Kim Kardashian is heading into private equity in partnership with former Carlyle Group partner Jay Sammons.

The newly established firm, SKYY Partners, is looking to take controlling and minority stakes in companies within the consumer products, luxury, hospitality, digital commerce, and media space, with the goal of developing and scaling these companies to their fullest potential. The private equity firm is aiming to make its first investment by the end of 2022, according to The Wall Street Journal.

“I’m excited to launch SKKY Partners to invest in the next generation of consumer brands, leveraging my experience founding and building global businesses and partnering with innovative companies to help them grow,” said Kardashian, SKKY Partners co-founder and co-managing partner. “I look forward to working closely with Jay and our team to identify distinctive investment opportunities and build the firm’s portfolio of world class companies for our investors.”

Kardashian and Sammons plan to start fundraising from institutional investors soon, but no details on the fund’s expected size have been revealed.

Prior to co-founding SKYY Partners with Kardashian, Sammons was the head of consumer investing at Carlyle. He is best known for investing in hot brands such as Beats By Dre and streetwear company Supreme. Sammons spent more than 16 years with Carlyle before leaving in July 2022.

“I have been privileged to spend my career partnering with the founders and leaders of some of the most influential and culturally groundbreaking consumer brands of our time,” said Sammons, SKKY Partners co-founder and co-managing partner. “Now, in partnership with Kim and Kris, I look forward to building SKKY into the leading private equity firm that backs the next generation of innovative, disruptive consumer businesses and brands.”

Kardashian’s manager and mother, Kris Jenner, will also join SKYY as a partner.

Photo credit: Kim Kardashian