Leon Black weighs tax‑structure conversion for Apollo amid new U.S. tax regime

Leon Black weighs tax‑structure conversion for Apollo amid new U.S. tax regime The passage outlines Leon Black’s consideration of converting Apollo Global Management from a publicly‑traded partnership to a corporation to exploit the 2017 tax overhaul. It identifies specific financial implications (tax rates on carried interest, potential access to $2.2 trillion of index‑fund capital) and mentions other firms (Hamilton Lane, Ares Management) as comparators. While it provides concrete details useful for follow‑up (names, dates, tax figures), the content is largely a market analysis rather than evidence of wrongdoing, limiting its investigative impact. Key insights: Leon Black, CEO of Apollo, is evaluating conversion from LLC to C‑corp after the 2017 tax law.; Conversion would raise corporate tax on incentive fees but grant access to index‑fund investors (~$2.2 trillion).; Management fees already taxed at corporate rate; carried interest remains at 23.8% under the new law.