Kohlberg Kravis Roberts' $5 billion initial public offering in Europe last week is expected to lure other buyout shops to the public markets. There's talk of 11 other buyout shops lining up, and speculation about which firms might be next. Many compare it to the surge of interest in business development companies in 2004. The difference is that the disclosure requirements and restrictions on KKR's offering are much less than in a BDC, according to a private equity insider.

The money raised in KKR's offering will be split into thirds, according to an insider. The largest slice, 40%, will be part of its buyout fund, with a current target of $15 billion. Another portion, 35%, will be a sidecar fund, used to invest alongside the buyout fund in deals. The remaining 25% can be used at the firm's discretion, for seed capital to start something new or for its new hedge fund.

Executives at firms that have raised or are wrapping up mega-funds say they have no plans for public offerings in their future. Many suspect The Carlyle Group, which closed $10 billion across two funds last year, might take itself public as a way out of a succession crisis when David Rubinstein steps down. Chris Ullman, Carlyle's spokesman, said the firm has no plans to take itself public.