PitchBook Analyst Note: Public PE Firms and C-Corp Conversions
October 4, 2018
Following up on a previous analyst note that compared corporate structures for publicly traded PE firms, this note unpacks the performances of Ares and KKR following their c-corp conversions and considers which firm might be next to take the leap. C-corp conversions have been a contentious and top-of-mind topic as of late for publicly traded PE firms, with many industry professionals still not convinced of their efficacy. As founders of longstanding PE firms prepare to transition, many are debating whether to cash out through an IPO or to remain private and sell a GP stake.