Kim Kardashian launches private equity firm with ex-Carlyle partner

(Reuters) – Reality TV star and entrepreneur Kim Kardashian and former partner of The Carlyle Group. (CG.O) Jay Sammons has launched a new private equity firm focused on investing in the consumer and media businesses, according to a joint statement.

The new company, called SKKY Partners, will make investments in sectors including consumer products, hospitality, luxury, digital commerce and media, and plans to make control and minority investments.

Kardashian and Sammons will serve as co-founders and co-management partners, with Sammons leading the company’s day-to-day operations.

Kardashian has gained success with her recent business ventures such as lingerie brand Skims and makeup brand KKW due to her popularity among young shoppers and the TV personality’s massive social media following. Skims was valued at $3.2 billion in January.

Kardashian’s launch of the private equity firm also underscores a broader shift among famous Hollywood celebrities including Leonardo DiCaprio, Ashton Kutcher and Gwyneth Paltrow who are turning into prolific private equity and venture capital investors.

Tennis star Serena Williams raised $111 million for new early-stage venture capital firm Serena Ventures in March. The company has invested in more than 50 companies with a combined market capitalization of $14 billion, including online learning platform MasterClass and technology company Propel.

Earlier on Wednesday, The Wall Street Journal reported the launch of the private equity firm. (https://on.wsj.com/3BgVrdA0)

(Additional reporting by Uday Sampath and Mehnaz Yasmin in Bengaluru.) Editing by Maju Samuel and Krishna Chandra Eluri

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