With depressed markets, it would seem that private equity funds have many opportunities to pickup some good investments at compelling valuations. In fact, this environment seems particularly good for top-tier operators, such as TPG, KKR and Blackstone Group LP (NYSE: BX).

Well, perhaps not.

For example, according to a piece in the Wall Street Journal (subscription required), Blackstone will likely snag a mere $250 million form the California State Teachers' Retirement System (Calstrs) for its next fund. Keep in mind that Calstrs pumped in $1.7 billion in the prior fund from Blackstone.

Is this a sign of a chill? Of course, we won't know for awhile. But, Calstrs is influential. Besides, pensions are probably getting a little edgy as the credit crunch is still in effect.

Although, another concern may be that Blackstone is now a public company. As a result, there is less confidentiality and maybe even more conflicts. For instance, may a private equity fund cash-out of a deal too soon so as to meet the quarterly earnings expectations?

If so, this could be bad for other private equity firms planning to become public, such as Apollo and KKR.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.