HOUSE_OVERSIGHT_025551.txt

This document discusses the potential value unlocked by alternative asset managers converting to C-corps and how this might affect different firms. The authors believe that Apollo Global Management could see the most benefit from such a conversion, with an upside case of 26% and a downside case of -14%. Morgan Stanley is a contributor to this report, which includes information on executive summaries, impact on current valuations in upside and downside cases, ARES conversion pricing, and alternative valuation approaches.