America’s favorite reality star is leveling up her repertoire and levering up businesses. Kim Kardashian, who passed the “baby bar” exam in preparation to become a lawyer last year, just added another job title to her lineup — private equity investor.
Kardashian is launching private equity firm SKKY Partners in conjunction with ex-Carlyle consumer head Jay Sammons to invest in business across consumer products, hospitality, luxury, digital commerce and media, The Wall Street Journal first reported. SKKY will take both control and minority stakes in its target companies, according to the Journal.
Sammons, who left Carlyle this summer after spending 16+ years at the top private equity firm, is known for his bets on brands including Supreme and Beats by Dre. A longtime friend of the Kardashians, Sammons apparently approached Kardashian and her mom-ager, Kris Jenner, with the idea to start the business. Jenner will be joining SKKY as a partner, the Journal reported.
Sammons plans to oversee the firm’s daily operations from Boston, where he lives, while SKKY’s second office will be in Kardashian’s hometown of Los Angeles. Kardashian told the Journal that the firm is aiming to make its first investment before the end of 2022 and plans to go out to institutional investors to raise capital shortly. Neither Sammons nor Kardashian shared any details on the expected fund size they hope to raise.
Kardashian is the latest celebrity to make inroads in the world of private capital management, following tennis sensation Serena Williams’ pivot to working full-time in venture capital last month. For Kardashian, though, private equity is just another side hustle rather than her main area of focus, at least for now.
Kardashian’s foray into launching an undergarment and loungewear brand, Skims, made her a billionaire — the business was most recently valued at $3.2 billion with her stake at over $1 billion. She also launched a nine-product skincare line this year in collaboration with consumer conglomerate Coty, an investor in her beauty company, and announced earlier this week that she is debuting her own true crime podcast called “The System” in a cover story with Interview Magazine.
Kim Kardashian becomes a private equity dealmaker in collab with ex-Carlyle partner by Anita Ramaswamy originally published on TechCrunch