Kim Kardashian’s New Business Venture: Private Equity Firm | world News

Reality television star and entrepreneur Kim Kardashian and former Carlyle Group Inc. partner Jay Sammons are launching a new private equity firm focused on investing in consumer and media businesses, according to a joint statement.

The new firm, named SKKY Partners, will invest in sectors including consumer products, hospitality, luxury, digital commerce and media, and plans to make both controlling and minority investments.

Kardashian and Sammons will serve as co-founders and co-managing partners, with Sammons leading the day-to-day operations of the firm.

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Kardashian has found success in her recent business ventures such as shapewear label Skims and makeup brand KKW, thanks to her popularity with young shoppers and the TV personality’s huge social media following. Skims was valued at $3.2 billion in January.

The launch of a private equity firm by the Kardashians also marks a sweeping shift among famous Hollywood celebrities including Leonardo DiCaprio, Ashton Kutcher and Gwyneth Paltrow, who are turning to prolific investors in the private equity and venture capital sector.

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

Earlier on Wednesday, the Wall Street Journal reported the launch of the private equity firm.

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