david: this is my kitchen table and also my filing system.

over much of the past three decades i've been an investor. the highest calling of mankind i thought was private equity. then i started interviewing. i watch her interviewing so i know how to interview. i've learned how leaders make it to the top. >> i asked how much he wanted, he said 250. i did note due diligence. david: i have something i'd like to sell. how they stay there. you don't feel inadequate for being the second wealthiest man in the world, is that right? one of the most recognized names and faces in the world today is kim kardashian. she has more than 300 62 5 million instagram followers. i don't have any instagram followers. recently she decided to get into the private equity business and started a private equity fund with my former partner. i had a chance at a private equity conference in berlin to interview both jay and kim. i also had a chance to interview kim kardashian alone before the

conference began. i've often said that private equity is the highest calling of mankind. why did it take you so long to realize that and to 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 a carlyle group period i was pretty close to doing a few deals with jay when he was at the carlyle group. so, for about 10 years we had conversations. whether it was through something we were going to do or something people close to us were going to do and i was privy to all of those conversations. it 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 sky partners. sky is usually spelled sky.

yours is skky. how did you come up with that name? kim: we had to have a little bit of influence. i thought, j sammons, i thought the s first sammons and kk, kim kardashian. david: you have been exposed to the private equity world for a little bit of time. you have met investors here and around the world. what is your view of the private equity investment community that -- the most honest people you have ever met? kim: very, very nice people. i actually have been introduced to the world. a lot of my friends growing up are in this space now. i'm on a group chat where i'm being asked all the time about different companies and businesses. mostly tech that they invest in

if they are good companies. i've gotten on zooms that all of the founders to hear their businesses as if i work with them already. so i felt like it would be a really good step to do it together. david: how did the two of you first meet and how did you get into private equity and specialize in consumer? jay: thank you for having us and being with us. i started my investing career 23 years ago. i had the privilege of spending the last 17 years working for you. i did not invest in consumer businesses until i started at carlisle. but i spent the entirety of my time at carlisle doing that. i spend my time trying to disrupt high-growth consumer brands. i have a passion for that. i believe it's the best place to invest in consumer and the experiences i had a carlisle are

giving us something special to build. david: you also have a clothing company, which is called skims. and you have a skincare beauty product company called skin by kim. all right, did you need a lot of help coming up with that name, probably not. ok. that is to businesses. that's pretty big. 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 and this is a space that, after spending a lot of time with jay, and with the knowledge that i've learned starting businesses, taking investments from firms and people that i've learned so much about and having great

relationships. also being on the other site, seeing relationships not work out if you don't partner with the right investment person and team, 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 because i have been there and seeing relationships work and not work. it was just something that i was really interested in and i was willing to cut back on other things. david: when you ask people to do meetings, do they say no or is it hard to get a meeting or partner with investors, or not that hard? jay: the answer is no, i'm grateful for that because i believe what kim and i are building is unlike anything else

that's being built in this space. it's a very intentional combination of two complementary skill sets that other firms don't have. david: right now, the private equity world is tough to get financing for for deals. are you going to do buyouts that require financing or growth capital dales -- growth capital deals that don't need much financing? jay: our strategy is consistent with what i've done in the past, which was on reliant on leverage. in the consumer growth world it's about assets, greater execution, it's not about the marginal amount of leverage that will drive a few basis points of incremental returns. when the companies can support it, we use a little bit. but in most instances, we won't. it's about getting behind the right idea. david: when a deal comes along, i presume you're on the investment committee. is it a one-person veto and if

you don't like the deal, it won't get done, how does that work? kim: we haven't run into the issue, we both expect each others opinions and trust each other. culturally, we have the same vision of what brands we think can grow and that we can really help make an impact. but, we also both really believe that our team being included in decisions is important and we want everyone on our team to have a voice. david: what is it you are most looking forward to about private equity? is it coming to conferences like this, is that what you're looking forward to? kim: absolutely. i am most looking forward to my relationships with the founders. i am really fascinated to hear their back story. i'm a storyteller. i am so excited just to have the opportunity to help them win and i love hearing people's stories

and hearing what their magic sauce is behind their company and why they wanted to start the company that they did and what their vision is and hope i can help. i've always felt doubt and i've always just taken that as motivation to have me focus more and work harder. i felt like i had more to prove. ♪ ok y'all we got 10 orders coming in... big orders! starting a business is never easy, but starting it 8 months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs. the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours.

