tial change in taxes following the election, and whether that means reassessing corporate structures for the alts, with a possible change from PTP to C-corp. Investors bullish on the equity markets Our polling results indicate that investors are generally positive on equity market returns over the next

% overall tax rate. This suggests the market is misvaluing perform- ance fees, and we could also see Alts performance fee earnings re-rate higher if C-corp conversion expanded the investor base. We see companies that have a greater skew to management fees as best positioned for conversion, as we see the