david: this is, uh, my kitchen table, and it's also my filing system. over much of the past three decades, i have been an investor. the highest calling of mankind, i've often thought, was private equity. [laughter] and then i started interviewing. i watched your interviews, so i

know how to do some interviews. i've learned from doing my interviews how leaders make it to the top. jeff: i asked him how much he wanted. he said $250. i said, fine. i didn't negotiate with him. i did no due diligence. david: i have something i would like to sell. [laughter] and how they stay there. you don't feel inadequate now because being only the second wealthiest man in the world, is that right? [laughter] one of the most recognized names and faces is kim kardashian, she has more than 300 65 million as a gram followers, and not have any instagram followers. she decided to get into my business and is starting a private equity fund with one of my former partners, i had a chance at eight conference to interview her and him about their private equity firm and an interview with kim before the conference began. jim: i have often said that private equity is the highest calling of mankind. why did it take you so long to realize that and join the

private equity world? kim: i finally got talked into it once i came to that realization. i have had a long-standing relationship with jay who came from the carlyle group and i was pretty close to doing a few deals with him when he was at the carlyle group, for about 10 years we had conversations whether it was through something we were going to do or people close to us were going to do and i was privy to all of the conversations. we finally had the conversation that we should really get into business together. it has been a fascinating process. david: the name of your firm is skky partners. that is usually spelled s-k-y, yours is skky. how did you come up with that name? [laughter]

kim: we had to have a little bit of influence, i thought the s for sammons andk k are for kim kardashian. david: you have been exposed to the private equity world for a little bit of time and we have met investors here and around the world. what is your view of the investment community? the most honest people you have ever met? kim: very, very nice people. [laughter] i have been introduced to the world, a lot of my friends growing up, they are in this space now. i am on group chat where i am being asked all the time and different companies and businesses, mostly text that they invested if they are really good companies and i have gotten on zoom with all of the founders to hear the pictures on their businesses as if i work with them already.

i felt like it would be a really good next step to do it. together. david: how did you first meet? how did you get into the private equity? why did you specialize in consumer? jim: thank you for having us, i started my investment career 23 years ago and i had the privilege of spending almost the last 17 years working for you as you know. i did not start investing in consumer businesses until i started at carlisle. i spent my time at carlisle doing that and in particular, i spent all my time trying to back great, disruptive, high-growth consumer brands and i have a consumer -- a passion for that. putting us into a position to build something very special here at skky. david: you have a clothing company which is called skims. you have a skin care beauty

products company? kim: skin by kim. david: that you need help coming up with that name? probably not. two businesses, big businesses, why did you think you had the time, you have four children. to do another business in the private equity world? how much time do you have for something like this? kim: i feel like in life, you have to do things that challenge you and help you grow and evolve. this is a space that after spending a lot of time with jay and with the knowledge i have learned starting businesses, taking investments from firms and people i have learned so much about and have a great relationships, also be on the other, seeing relationships not work out if you do not partner with the right investment

person, and i really felt like we could set ourselves apart by me really being that person that has been the founder that believes in the founder, that wants to really help that company grow and thrive and really support them. i have been there and i have seen relationships work and not work and it was just something that i was really interested in and i was willing to cut back on other things. david: when you asked people to do meetings, did they say no? is it hard to get a meeting with investors, or not that hard? jim: the answer is no and i'm grateful for that and that is because i believe that what we are building is unlike anything else that is being built in this space and it is intentional. a combination of two complement three skill sets that other firms do not have.

-- complementary skill sets that other firms do not have. david: the equity war is tough to get financing for, are you doing buy which require financing? do you do growth capital deals that do not need as much financing? jim: our strategy is consistent with what i have done in the past which was very un-reliant on leverage. the consumer growth world, it is about great as it selection and great execution on value creation plans, it is not a multi-marginal amount of leverage that will drive a few basis points. when a company can support it we use it a little bit, in most instances we will not. it is about getting behind the right ideas. david: when a deal comes along, you are on the investment committee, is it a one-person veto if you do not like the deal it will not get done? how does that work? kim: we have not run into that issue, we both respect each other's opinion and trust each other.

