So, is the glass half empty or half full? Well, Blackstone Group (Blackstone Group news) has reported a profit for the fourth quarter after a big loss a year earlier. Kohlberg Kravis Roberts will likely follow suit. So this is good news, but there are limits to how much the financial markets can help. While many expected a favorable IPO (IPO news) market to facilitate some strong exits, we're seeing some disappointing results. 

Consider Graham Packaging, offering shares at $10 each on Feb. 10, raised roughly $160.7 million. Unfortunately, that was less than half of the $350 million that Blackstone Group hoped to raise originally. Blackstone was scheduled to sell more than 11 percent of its stake but ended up not selling any shares. Still, the uptick in the market has helped. KKR has taken two companies public. Blackstone was able to restructure its Hilton debt. Who knows? We may see a deal rebound later this year. 

For more:
- here's a Business Week article

Related Articles:
Sarbanes-Oxley and IPOs, the great excuse
Reality on VC-backed IPOs and Sarbox
More foreign IPOs: Vindication for Sarbox?
Academics weigh in on Sarbox and IPOs