Reality TV star Kim Kardashian launches private equity firm

LOS ANGELES (AFP): Reality TV star-turned-entrepreneur Kim Kardashian announced Wednesday she is branching into a new business arena with the launch of a private equity firm co-founded with a former partner at industry giant Carlyle.

“I’m pleased to announce the launch of @SKKYPartners with private equity veteran Jay Sammons as co-founder and co-managing partner,” Kardashian wrote on Twitter.

Kardashian said her mother, Kris Jenner, would also serve as partner.

According to the new firm’s Instagram account, SKKY Partners will focus on investments in consumer and media companies in sectors including “consumer products, digital and e-commerce, consumer media, hospitality and luxury.”

It is the latest of a series of business ventures for megastar Kardashian, who came to fame with the US reality show “Keeping Up With the Kardashians,” which tracked the lives of her family members in Los Angeles.

The 41-year-old has steadily built her business empire in recent years — most visibly with her apparel and beauty brands — and has a net worth of $1.8 billion, according to Forbes.

Jay Sammons, who in the summer left his long-time role as head of consumer, media and retail at Carlyle — one of the top private equity companies in the world — told The Wall Street Journal he approached Kardashian and her mother about launching the firm this year.

Kardashian told the Journal she liked the idea of working closely with entrepreneurs to help them grow their vision.

“The exciting part is to sit down with these founders and figure out what their dream is,” Kardashian told the paper, adding the firm plans to make its first investment before the end of 2022.

“I want to support what that is, not change who they are in their DNA, but just support and get them to a different level.”

SKKY did not immediately respond to AFP’s request for comment.