Private equity funds that trade publicly turned in a surprisingly strong performance last year; they generated returns of more than 44 percent vs. 27 percent for the MSCI World Return index, according to research by the Listed Private Equity (LPEQ) association. (Yes, there is such an organization.)

Hedge funds in the United States, meanwhile, returned in the 20 percent range, depending on the specific index being measured. The listed funds continue to trade as a discount to the net asset value of their investments, notes the Financial Times. Which suggests there is room for further gains in 2010. The enthusiasm for funds to trade publicly hasn't really waned through the crisis, despite some spotty performance from the likes of Blackstone. We'll no doubt see more listings as long as the markets cooperate. 

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