Reality television star and entrepreneur Kim Kardashian and a former partner at Carlyle Group Inc Jay Sammons are launching a new private equity firm focused on investing in consumer and media businesses, according to a joint statement.

The new firm, named SKKY Partners, will make investments in sectors including consumer products, hospitality, luxury, digital commerce and media, and plans to make both control and minority investments. Kardashian and Sammons will serve as co-founders and co-managing partners, with Sammons leading day-to-day operations of the firm.

Kardashian has gained success in her recent business ventures such as shapewear label Skims and makeup brand KKW due to their popularity with young shoppers and the TV personality's huge social media following. Skims was valued at $3.2 billion in January.

Kardashian's launch of a private equity firm also underscores a broader shift among renowned Hollywood celebrities including Leonardo DiCaprio, Ashton Kutcher and Gwyneth Paltrow who are turning prolific investors in the private equity and venture capital space.

Tennis star Serena Williams raised $111 million for her new early-stage venture capital firm Serena Ventures in March. The firm has invested in more than 50 companies with a total market value of $14 billion, including online learning platform MasterClass and tech company Propel.

Earlier on Wednesday, the Wall Street Journal reported the launch of the private equity firm.