There may be enough hedge funds and private equity funds publicly trading soon--though that is not a sure thing--to justify an analyst for this new equity sector. As this article on the Institutional Investor website notes, it will not be an easy job. The likes of Blackstone Group and Kohlberg Kravis Roberts are structuring their operations in ways that will not disclose the kind of information that analysts, and investors, want most. Plus you've got to worry about pissing off these really powerful players. They are in position to really tarnish your name across Wall Street. So it will be telling to see what the top sell-side firms do: It's either a job for a ply-able neophyte or a grizzled veteran. We'll see how committed the sell-side wants to be on these firms. It may be an area of an independent to really shine.