Sept 7 (Reuters) – Reality star and entrepreneur Kim Kardashian and former Carlyle Group Inc ( CG.O ) partner Jay Sammons are launching a new private equity firm focused on investing in consumer and media businesses, according to joint statement. The new firm, named SKKY Partners, will make investments in sectors such as consumer products, hospitality, luxury, digital commerce and media and plans to make controlling and minority investments. Kardashian and Sammons will serve as co-founders and co-managers, with Sammons leading the day-to-day operations of the company. Sign up now for FREE unlimited access to Reuters.comSign up Television personality Kim Kardashian attends a panel for the documentary ‘Kim Kardashian West: The Justice Project’ during the Winter TCA (Television Critics Association) press tour in Pasadena, California, U.S., January 18, 2020. REUTERS/Mario Anzuoni// File Photo Kardashian has found success in her recent business ventures, such as clothing company Skims and makeup brand KKW, due to their popularity with young shoppers and the TV personality’s huge social media following. Skims was valued at $3.2 billion in January. Kardashian’s launch of a private equity firm also underscores a broader shift among high-profile Hollywood celebrities, including Leonardo DiCaprio, Ashton Kutcher and Gwyneth Paltrow, who are turning to prolific investors in private equity and venture capital. Tennis star Serena Williams raised $111 million for her new early-stage venture capital firm Serena Ventures in March. The firm has invested in more than 50 companies with a combined market value of $14 billion, including online learning platform MasterClass and technology company Propel. Earlier Wednesday, the Wall Street Journal reported the launch of the private equity firm. (https://on.wsj.com/3BgVrdA0) Sign up now for FREE unlimited access to Reuters.comSign up Reporting by Uday Sampath and Mehnaz Yasmin in Bengaluru. Edited by Maju Samuel and Krishna Chandra Eluri Our Standards: The Thomson Reuters Trust Principles.