i think culturally we have the same vision of what brands we think can grow and we can really help. make an impact. we also both really believe that our team, being included in these decisions is important and we want everyone on our team to have a voice. david: what are you most looking forward to about private equity? is it coming to conferences? is that what you are most looking forward to? kim: absolutely. i am looking forward to my relationships with the founders. i am fascinated to hear their back stories and i am a storyteller, i am so excited just to have the opportunity to help them win and i love hearing people's stories and what their magic sauce is behind their company and why they want to start the company that they did and what their vision is and hope i can help that.

i have felt the doubt and i just taken that as motivation to have me focus more on working harder and having more to prove. ♪

david: you can be called one of the first influencers or the first of the influencers, did you know what an influence or was going to lead to when you first became an influencer? kim: i did not, i knew that social media was really interesting in a way where i personally when i got on use it as a free focus group, when i had questions about launching my first product ever, it was a fragrance. i needed opinions and i went to twitter and i remembered was the first real platform besides myspace. at that time, an influencer was not in the mindset, same for twitter, it was a way to communicate with a fan base. i didn't use it as a free focus group i thought was fascinating and i felt like the customer

became even more invested in the fragrance i was launching because they felt like they were a part of it. i thought that was interesting and i did not quite at that time realize what a tool of social media would be for this business. david: when you are building businesses you said you cannot really build a fragrance business or she cannot build a clothing business because she does not have a background but they turn out to be extremely successful. did people not think you could do it or do to make it even more successful? where your nervous they were right and you could not build those businesses? how did you feel about building these businesses from scratch? kim: i took the doubt as motivation and i felt like and still do, i feel a bit insecure about it, confident in the brand, i love creating a brand and launching a brand and the whole process of it. i always have those healthy

nerves when you are launching something, especially on a launch day. i have always felt a little bit, the doubt, i just have taken that as motivation to have me focus more and work harder and felt like i had more to prove. david: nobody can build a business around a business by themselves. you have to get people around you for your businesses and how do you select do you want to hire and did you ever have to fire anybody and say you were good but not good enough? kim: i have a great team and a small team and the firing is difficult for me so i always have someone else do it, it is really hard for me unless it is someone who works in my household and i have a personal relationship with them, i would give them the respect to do that. i have a small team when i started my beauty business when we started skims, my business, everything i do starts with a really selective in-house team.

even for my business and management, everyone is just someone that i have taken a lot of time to get to know. i trust. a good community relationship with in my office and my house staff, everywhere is the most important thing. david: you test all of the products yourself? beauty products? kim: oh, everything. i am so hands on and so involved and to this day for skims i am still the model, a group of models and i know the collection i did not fit for. i am specific on how things fit and i make the fabrics, the marketing, s with and my beauty brand i do every last thingk from packaging design toims helping with the fonts and -- skims, every formula of every

part of the have to be involved 100%. david: many people would say you probably cannot have too many talented business people, in your family have a lot of talented business people. is there a competition between you and your sisters? your so friendly there is no competition? kim: we are both in the beauty business and we do not compete, we feel like we have two different brands and different demographics. i would say we do not really compete in that way, if anything, we would motivate each other. even we work on everything really privately and do not really communicate with each other about what we are launching and what our campaigns look like. if we are really excited about something that will share the process but, it is really rare that we do that now. we do not compete like that. i think we all have to focus and do our own thing. david: here mother has been

involved with your career as well and your mother is involved with your sister's career as well, is she a superstar business manager or how does she manage to keep all of the children happy and have them each in their own career or business and still be so close to them? kim: she has the smartest woman i know and it started for her, she was a housewife when she was married to my dad and she raised the four of us and when she married my stepdad she became his agent and manager and got her agent license and figured it out and really helped that and then the it into wanting to help our children when the time was right. our career started, i asked her all of time how she manages six kids and we all have very similar lives. i find it really interesting that a lot of people call her to want to get her to be their

manager. she just like her heart is with her children. i think it is a different kind of love and motivation. she completely is helping us all figure it out. we come to her for every ounce of advice and she is so great and managing us. she is good at being the best mom and even may be a manager would push for one decision, she will push for a mom decision first. david: you were close to your father who passed away at a young age of cancer, he was a lawyer, a well-known lawyer, did that motivate you to want to go and become a lawyer yourself? kim: absolutely, just seeing him every day, he would get up, be on his way to work, drop us off at school, see him go to work, come home, for dinner, we just, i saw how hard he worked and i saw just his work ethic that really drove me and especially his law studies.

