Kim Kardashian is launching a PE firm with the former Carlyle partner that invested in Supreme and Beats by Dre
Dimitrios Kambouris/Getty Images for ULTA Beauty / KKW Beauty
- Kim Kardashian is co-launching a private-equity firm with a former Carlyle Group partner, The Wall Street Journal reported Wednesday.
- SKYY Partners will focus on making both controlling and minority investments in consumer and media companies.
- Kardashian's multibillion-dollar business empire includes undergarment company Skims and a skincare line.
Kim Kardashian is teaming up with a former Carlyle Group partner to launch a private-equity firm that will work on investing in and developing consumer and media companies, The Wall Street Journal reported Wednesday.
The firm SKYY Partners will aim to make its first investment by the end of 2022, Kardashian told the publication. Co-founder Jay Sammons was the head of consumer investing at Carlyle and is best known for investing in hot brands, including headphones maker Beats By Dre and streetwear company Supreme. Sammons worked at Carlyle for more than 16 years before leaving in July.
Beyond her TV appearances on "The Kardashians" and "Keeping Up With the Kardashians," Kardashian runs undergarment company Skims which was recently valued at $3.2 billion, the report said. She launched skincare line SKKN BY KIM this year. Kardashian reached Forbes' list of world billionaires in 2021 in part through her work in Skims.
"The exciting part is to sit down with these founders and figure out what their dream is," she told WSJ. "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."
Kardashian and Sammons plan to start fundraising from institutional investors soon but declined to provide details on the fund's expected size. SKKY is aiming for controlling and minority stakes in companies, including those focused on consumer products, luxury, hospitality, digital commerce, and media.
Kardashian's manager and mother, Kris Jenner, will join SKYY as a partner, Sammons told WSJ. Sammons has had a relationship with the businesswomen for years and approached them earlier this year about starting the firm.