The Carlyle Group Wednesday morning announced that it will become the latest big private equity firm to convert from a publicly traded partnership into a C-corporation.
The big picture: Carlyle converting, on its face, isn't too surprising. Rivals like Apollo, Blackstone and KKR already took the plunge. But this particular conversation is different because Carlyle is giving all of its shares equal voting rights, meaning that the firm's 30% outside owners will have a 30% say in the business. Other firms have maintained a dual-class share structure.