david: you can be called one of the first influencers or maybe the first of the influencers. did you know what an influencer was really going to lead to when you first became a "influencer." kim: no, i really didn't. i knew social media was interesting in a way where when i got on i used it as a free focus group when i had questions about when i was launching my first product ever, which was a fragrance, and i needed opinions and i went to twitter. twitter was the first real platform besides myspace which -- myspace, which, at that time, an influencer was not in the mindset. same with twitter really for a while. it was a way to communicate with a fan base but i did use it as a

free focus group that i thought was fascinating. i felt like the customer became more invested in the fragrance i was launching because they felt like they were a part of it. i just felt like that was interesting. i did not quite at that time realize what a tool social media would be for business. david: you've built several businesses. when you were building them, people would say she cannot build a fragrance business or a clothing business because she does not have a background but they turned out to be extremely successful. so, did people not think you could do it urge you to make it more successful or were you nervous they were right and you could not build the businesses? how did you feel when you were building these businesses from scratch? kim: i definitely took the doubt as motivation. i always felt like, and still do, always feel a bit insecure about it.

confident in the brand. i love creating a brand, launching the brand, and the process of it. i always have those healthy nerves when you are launching something, especially on a launch day or product launch day. but, i've always felt the doubt and i've always just taken that as motivation to have me focus more and work harder and felt like i had more to prove. david: so, nobody can build a business or run a business by themselves. so, you have to hire people and get people around you for your businesses. how do you select who you are going to hire and do you ever have to fire anyone and say, you were good, but not good enough? kim: i have a great team and a small team. firing is really difficult for me so i always have someone else do it. it's really hard for me unless it's someone who works in my household and i have a personal relationship with them. obviously i would give them the respect to do that, but i have a small team.

when i started my beauty business, when we started skims, my business, everything that i do starts with a selective team, even from my business manager. everyone is just someone that i have taken a lot of time to get to know. i trust. and a good community relationship within my office and housestaff, everywhere is the most important thing. david: you test the products yourself whether it's a beauty product or something you always test it? kim: everything, yes, yes. i'm so hands-on. i'm so involved. to this day i am still our model, which we have like a group of fit models and i will know the collection that i did not fit for, i'm very specific on how things fit. and i pick the fabrics that come -- i come up with all of the marketing. so with my beauty brand i do every last thing from packaging

design to helping with the fonts and, you know, every campaign, every photographer we pick, every formula of every product i have to be involved 100%. david: many people would say in one family you cannot have too many talented business people. in your family, you seem to have a lot of talented business people. is there a competition between you and your sisters? or you are so friendly there is no competition? kim: you know, kylie and i are in the beauty business and we do not compete. we feel like we have two totally different brands and two totally different demographics. i would say we do not compete in that way. if anything, we would motivate each other. we work on everything really privately and don't really communicate with each other about what we are launching and what our campaigns look like. if we are really excited about something, we will share the

process. but, it's really rare that we do that now. we don't compete like that, we just focus and do our own thing. david: your mother has been involved with your career and your mother is involved with your sisters careers as well, so is she a superstar business manager? how does she manage to keep all the children happy and have them each have their own career and own businesses and still be so close to them? kim: she is definitely the smartest woman i know. it really started for her when she was a housewife when she married my dad. and she raised the four of us. then when she married my stepdad she became his agent and manager and got her agent license and figured it out. really helped that and it bled into wanting to help her children when the time was right, when our career started . so, i ask her how she manages six kids and we all have very

similar lives, but i find it really interesting that a lot of people call her to want to get her to be there manager and her heart is with her children. i think it is a different kind of love and motivation but she completely has helped us all figure it out. we come to her for every ounce of advice and she has been great at managing all us, but she is also really good at being the best mom. even may be a manager would push for one decision, she will push for a mom decision first. david: you are very close to your father who passed away at a young age of cancer. he was a well-known lawyer. did that motivate you to want to 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, we

would see him go to work, come home for dinner. i saw how hard he worked and i saw his work ethic that really drove me and especially his law studies, i think really inspired me. he passed away when i was 22 so i was in college and we talked about my path in college. he was really realistic with me. i did not like school and he said, i just don't think you want to do this full time. i really want you to think about this. but if you stay in school i will help with your apartment and it was like a trade-off that he would help. i wanted to be independent and i wanted to not go down that journey at that time and -- but i do think he would absolutely be proud of me but the fact that -- but i think he would get a kick out of the fact that i'm doing it now, and he would be

the best study buddy and help me study. david: to be a lawyer in california you don't have to go to law school. you can read the law, which is what people did many years ago. abraham lincoln never went to law school but he passed the bar exam and you're going to take another one at some point in time is that right? kim: in two years i'll take the next one. you need to bars in order to pass to become a lawyer. i think now, since i've passed the first one, i could practice under someone. but to be a lawyer on my own i have to pass the second bar, so constitutional law is kicking my butt and that is what i'm studying currently. and it is extremely time-consuming but so worth it. ♪

