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.
The new firm will invest in fast-growing businesses across several sectors, including hospitality, media, and consumer products. The fund has not started raising money just yet. The duo says it will make both control and minority investments in companies.
Sammons left Carlyle this summer following a 16-year stint, during which he invested in 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.
Kardashian started SKIMS, an apparel business that's valued at about 3 billion dollars following a fresh round of fund raising earlier this year.
Forbes reported last year that Kardashian officially became a billionaire thanks to SKIMS and her makeup line KKW Beauty.