Kim Kardashian Becomes Private Equity Trader Along With Carlyle's Former Partner

America's favorite reality star improves repertoire and strengthens business. Kim Kardashian, who passed the baby bar exam to become a lawyer last year, has just added another title to her lineup: private equity investor.

Kardashian launches private equity firm SKKY Partners in conjunction with former Carlyle consumer chief Jay Sammons to invest in consumer products, hospitality, luxury, digital commerce companies and media, The Wall Street Journal first reported. SKKY will take both control and minority stakes in its target companies, according to the Journal.

Sammons, who left Carlyle this summer after spending more than 16 years at the biggest private equity firm, is known for betting on brands such as Supreme and Beats by Dre. A longtime friend of the Kardashians, Sammons apparently approached Kardashian and her mother, Kris Jenner, with the idea of ​​starting the business. Jenner will join SKKY as a partner, the Journal reported.

Sammons plans to oversee day-to-day operations of the company from Boston, where he lives, while SKKY's second office will be in Kardashian's hometown of Los Angeles. Kardashian told the Journal that the company aims to complete its first investment before the end of 2022 and plans to tap institutional investors to raise capital shortly. Neither Sammons nor Kardashian have shared details on the expected fund size they hope to raise.

Kardashian is the latest celebrity to enter the world of private equity management, after tennis sensation Serena Williams decided to go into venture capital full-time last month. For Kardashian, however, private equity is just another side hustle rather than her primary area of ​​interest, at least for now.

Kardashian's foray into launching an underwear and loungewear brand, Skims, made her a billionaire; the company was recently valued at $3.2 billion, with its stake amounting to more than $1 billion. She also launched a nine-product skincare line this year in collaboration with consumer conglomerate Coty, an investor in her beauty company, and announced earlier this week that she's launching her own podcast about real crime called "The System" in a cover story with Interview Magazine.