For alternative asset managers that did not make it to the public markets before the financial crisis, another opportunity loomed earlier this year, as the IPO market heated up. It was assumed that more of these firms would go public, joining the likes of Blackstone Group and Citadel.

But, somewhat cruelly, the market has turned again, and that has some implications for private equity firms aiming to go public. A lot of companies in the pipeline are pondering their options. The Carlyle Group, for now, is not yet daunted by the recent market machinations. It filed for an initial public offering on Tuesday, "a long-awaited development that will finally shed light on the investment firm's business," according to the New York Times.

The securities filing listed a fund-raising target of $100 million, which is likely to change. Whether market conditions will allow the firm to make it to market is unclear at this point. The firm also confirmed to the Times that it has reorganized its corporate structure, to reflect its transition from a private partnership to a public company. The three co-founders will remain in charge: Daniel D'Aniello will become the firm's chairman, while David Rubenstein and William Conway Jr. will be co-chief executives.

The offering, if it goes through, will also allow the firm's current shareholders to cash out, including a lot of insiders. In addition, Mubadala, a SWF in Abu Dhabi, purchased a 7.5 percent stake in 2007 and made an additional $500 million investment in 2010. Calpers also owns a roughly 5 percent stakes.

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