KKR & Co. (KKR news) has finally started trading on the NYSE (NYSE news), presenting the opportunity for it to go head to head with the Blackstone Group (Blackstone Group news) for the hearts and minds of investors.

Bloomberg weighs in with some interesting facts. KKR, at which private equity accounts for 62 percent of fee-related income, had traded at about six times estimated earnings in Amsterdam, while the Blackstone Group, which has reduced the share of private equity fees from buyouts to 29 percent of fee income, has a multiple of about 10. Both, however, lag other money management firms.

Why such shabby treatment? Well, the core private equity industry remains in the doldrums. Both have posted paper losses on buyout funds since the beginning of the LBO boom in 2005. "KKR's funds are down $708 million and Blackstone's have lost $861 million." KKR is bent on moving into other markets, notably investment banking and capital markets.

At some point, these firms will hit an inflection point. But with more people talking about a lost decade, it's unclear when that will be. It could be soon. Just like that, Carlyle announced a large deal. TPG and Goldman Sachs have also announced a deal.

For more:
- here's the Bloomberg article

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