What's happened
Kim Kardashian's private equity firm SKKY Partners struggles to secure funding, raising only $121 million of its $2 billion goal. Meanwhile, Goldman Sachs hires senior bankers from JPMorgan to enhance its private equity banking team, anticipating a resurgence in dealmaking. In a separate development, Manish Lachwani, founder of HeadSpin, is sentenced to 18 months in prison for a multimillion-dollar fraud scheme.
Why it matters
Kim Kardashian's fundraising struggles with SKKY Partners highlight challenges in the private equity sector. Goldman Sachs' move to bolster its private equity team signals expectations of increased deal activity. Manish Lachwani's sentencing serves as a cautionary tale for entrepreneurs engaging in fraudulent practices, emphasizing the consequences of deceiving investors.
What the papers say
Axios reports that SKKY Partners, founded by Kim Kardashian, has raised $121 million of its $2 billion target, with uncertainty surrounding additional funding. Business Insider UK covers the sentencing of Manish Lachwani, former CEO of HeadSpin, to 18 months in prison for a fraud scheme. The New York Times details Lachwani's deception of investors, resulting in a $117 million fraud at HeadSpin.
How we got here
Kim Kardashian launched SKKY Partners with Jay Sammons to invest in consumer and media companies, aiming to secure $2 billion in funding. Goldman Sachs' hiring of senior bankers from JPMorgan reflects the anticipation of increased private equity dealmaking. Manish Lachwani founded HeadSpin in 2015, deceiving investors about the company's financials and customer base, leading to a $117 million fraud scheme.
Common question
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Kimberly Noel Kardashian West is an American media personality, socialite, model, businesswoman, and actress. Kardashian first gained media attention as a friend and stylist of Paris Hilton but received wider notice after a 2002 sex tape, Kim Kardashian,