i think it inspired me and we talked about it and he passed away when i was 22, i was in college and we talked about my path in college and he was realistic with me. i did not like school and he said, i just do not think that this -- i do not think you want to do this full time, i wrote you to think about this, but, if you stay in school, i will help with your apartment and it was a trade-off that he would help. i just wanted to be independent and i wanted to not go down that journey at that time. i do think that he would -- i think he would be proud of me but i think he would get a kick out of the fact that i am doing it now. he would be the best study buddy with me and help me study. david: to be a lawyer in california you do not need to go to law school, you can read the law which is what people used to

do many years ago, abraham lincoln never went to law school and he did ok as a lawyer. you are reading the law and you have passed one of the bar exams and you will take another one is that right? kim: in two years, i take the next one, you need two bars in order to pass on to become a lawyer, since i have passed the first one i could practice under someone. to be a lawyer on my own i have to pass the second bar. i have constitutional law, it is kicking my butt, that is what i am study and currently. it is time-consuming. it is so worth it. ♪

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well-known you have more twitter followers than almost anyone in the world, instagram followers, something like 350 million? kim: something like 359. david: i have zero. i am afraid to be honest to grandpa because i would not have any followers. when you go to a restaurant, or you go out in the public anywhere, can you be not bothered by people who want to take your picture, want a selfie? kim: depending on where you go you have to know where to go, you definitely can get away with that sometimes. you also have to understand that when you are going out in public, that is kind of what comes along with the territory. i love to travel the world, if i

go to japan, no one will ask. their culture is different. different places all over the world have different, i think, beliefs and cultures where it is not as important for them to ask for photos. it is fun to travel and get away sometimes from that, i also know that kind of comes along with the territory as well. david: how to convince your children on mother is as famous as you? they see people coming and calling you and you are well known, how do you convince your children that not every mother's that way and therefore they have to live a life different than the one you are living? kim: they really do understand that every family is different. even within my sister's, the snacks they can eat and snacks if can eat, we do talk about

different families and different rules all the time. i think that they grew up seeing a lot and whether we are at their dad's big events or at filming with me and seeing stuff, i think they just have known and we have been open and honest with them about our lives and how big it is and how different it is. let us be positive and think of all of the good positive things and give them an amazing experiences but they are also so normal and well grounded that i am so happy that they have a group of cousins that can all relate and that we all live in the same gated community and they right bikes to each other's houses and scooters and they are the most normal and well-adjusted kids and it makes me so happy and as a mother you feel like you are doing something right when your kids are happy. david: when you are going up and

you are a little girl, the age of your children, but everybody pronounce the name kardashian? kim: no. david: now it is a well-known name but i imagine people pronounce it incorrectly then, was everybody correct then? kim: i would laugh with my dad about this during the oj trial when reporters would always say his name, they would always get it wrong, is different versions of it and my dad called me a story that when the armenians came over to america they usually took off the ian offer their names -- off of their names. it would be like kardash. he said never take the end of your name, it is ok if they mispronounce it. we went laugh that and i want to get our last name and it seems really simple. david: your whole family became

famous initially with the tv show called keeping up with the kardashians. when you are first approached about that did you roll your eyes and say i do not want to do a reality tv show? or did you say we are going to be famous because of this? who came to you with the idea that all of you wanted to do it unanimously or all of you said maybe not? kim: i remember so vividly being my best friend's house, 1989, at the show the real world launched and i'll do my best friend and i said that is it, i have to be on a reality show. that is what i want to do when i grew up and she said ok, when we are 18, we will make a audition tape for the real world and i do not want to be on but i will be your manager. her dad is a manager and we laughed at our conversation than. they show came about because kathy lee gifford is one of my mother's closest friends and she

would come into town and stay with us she would laugh and say you guys are reality show. -- or a reality show. you are fighting about how you live life, this has to be a reality show. we called ryan seacrest and got connected. we met with the group and started filming a week later. i think we were a filler show for a group that fell out -- of production and they needed something quickly and we just started filming.

we thought we would be on for maybe a season or two and we did not -- ♪

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