Even though private equity firms have been around since the 1970s, there haven't been any IPOs of these outfits -- at least not until recently. In fact, back in the late 1980s, private equity was red hot . Yet, there were still no IPOs.

But, the recent IPO of Fortress Group (NYSE:FIG) has changed everything. There is no doubt that the public markets have a big appetite for these kinds of issues. The big question: Is this really a sign of selling at the top?

That's the tone in a front page article in yesterday's Wall Street Journal regarding the anticipated IPO of Blackstone [the WSJ is a paid service]. Keep in mind that the most successful private equity operators have a pretty good sense for timing. That's why they make the big bucks. Then again, there is still lots of momentum in private equity -- and tons of money coming into funds. This should continue to for awhile.

The interesting thing is that a credit crunch would be a good thing for a Blackstone IPO. It will have billions of its own capital to finance its deals -- and could even use its stock. This would certainly give the firm a big competitive advantage.

So, it's no wonder that Blackstone is spending 24/7 to get this deal done.

Updates on the Blackstone IPO:

• March 22, 2007: Blackstone files for IPO
• March 22, 2007: But CEO called public markets 'overrated'?
• May 16, 2007: AFL-CIO objects to Blackstone IPO
• June 13, 2007: Should you invest in Blackstone IPO?
• June 19, 2007: Blackstone IPO prices Thursday, June 20; offered to public Friday, June 21
  
• June 21, 2007: Blackstone IPO no good for private investors
• June 21, 2007: Blackstone IPO priced at $31/share, sets BX value at $33.6 billion
• June 22, 2007: Blackstone opens 18% higher in NYSE debut
  

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.