Kim Kardashian to start private equity firm with Carlyle’s ex-partner

• Kim Kardashian co-launches private equity firm with former Carlyle Group partner, The Wall Street Journal reported Wednesday.
• SKYY Partners will focus on making majority and minority investments in consumer and media companies.
• Kardashian’s multi-billion dollar business empire includes underwear company Skims and a skincare line.

Kim Kardashian is joining forces with a former Carlyle Group partner to launch a private equity firm that will work to invest in and grow consumer and media companies, The Wall Street Journal reported Wednesday.

SKYY Partners will aim to complete its first investment by the end of 2022, Kardashian told the publication. Co-founder Jay Sammons was head of consumer investment at Carlyle and is best known for investing in hot brands including headphone 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 underwear company Skims, which was recently valued at $3.2 billion, according to the report. She launched the skin care line SKKN BY KIM this year. Kardashian reaches The Forbes List of Global Billionaires in 2021 thanks in part to his work in Skims.

“The exciting part is sitting down with these founders and figuring out what their dream is,” she told the WSJ. “I want to support what it is, not change who they are in their DNA, but just support them and take them to a different level.”

Kardashian and Sammons plan to launch a fundraiser from institutional investors soon, but declined to provide details on the expected size of the fund. SKKY targets majority 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 the WSJ. Sammons has had a relationship with the businesswomen for years and approached them earlier this year to start the business.