"Europe is doing better than expected...we are seeing opportunity in corporate carve-outs," said Marco De Benedetti, co-head of Europe private equity at Carlyle CG.O. Talking about her ambitions, Kardashian, whose empire spans skincare and underwear, sought what she called the "magic sauce" or special qualities of founders of companies which her fund, that has yet to make an investment, could back. But private equity is currently experiencing one of its toughest runs since coming of age in the 1980s as rapid rises in interest rates to combat inflation make the debt that underpins the industry scarce and expensive.