Kim Kardashian Announces She's Launching a Private Equity Firm
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The SKIMS founder has a new business venture!
Kim Kardashian's latest business venture includes helping consumer and media businesses.
The 41-year-old entrepreneur is teaming up with Jay Sammons, a former partner at Carlyle Group Inc. to launch SKKY Partners, an equity firm that will focus on "both control and minority investments in high-growth, market-leading consumer and media companies," according to a post on the firm's Instagram page.
Sammons isn't the only one on board for the private equity firm, however, as Kardashian's mom, Kris Jenner, is taking part in the venture as well, which is no surprise as the family always sticks together. Jenner will be serving as a partner at the firm.
Kardashian took to her Instagram to announce the launch of the equity firm with a photo of herself standing alongside Sammons during a photoshoot, along with a graphic of the logo for SKKY.
"I’m pleased to announce the launch of @SKKYPartners with private equity veteran Jay Sammons as co-founder and co-managing partner, along with @krisjenner who will serve as partner at our firm," she wrote in the caption.
She continued: "Together we hope to leverage our complementary expertise to build the next generation Consumer & Media private equity firm. For more information, visit SKKY.com and follow us at @skkypartners on social media."
Jenner also took to her Instagram to express that she is "so proud, honored, and excited to be a part of this!"
According to The Wall Street Journal, SKKY Partners will make investments in different areas such as "consumer products, hospitality, luxury, digital commerce, and media as well as consumer-media and entertainment businesses."
Kardashian spoke with the outlet and mentioned that working with entrepreneurs to help build their businesses is what inspired her to start SKKY. “The exciting part is to sit down with these founders and figure out what their dream is,” she said, adding, “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.”
Wall Street reported that the firm has yet to make any investments, but is set to make its first one before the end of the year. The former Carlyle investor and the reality star also noted that they have yet to begin fundraising but plan to start building funds from institutional investors very soon.
SKKY will be based in Boston, where Sammons currently resides, along with another office in Los Angeles where Kardashian is located. Wall Street reported that Sammons will be running the day-to-day business operations.
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