Kim Kardashian is entering the world of private equity.
She’s partnering with Jay Sammons, a former executive with Carlyle Group, to launch SKKY Partners, a new firm that will invest in fast-growing businesses across several sectors, including hospitality, media and consumer products.
The fund hasn’t begun any raising money just yet and SKKY has revealed little about its ambitions. However, the duo told the Wall Street Journal that SKYY will make “both control and minority investments in companies.”
“The exciting part is to sit down with these founders and figure out what their dream is,” Kardashian told the Journal in an interview. “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.”
Sammons left Carlyle this summer following a 16-year stint, during which he invested several well-known brands, including streetwear brand Supreme and Beats by Dre. He’s been associated with the Kardashian family for several years and approached them with the idea. Kris Jenner, Kardashian’s mother and manager, will join SKKY as a partner.
The Kardashian-Sammons duo make a complimentary team, they said. Sammons has two decades of investing acumen and Kardashian is arguably the most popular woman in the world, thanks to her TV stardom and business portfolio. That could help SKKY attract business and promote the brands the firm invests in.
Kardashian started Skims, an apparel business that’s valued at roughly $3 billion following a fresh round of fund raising earlier this year.
Last year, Forbes reported that Kim officially became a billionaire thanks to Skims and her makeup line KKW Beauty. She holds assets in cash, investments and real estate.