The favorite star of the American reality show is expanding his repertoire and developing his business. Kim Kardashian, who passed the “baby bar” exam last year in preparation to become a lawyer, has just added another position to her line – private equity investor.
Kardashian is launching private equity firm SKKY Partners with former Carlyle consumer chief Jay Sammons to invest in consumer goods, hospitality, luxury, digital commerce and media. The Wall Street Journal first reported. SKKY will take both controlling and minority stakes in the target companies, the Journal reported.
Sammons, who left Carlyle this summer after spending 16+ years at the leading private equity firm, is known for his bets on brands like Supreme and Beats by Dre. A longtime friend of Kardashian’s, Sammons apparently approached Kardashian and her mother, Kris Jenner, with the idea of starting a business. Jenner will join SKKY as a partner, according to the Journal.
Sammons plans to oversee the firm’s day-to-day 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 by the end of 2022 and plans to approach institutional investors soon to raise capital. Neither Sammons nor Kardashian have shared details about the expected amount of funds they hope to raise.
Kardashian is the latest celebrity to break into the world of private equity management after tennis sensation Serena Williams moved full-time into venture capital last month. For the Kardashians, however, private equity is just another sideline, not a primary focus, at least for now.
Kardashian’s foray into launching underwear and loungewear brand Skims has made her a billionaire, with the business most recently valued at $3.2 billion and her stake at more than $1 billion. This year, she also launched a nine-product skincare line in collaboration with consumer conglomerate Coty, an investor in her cosmetics company, and announced earlier this week that she’s debuting her own true crime podcast called The System on the cover of Interview Magazine.