The Blackstone Group said on Thursday that it planned to convert itself into a standard corporation, becoming the latest investment firm to abandon its partnership structure in an effort to bolster its stock price.

The investment giant said that it was converting into a so-called C corporation to expand ownership of its stock, opening up the possibility that it could be included in big mutual funds and stock indexes.

“We believe the decision to convert will make it significantly easier for both domestic and international investors to own our stock and should drive greater value for all of our shareholders over time,” Stephen A. Schwarzman, Blackstone’s co-founder and chief executive, said in a statement.

With the conversion, which would become effective on July 1, Blackstone follows in the footsteps of rivals like KKR and Ares. Converting into a C corporation has gained favor among these firms since the tax code changed in 2017 and lowered the corporate tax rate to 21 percent from 35 percent.