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david: as you become so well-known, you have more twitter followers than anybody in the world. you have something like 350 million instagram followers, is that the right number? something like that. kim: 359 million. david: 359 million. i have zero. i have no instagram followers. i'm afraid to be on instagram because i would not have any followers. but you have when you go to a 359 million. restaurant or out in the public, can you ever be not bothered by people who want to take your picture, want a selfie, want an autograph? how do you deal with all of that? kim: depending on where you go you have to know where to go. you can get away with that

sometimes, but you also have to understand that when you go out in public, that comes along with the territory. i love to travel the world. if i go to japan, no one will ask. their culture is very different. different places all over the world just have different , i think beliefs and cultures , where it's not as important for them to ask for photos, so it is fun to travel and get away sometimes from that. but i also know that that comes with the territory as well. david: how do you convince your children not every mother is as famous as you because they see people calling you, you are very well-known, how do you convince your children not every mother is that way and they have to live their life different than the one you are living? kim: i think that they do understand that every family is different, even within my

sisters, other sisters have different rules, snacks they can eat, snacks we can eat. shows they can watch. you know. we talk about different families and different rules all the time. i think that they grew up seeing a lot and whether they were at their dad's big events or filming with me and seeing stuff, i think they have just known and we have been really open and honest about our lives and how big it is and how different it is and let's be positive and think of all the good, positive things and try to give them amazing experiences, but they are also so normal and well grounded. i am so happy that they have a group of cousins that can relate and we all live in the same gated community and they ride bikes to each other's houses and scooters. they are the most normal

, well-adjusted kids and it just makes me so happy. as a mom you just feel like you are doing something right when your kids are happy. avril: when you recruit -- david: when you were growing up, when you were a little girl, the age of your children could , everyone pronounce the name kardashian? now it is a well-known name but i imagine people pronounced it incorrectly, did you correct them? was everyone pronouncing it correctly? kim: no, i remember i would laugh with my dad about this. during the oj trial, when reporters would say his name, they would get it wrong and say different versions of it and my dad told me a story that when armenians came to america they took off the i-a-n, so they are armenian. our last name would be kardash and he would say never take the i-a-n off your name. it's ok if they mispronounce it.

we would laugh all the time that no one could get there last -- get our last name. now it seems really simple. david: you and your mother and your sisters and family became famous initially i think with the tv show called "keeping up with the kardashians." is that what it's called? kim: yes. david: when you were approached about that, did you roll your eyes and say, i don't 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 want to do it unanimously or did you say maybe not? kim: i remember so vividly being at my best friend's house, 1989, so i was nine years old and the show "the real world launched." -- the show "the real world" lunched. i looked at my best friends and said i have to be on a reality show. i go that's what i want to do when i grow up. and she said when we are 18 we will make an audition tape for "the real world" and she goes i don't want to be on but i will be your manager and her dad as a manager. we laugh now at our conversation.

the show came about because kathy lee gifford is one of my mom's closest friends and when she would come in town and stay with us she would laugh and say, you guys are a reality show. what you're talking about , fighting about, how you live your life, this has to be a reality show. we called ryan seacrest, got connected to him. met with the e network and our show was on the air. we started a week later. i think we were a filler show for a show that fell out of production and they needed something quickly. we just started filming. we thought we would be on for one season or two seasons and we did 20 seasons of keeping up with the kardashians, 10 spinoffs, and now we are filming season four of the kardashians, which is basically the same thing just on a streaming. on hulu. david: when i was nine years old

i wanted to be a major-league baseball player. that did not work out. usually when you want something when you're young, it doesn't work out but i guess it worked out for you and your sisters. kim: i was determined. they did not want to do it but i talked them into it. we had a clothing store and i said this would be the best promotion for clothing store. we should consider this and that got them hooked. david: it worked out. kim: it did. ♪

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