Key Takeaways
- • Private capital fundraising has contracted sharply, with worldwide fundraising totaling just $211 billion as of March 31, 2023—a significant decline from $1.24 trillion in 2022 and $1.56 trillion in 2021, according to PitchBook data.
- • Kim Kardashian and Jay Sammons are co-founders and co-managing partners of SKKY Partners, a private equity firm focused on control and minority investments in high-growth consumer and media companies, and were scheduled to speak at the SuperReturn International conference in Berlin on June 7, 2023.
- • Deal activity remains dormant across the private equity sector despite some firms identifying opportunities in private credit as traditional lenders reduce exposure; the uncertain macroeconomic environment and expected U.S. economic slowdown continue to pressure fundraising efforts for both private equity and venture capital.
- • SuperReturn conference speakers include major institutional players such as Carlyle's Harvey Schwartz and David Rubenstein, Goldman Sachs' Julian Salisbury, Vista Equity Partners' Robert Smith, and Thoma Bravo's Orlando Bravo—though Kardashian's appearance as a speaker represents a notable departure from traditional industry composition.
Summary
The SuperReturn International conference convened in Berlin during the first week of June 2023 amid significant headwinds facing the private equity industry. Private capital fundraising globally has experienced a dramatic contraction, with only $211 billion raised as of March 31, 2023, representing an 83% decline from 2022's $1.24 trillion and a 86% drop from 2021's $1.56 trillion, according to PitchBook data. This fundraising shortfall reflects broader uncertainty surrounding macroeconomic conditions and the anticipated U.S. economic slowdown, which has made capital formation substantially more difficult for both private equity and venture capital firms.
Dealmaking across the sector has stalled, though select opportunities have emerged in private credit markets as traditional lenders have reduced their exposure. Major institutional speakers at the conference included Carlyle's Harvey Schwartz and David Rubenstein, Goldman Sachs' Julian Salisbury, Vista Equity Partners' Robert Smith, Orlando Bravo of Thoma Bravo, and Bennett Goodman, one of the founders of Blackstone's credit arm. However, the conference's most prominent speaker from a media perspective was Kim Kardashian, who appeared alongside her co-founder and co-managing partner Jay Sammons from SKKY Partners, a private equity firm they established in 2022 focused on control and minority investments in high-growth consumer and media companies.
Kardashian and Sammons were scheduled to be interviewed by Rubenstein on Wednesday regarding "the next generation of consumer brands"—a panel topic that reflects SKKY Partners' sector focus. The timing of this appearance, however, coincides with headwinds in consumer spending; while current consumption remains steady, growth is expected to decelerate in the coming months, introducing additional complexity for consumer-focused investment strategies.
Dealmaking across the sector has stalled, though select opportunities have emerged in private credit markets as traditional lenders have reduced their exposure. Major institutional speakers at the conference included Carlyle's Harvey Schwartz and David Rubenstein, Goldman Sachs' Julian Salisbury, Vista Equity Partners' Robert Smith, Orlando Bravo of Thoma Bravo, and Bennett Goodman, one of the founders of Blackstone's credit arm. However, the conference's most prominent speaker from a media perspective was Kim Kardashian, who appeared alongside her co-founder and co-managing partner Jay Sammons from SKKY Partners, a private equity firm they established in 2022 focused on control and minority investments in high-growth consumer and media companies.
Kardashian and Sammons were scheduled to be interviewed by Rubenstein on Wednesday regarding "the next generation of consumer brands"—a panel topic that reflects SKKY Partners' sector focus. The timing of this appearance, however, coincides with headwinds in consumer spending; while current consumption remains steady, growth is expected to decelerate in the coming months, introducing additional complexity for consumer-focused investment strategies.
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