I'm sure KKR is irked that the Blackstone Group LP (NYSE: BX) is public. In fact, the company had its IPO at the peak in the market, picking up billions from investors. And, since the transaction, Blackstone has used its stock to pull off deals, such as the purchase of GSO Capital.

But, according to a piece in the Wall Street Journal (subscription required) it seems that KKR is still gunning for a public offering. True, KKR did file an S-1 about a year ago. But, the last amended filing was in November.

Then again, KKR has been on a hiring spree – bulking up its executive suite. Some of the positions include: general counsel, chief compliance offer, CTO, chief human-resources officer and so on.

In other words, why have such people unless a company wants to be public?

If anything, the lull in the private equity market may be a blessing. Keep in mind that KKR hasn't struck a buyout deal this year. So, what better time than now to build up the infrastructure?

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.

When KKR filed its IPO, the firm mentioned that it was exploring activities beyond its core private equity business.

Well, it's getting started. As pointed out in a recent piece in the Wall Street Journal [a paid service], KKR is edging into the IPO game. That is, the firm is the joint book-running manager on an equity offering for Rockwood Holdings (NYSE: ROC), which is a major specialty chemicals manufacturer. The company plans to issue 10 million shares.

Basically, KKR will help to drum up investors for the offering. No doubt, it's a lucrative business (where commissions have held steady over the years). In fact, KKR is a major shareholder in Rockwood (always nice to double dip, huh?)

Despite the fact KKR is getting competitive with Wall Street investment banks, that's not having much impact on this deal. After all, Goldman (NYSE: GS) and UBS (NYSE: UBS) are participating.

And, with private equity cooling off, it seems KKR has no choice but to expand its business -- turning itself more into a full-fledged financial services firm.

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 DealProfiles.com.

While the over-hyped Blackstone Group (NYSE: BX) IPO has proved to be mostly lackluster, it still looks like KKR is gunning for an IPO (hey, Blackstone's valuation is still at nosebleed levels).

According to a report in TheDeal.com [a paid service], KKR has initiated the process of becoming a broker dealer. This means the firm will be able to buy and sell securities (and generate commissions on the transactions).

Keep in mind that Blackstone has had this license for a long time because of its advisory business.

But, the license allows for other lucrative businesses, such as IPOs (where the fees have remained juicy). No doubt, it's been good to such financial powerhouses like Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS).

So, at the end of the day, we may actually see KKR and Blackstone become like the other diversified financial players. And, at the same time, the traditional financial firms will try to look more like Blackstone 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.