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STORY: Kim Kardashian is the latest celebrity to turn investor

The reality star announced plans to launch a private equity firm named SKKY Partners

with Jay Sammons, a former partner at Carlyle Group

The new firm will focus on sectors like consumer products, hospitality, luxury, digital commerce and media

They will both serve as co-founders and co-managing partners

with Sammons leading day-to-day operations

There's a broader celebrity shift to the private equity and venture capital space

including Leonardo DiCaprio, Ashton Kutcher and Gwyneth Paltrow

Tennis star Serena Williams raised $111 million for her new early-stage venture capital firm in March

The firm has invested in more than 50 companies with a total market value of $14 billion