ASX growth shares can be a great place to invest over the long term because they can compound earnings. With Donald Trump now the United States president, a few growth-focused names may benefit from this.  

Before we get to the names, let me point out what Albert Einstein once supposedly said about compounding:

Compound interest is the eighth wonder of the world. He who understands it, earns it, he who doesn't, pays it.

That's why, over time, I'd expect a company growing earnings at 10% per year to deliver stronger returns than one growing profit by 5% per year, even if the faster-growing business has a significantly higher valuation to start with.

When I look at the growth companies that could benefit from the changes and initiatives in the US, at least two come to mind.

REA Group Ltd (ASX: REA)

REA Group operates the leading Australian real estate portal, realstate.com.au. It also has significant investments in some overseas businesses, including a 20% investment in Move Inc, which operates realtor.com, a top property portal in North America.

In FY24, Move's revenue declined by 10%, impacted by the "challenging macroeconomic environment" in the US, which led to a 3% decline in leads and lower transaction volumes.

Trump is determined to lower inflation in the US, and I believe the Federal Reserve's already-lowered interest rates could deliver a significant boost for the US real estate industry, with Move being a possible beneficiary.

I should mention that a large majority of the ASX growth share's earnings come from Australia. Realestate.com.au saw 7% national listings growth in the first quarter of FY25, with 11% more listings in Sydney. I think this bodes well for the company's earnings in the current financial year. The FY25 first quarter saw operating profit (EBITDA) rise by 23% to $236 million.

This looks like the right time to consider REA Group shares, in my opinion.

Pinnacle Investment Management Group Ltd (ASX: PNI)

The other ASX share I'll highlight is Pinnacle, an investment house that helps other fund management businesses grow by taking a stake in them and assisting with various services. This frees the fund managers to focus on investing rather than behind-the-scenes admin.

Some of the services the ASX growth share provides include seeding funds under management (FUM) and working capital, distribution and client services, middle office and fund administration, compliance, finance, legal, technology and more.

Pinnacle has a growing portfolio of fund manager investments, growth of their FUM is the key driver of underlying revenue and earnings. If Trump's focus on businesses and growth leads to an increase in share market values, that would be a tailwind for Pinnacle's earnings.

The company recently invested US$60.5 million for a 22.5% stake in VSS, a New York-headquartered private markets investment outfit that specialises in structured capital, so this manager could be a specific way that Pinnacle benefits.

When Pinnacle acquired VSS and a London manager called Pacific Asset Management, it said it was "actively seeking to diversify further across high-growth asset classes and expand internationally." It's also trying to support the growth of its existing affiliates by focusing additional investment on distribution channels domestically and internationally.

The company is opening up a number of ways it can grow in the future.