Kim Kardashian is entering the world of private equity.
The billionaire announced a partnership with Jay Sammons, former executive of the Carlyle Group, to launch SKKY Partners, a new company that will invest in fast-growing businesses in a variety of sectors, including hospitality, media and consumer products.
The fund has yet to start raising money and SKKY has revealed little about its ambitions. However, the duo told the Wall Street Journal that SKYY will make “controlling and minority investments in companies”.
“The exciting part is sitting down with these founders and figuring out what their dream is,” Kardashian told the paper in an interview. “I want to support who they are, not change who their DNA is, but just support them and take them to a different level.”
Introducing SKKY Partners, a private equity firm co-founded by Kim Kardash and Jay Sammons that focuses on both control and minority investments in high-growth, market-leading consumer and media companies. pic.twitter.com/hstLMRjFeo
— SKKY Partners (@skkypartners) September 7, 2022
Sammons left Carlyle this summer after a 16-year stint, during which he invested in several well-known brands, including streetwear brand Supreme and Beats by Dre. He has been associated with the Kardashian family for several years and approached them with the idea.
Kris Jenner, Kardashian’s mother and manager, will join SKKY as a partner. The Kardashian-Sammons duo make a complementary team, they said. Sammons has two decades of investment acumen and Kardashian is arguably the most popular woman in the world, thanks to her TV stardom and business portfolio. This could help SKKY attract business and promote the brands the company invests in.
Kardashian started Skims, an apparel company valued at around $3 billion after a new fundraising round earlier this year.
Last year, Forbes reported that Kim has officially become a billionaire thanks to Skims and her KKW Beauty makeup line. It holds assets in cash, investments and real estate.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
