Is Kohlberg Kravis & Roberts (KKR news) at the start of a massive recovery? We'll its portfolio companies seem to be faring better. According to Reuters, the value of its private equity portfolio rose nearly 10 percent during the first quarter, as markets improved and portfolio companies boosted earnings. Economic net income, a measure used by private equity (private equity news) firms to report earnings, was $674.8 million for the quarter, compared with a pro-forma figure of $2.5 million a year ago, KKR reported last week.

This is all ahead of its transition to become publically traded on the NYSE. KKR has about $5 billion left to invest from its $18 billion fund raised in 2006. So there is no urgency to raise new funds. When it decides it need more funds, most expect that it will raise nowhere near $18 billion. But perhaps a new deal cycle is starting up. KKR is likely mulling some big exits, hoping the IPO market holds up. 

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