Latest sign of the PEUpocalypse:
WSJ reported Kim Kardashian and Jay Sammons have formed SKKY Partners, a private equity underwriter (PEU) focused on the consumer sector. Kim's mother Kris Jenner will be a partner with the firm. SKKY Partners expects to make its first investment before the end of the year. Fundraising will begin after global high dollar investors digest the news.
Last month Bloomberg reported Jay Sammons left The Carlyle Group in July. He was a partner at Carlyle until his departure and responsible for Carlyle cool alongside rapper co-founder David Rubenstein.
Sammons, who’s based in New York, joined Carlyle in 2006 and worked on the firm’s investments in companies including Beats Electronics, Beautycounter, Vogue International, Supreme and Grupo Madero. He was also involved in Carlyle’s bet on Scooter Braun’s Ithaca Holdings LLC, which owned six Taylor Swift albums that the artist has begun to re-record.
Ye, Jay and Kim K.--all enemies of the Swifties. I guarantee Taylor Swift and her global fans will never put a penny in SKKY Partners.
Kim K. said she wants to help entrepreneurs. That can be done without taking an equity stake, bloating them with debt, milking them for management fees/special distributions or slashing staff.
America has another billionaire who wants to grow their booty (loot and bounty combined into one). Kim K. can reward family/friends while pinching the little person's pocketbook. Davos and Milken deals await It's the PEU rage, darling.
Who needs Pete Davidson when you can run with the greed and leverage boys?
Update: Fortune highlighted Sammons record with Beats and Supreme but no mention of Carlyle's making Taylor Swift spin in the wind like Mountain Water. The piece did say fundraising would be tough. If only she had a salesman who could make people laugh.
Update 9-8-22: Fortune asked why a Carlyle bigwig would leave to startup a PEU with Kim Kardashian. Why would Bill Clinton and Tony Blair push crypto-trader FTX in an interview with founder Sam Bankman-Fried? Because there is big money to be made/lost.....
FTX Ventures took a 30% stake in Mooch's SkyBridge Capital.
Update 10-3-22: New PEU Kardashian reached her first SEC settlement for promoting a cryptocurrency without disclosing the paid nature of the relationship. The settlement did not require an admission of guilt.
Update 10-10-22: LA Rams fan booed Kim K when her image showed up on the Jumbotron. Is the general public catching on to the destruction done by the greed and leverage boys?
Update 12-3-22: Kim's PEU made its first hire David Brisske, principal focused on consumer investments at Permira.
Update 11-21-23: SKKY made its first investment, a minority stake in TRUFF.
Update 12-8-23: It seems Kim K. was a Taylor Swift tormentor before Carlyle. TIME's Person of the Year detailed the hit job Kim K. did on her. Nothing elevating about that.
Update 4-21-24: In three short years Carlyle ran BeautyCounter into foreclosure. Rather than fast-track growth Carlyle turned the company into "a toxic Groundhog Day." Will SKKY come to the rescue?
