Kim Kardashian plans to launch new private equity firm, SKKY

Reality star and entrepreneur Kim Kardashian is teaming up with a former executive at Carlyle Group Inc, Jay Sammons, to launch the private-equity firm SKKY Partners.

The duo will make "both control and minority investments in companies," and focus primarily on investing in consumer, hospitality, and media businesses, reports The Wall Street Journal.

"The exciting part is to sit down with these founders and figure out what their dream is," Kardashian told the Journal in an interview. "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."

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The proposal came when Sammons approached Kardashian and her mother, Kris Jenner, with the idea to start SKKY earlier this year. He believes partnering up with Kardashian will allow them to bring different skills and expertise to the company.

"[Kim] Kardashian is arguably the most popular woman in the world, thanks to her TV stardom and business portfolio. That could help SKKY attract business and promote the brands the firm invests in," writes CNN Business.

Sammons has spent two decades in the private equity industry and has invested in popular brands like Supreme and Beats by Dre.