Kim Kardashian’s Investment Firm Aims to Raise $1B

Kim Kardashian’s inaugural private equity firm is seeking to raise $1 billion, during one of the most difficult fundraising conditions in years, Fortune reports.

SKKY Partners’ fundraising pitch emphasizes Kardashian’s combined social media reach of 432 million followers on Instagram, Twitter an TikTok, and says that is one of the reasons the cultural icon’s company “will win.”

SKKY also points to the 42-year-old reality TV star’s “demonstrated ability to identify and define culture” and plan to collaborate with actors, musicians, artists and athletes.

SKKY, which Kardashian co-founded with former Carlyle Group Inc. executive Jay Sammons, will use social media to reach consumers and evaluate that data to keep up with their changing views on brands.

SKKY, based in Boston, is seeking to raise $100 million to $500 million of equity from 10-12 investors, and a minimum of $10 million from limited partners. The investment firm, which has not yet set a launch date, expects annual returns of 8%.

Kardashian’s shapewear company, Skims, was valued at $3.2 billion last year.