Billion dollars.. Kim Kardashian's investment fund aims to raise funds
Private equity investment firm SKKY Partners has a unique asset to raise its standing in its attempt to raise these funds, through the millions of fans and followers who watch and follow Kardashian's every move on social media.
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The private equity firm owned by reality TV star Kim Kardashian is aiming to raise at least $1 billion as acquisition firms scramble in one of the toughest fundraising environments in years.
SKKY Partners
Private equity investment firm SKKY Partners has a unique asset to raise its standing in its attempt to raise these funds, through the millions of fans and followers who watch and follow Kardashian's every move on social media.
"SKKY" pointed out during a fundraising presentation, seen by "Bloomberg", that Kardashian's large spread on social media is considered one of the reasons for her "victory". The 42-year-old reality TV star and businesswoman has 432 million followers on "Instagram", "Twitter" and "Tik Tok" in addition to a "proven ability to identify and know the culture of the following audience".
12 Investment deal
SKY Partners, co-founded by Kardashian and Jay Sammons, a former official at the Carlyle Group investment fund, targets between 10 and 12 investment deals related to the consumer and the media sector.
The company requires shares worth between 100 and 500 million dollars each, according to Bloomberg
The company requires a commitment of at least $10 million from the limited partners, with documents showing an expected return of 8% compounded annually.
Rising interest rates
"SKY" has not set an imminent date for the launch yet, as the planned date may be modified, to discuss fundraising plans from the private sector.
The fund's debut comes at a difficult time to raise funds due to rising interest rates and recession expectations and a decline in private equity investment from pensions and endowments.
And even acquisition giants such as "Apollo Global Management Inc" and "Carlyle Group" Carlyle admitted that the collection of funding was slower than expected.
Exploitation of fame
To demonstrate its "culturally relevant credentials", SKY intends to utilize a network of actors, musicians, artists and athletes.
The company also plans to exclude social media to draw out consumer attitudes about brands.
SKKY recently added a group of professionals from across Wall Street, with the current team of about ten expected to exceed 15 members by the end of the year.
