On the heels of the Blackstone Group LP (NYSE: BX) IPO, which will raise over $4.1 billion, buyout firm Kohlberg Kravis Roberts & Co. is looking at a public offering of its own. The amount that would be taken in is a more modest $750 million.

Much of the media coverage surrounding the Blackstone deal revolves around how rich it will make the founders and management of the firm. Investors have to wonder if the company needs to actually raise money for the core business. Debt capital is readily available and many transactions were public companies are taken private only have a 10% equity component. The balance of the dollars are borrow.

KKR has a number of executives who have been with the firm for very long periods, and an IPO would let them realize the fruits of their efforts. KKR was founded in 1976. Since then the firm has completed more than 150 transactions with an aggregate enterprise value of over $279 billion. Founder Henry Kravis is one of the grand old men of the industry.

Several observers have speculated that IPOs of these private equity firms may mean a "top" for the industry, the smart money heading for the doors. But, that may be no more true for KKR or Blackstone than it was for a company like Google (NASDAQ: GOOG). The founders of the search engine company have been selling a portion of their shares for over two years. If the company were private, getting some return on their work would be much harder.

Douglas A. McIntyre is a partner at 24/7 Wall St.