Kim Kardashian starts private equity fund with ex-Carlyle Group executive
What's the story
In a bid to expand her business empire, beauty mogul Kim Kardashian has launched a private equity firm along with the former partner of industry giant Carlyle Group, Jay Sammons.
Labeled SKKY Partners, the equity firm will focus on buying stakes in media and consumer-facing companies.
Kardashian and Sammons will co-found and co-manage the partner, while the latter will lead the firm's day-to-day operations.
Context
Why does this story matter?
Of late, several celebrities have ventured as investors in private equity and venture capital.
In March this year, tennis star Serena Williams raised $111m and started her venture capital firm, Serena Ventures.
Also, Academy Award-winning Hollywood actor Leonardo DiCaprio recently invested in a start-up venture.
Other celebrities including Ashton Kutcher and Gwyneth Paltrow have also ventured into investing in start-ups.
Information
Kris Jenner to become a partner, too
Coming back to Kardashian's new business model, the company said in a statement that its "target sectors include consumer products, digital and e-commerce, consumer media, hospitality, and luxury."
According to the Wall Street Journal, Kardashian's mother Kris Jenner is also set to be one of the partners of SKKY Partners.
It is reported that the firm is yet to raise funds.
Details
First investment to be made this year
According to reports, SKKY Partners aims to make its first investment by the end of 2022.
Speaking of the venture, Kardashian told WSJ, "I want to support what that is, not change who they are in their DNA, but just support and get them."
The firm aims to get minority stakes in companies dealing with consumer products, luxury, hospitality, digital commerce, and media.
History
Kardashian already has several other successful businesses
The Keeping Up with the Kardashians star has already been heading several business ventures.
This includes her shapewear label Skims and makeup brand KKW Beauty.
With their popularity among young shoppers and the business mogul's enormous social media presence, these ventures have been proving to be successful.
To recall, back in January this year, it was reported that Skims was valued at $3.2B.