Kim Kardashian’s foray into the private equity world has hit a roadblock. Her firm, SKKY Partners, which she co-founded in 2022 with Jay Sammons, a former executive at Carlyle Group, has been struggling to meet its fundraising goals. The company had set an ambitious target of raising $1 billion to invest in consumer-driven businesses, but as of March 2024, it had only secured $121 million in capital commitments.
The difficulties faced by SKKY Partners have led to a significant change in Kim Kardashian’s role within the company. She has been demoted from her position as managing partner to that of “senior operating advisor.” According to insiders, this decision was made mutually, with both parties acknowledging that her initial role “did not align with her strengths.”
Despite her business acumen and celebrity status, Kardashian faced challenges in the private equity fundraising world. Her hectic schedule, which includes regular travel and other media and business commitments, made it difficult for her to fully engage in the rigorous requirements of private equity fundraising.
The repercussions of SKKY Partners’ struggles are far-reaching. The company’s difficulties highlight the challenges that even high-profile individuals face when transitioning into specialized financial sectors like private equity. The notion that celebrity power can effortlessly attract significant investment has been called into question, emphasizing the importance of domain-specific skills and networks in successful fundraising.
As SKKY Partners reevaluates its operational focus and fundraising strategies, Kim Kardashian is continuing to focus on her other business ventures. Her shapewear brand, SKIMS, remains a tremendous success, with a valuation of $4 billion. She is also promoting her beauty line, SKKN, and has hinted at the launch of a new cosmetics line. Additionally, Kardashian has expressed interest in pursuing a career in law, although her plans to take the bar exam in California have been delayed until 2026.
