The plan for Kim Kardashian to get into private equity has run into trouble. She co-founded SKKY Partners in 2022 with Jay Sammons, who used to work as an executive at Carlyle Group. The firm has been having trouble meeting its fundraising goals. The company wants to raise $1 billion to invest in consumer-driven businesses, but as of March 2024, it had only been able to get $121 million in cash pledges.
Because SKKY Partners is having trouble, Kim Kardashian’s role in the company has changed in a big way. In order to make room for her, she was downgraded from managing partner to “senior operating advisor.” Multiple sources say that this choice was made after both sides agreed that her first job “did not align with her strengths.”
Kim Kardashian’s fame and business sense have not worked out well in the world of private equity fundraising. Her busy schedule, which includes frequent travel and other business and media obligations, has made it hard for her to fully meet the strict standards of private equity fundraising.
The problems that SKKY Partners is having have many effects. The problems the company is having show how hard it can be for even famous people to move into specialised financial fields like private equity. It’s no longer a given that a celebrity’s fame will automatically bring in a lot of money. This shows how important domain-specific skills and networks are for successful fundraisers.
Kim Kardashian is still working on her other businesses while SKKY Partners rethinks its operating focus and ways to raise money. Her shapewear line, SKIMS, is still a huge hit and is now worth $4 billion. She is also pushing her beauty line, SKKN, and has made hints that a new line of makeup will be coming out soon. Additionally, Kardashian has said she wants to become a lawyer, but her plans to take the California bar test have been pushed back to 2026.
