Not every corner of the private equity business is slow.

The energy business has been very good to Kohlberg Kravis Roberts (KKR) and the entrepreneurs who have aligned with it. Shale rock has been a once-in-a-lifetime opportunity that has turned into a gold mine for owners, even as people complain that fracking has turned their lives into nightmares.

The New York Times notes that KKR has placed three massive shale bets since 2009. All of them have paid off, netting a massive windfall for the firm and for management of the companies.

An example of the kind of fracking fortunes being made: "Born into a coal-mining family in Carbondale, Pa., Mr. Pegula borrowed $7,500 from family and friends and began buying up land in the Marcellus Shale, a rock formation that stretches from West Virginia to New York State. In June 2009, his company, East Resources, sold a roughly one-third stake to KKR in exchange for a $350 million cash infusion. Just 11 months later, Mr. Pegula and K.K.R. sold East Resources to Royal Dutch Shell for $4.7 billion."

The timing of all this is interesting. Fracking has been massively controversial, given the environmental costs that critics have highlighted. We're likely going to see more regulations aimed at making the practice safer, which will likely raise costs. KKR may have exited at the perfect time.

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