Today in "signs the market has definitely peaked" news...
It was reported on Wednesday that reality TV star Kim Kardashian is going into business with a former Carlyle partner to start her own private equity firm. The firm is going to be focused on "investing in and building consumer and media businesses", according to a writeup by the Wall Street Journal this week. '
Her partner in the venture, Jay Sammons, formerly was in charge of consumer investing at Carlyle. The two are starting a firm called SKKY partners, which The Journal writes "will make investments in sectors including consumer products, hospitality, luxury, digital commerce and media as well as consumer-media and entertainment businesses".
Sammons was formerly an investor in successful brands like Beats by Dre and Supreme. And despite being a reality TV star, Kardashian is no stranger to the business world. She has her own apparel business that was recently valued at $3.2 billion and has also launched a skin care line.
Sammons approached Kardashian about the idea "earlier this year" and the two will add Kim's mom, Kris Jenner, as a partner to the business as well.
Kardashian said she is excited to help founders of smaller businesses grow their brands. She said: “The exciting part is to sit down with these founders and figure out what their dream is. I want to support what that is, not change who they are in their DNA, but just support and get them to a different level.”
The fund has yet to make any investments and has not started fundraising yet, but they are looking to tap institutional investors "shortly" to begin the process.
Sammons will be in charge of the day-to-day operations of the company, which is going to be based in Boston and Los Angeles. “Having built businesses themselves as true entrepreneurs is a very differentiated approach,” he said of the Kardashians.