KKR’s New Pitch to Investors

As a corporation, KKR will get a higher tax bill on profits but also shares that should be easier for investors to own, giving it a higher valuation

Paul J. Davies

Updated May 3, 2018 4:05 p.m. ET

Big private equity firms have been largely ignored by public equity investors. KKR & Co has decided to do something about it.

The New York-listed firm will trade a higher tax bill on profits for a public stock that should be easier for investors to own and so, it hopes, reach a higher valuation.

Its aims are right and should help the shares...