor Rudy Giuliani, has been investing in more than a dozen companies.
Gilbert is chairman and CEO of the Taas fund.
The fund’s investments have included: The construction of the White House, which opened in 2013 and includes the Rose Garden; the Trump Plaza Hotel, the president’s home; the Mar-a-Lago Club in Palm Beach, Florida, which is Trump’s private club; the Westin Hotel in Beverly Hills, California; the Plaza hotel in New Orleans; the Beverly Hills Hotel and Casino, the Trump National Golf Club, and the Grand Hyatt Hotel in Orlando.
Taas also invests in private companies, including the American Bankers Association, the National Football League, and Apple.
Trump recently hired longtime Republican pollster Kellyanne Conway to serve as the executive vice president of the company.
Gilbert said in the statement that Taas was a “great company” with a “very good portfolio” and a “proven track record of success” in diversifying its investments to the areas where Trump has an interest.
He added that he planned to focus on developing the Trump properties, such as the Marjorie Merriweather Post Pavilion in West Palm Beach and the Trump Tower in downtown New York.
Trump was criticized by some Democrats, including Sen. Elizabeth Warren, D-Mass., for using his personal wealth to invest millions in the companies he owned while his business was under investigation.