Well, if the stunning Blackstone Group IPO didn't mark a market top, then you've got to think that the news that Kohlberg Kravis Roberts will follow suit fairly soon surely must. The market is hot for these issues, despite what is going on in Washington. One interpretation is that the industry has acquired the necessary clout to fight off any proposed tax hikes. So there's no real reason to worry. That seems like it will be put to the test, but it seems to me that the better bet is indeed the Private Equity Council. The real show-stopper may be interest rates. It won't deliver a knock-out punch, but a long-lasting rise in rates certainly has the ability to bleed the industry. Hedge funds would likely bleed a bit more. Anyway, this is fascinating stuff.  

For more:
- here's a Fortune article on heavy demand despite the regulatory fears
- here's one on rates