KKR said Thursday it would convert to a corporation from a partnership, a structural change that many publicly traded private-equity firms have been contemplating on the heels of sweeping US tax legislation, The Wall Street Journal reports.

The partnership structure, with its multiple share classes and special tax-reporting requirements, has long limited the pool of investors willing or able to own shares of private-equity firms. Firms were nonetheless reluctant to change their structure because of the tax advantages of being partnerships.