FT let the PEU out of the bag with their story on KKR's plummeting economic net income. Private equity underwriters try to soften the blow of asset write downs with news about distributions to investors. FT stated:
While KKR has returned $5bn to investors this year, it still lags behind another rival, Carlyle, which has returned almost three times as much to its limited partners year to date. Selling out of investments has become critical both in determining the attitude of limited partners in funds and in influencing dividends paid to public shareholders.
Carlyle's IPO, a major spurt in their Profitgasm, may be reigned in by plummeting asset values. Carlyle's "Great Cash-In" may come to an end.
Recall Carlyle is a virtual nonprofit organization, at least they confessed to this status in their S-1.