You might think that the decision by KKR (KKR news) and Bain Capital (Bain Capital news) to file for an IPO (IPO news) for HCA was a bit of gamble, given the state of the private equity-backed IPO market. But Breakingviews notes that the deal is looking quite good for the private equity giants, unless the market completely tanks, making it impossible for any deal to go ahead. Despite the recession, the firm was able to boost revenues in recent years. The prognosis is fairly good, as the health reform package will likely result in more customers.

If the exit occurs within the specified range, annual returns will likely be "in the neighborhood of 20 percent during three of the worst years in financial history," the article notes. That's nothing to sneeze at. Is this the exception? Well, of all the massive deals struck during the industry's golden years, it is perhaps in the best shape. No one is looking for a similar exit from TXU, Toys R Us or others. But you never know, a rising market and economy can do wonders for a portfolio. 

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