Kim Kardashian’s debut personal fairness fund goals to boost a minimum of $1 billion as buyout corporations grapple with one of many hardest fundraising environments in years.
The agency, SKKY Companions, has a singular asset to raise its profile because it tries to boost that money — the tens of millions of followers and followers who watch Kardashian’s each transfer on social media.
In a fundraising pitch seen by Bloomberg, SKKY flags Kardashian’s social attain as one of many causes it “will win.” The 42-year-old actuality TV star and entrepreneur has 432 million followers on Instagram, Twitter and TikTok in addition to a “demonstrated means to determine and outline tradition,” the pitch says.
SKKY Companions, co-founded by Kardashian and former Carlyle Group Inc. government Jay Sammons, is concentrating on 10-12 investments associated to client and media, requiring wherever from $100 million to $500 million of fairness every, based on an investor presentation seen by Bloomberg. The agency is asking for a minimal $10 million dedication from restricted companions, with paperwork displaying an anticipated return of 8% compounded yearly.
SKKY hasn’t set a detailed date for the launch, and it may change the goal, based on folks conversant in the matter, who requested to not be recognized discussing personal fundraising plans.
The fund’s debut comes throughout a difficult time for elevating money because of rising rates of interest, recession predictions and a pullback in personal fairness investing from pensions and endowments. Even buyout giants resembling Apollo International Administration Inc. and Carlyle have acknowledged that fundraising has gone extra slowly than anticipated.
Cultural Relevance
Boston-based SKKY goals to capitalize on Kardashian’s fame, which helped rework her from a actuality TV star to a cultural icon and entrepreneur whose shapewear firm, Skims, was valued at $3.2 billion final yr. Kardashian is an “integral determine” in utilizing social media to achieve customers, based on the presentation.
To reveal its “cultural relevance credentials,” SKKY intends to faucet right into a community of actors, musicians, artists and athletes. The agency additionally plans to scrape social media to glean customers’ attitudes about manufacturers.
SKKY not too long ago added a spate of pros from throughout Wall Avenue, anticipating to carry the present group of a few dozen folks to past 15 by the tip of the yr.
