Show me the money

Blackstone Group's much-publicized announcement of its plans to go public has released a flood of commentary (here and here, subscription required) about its intentions.   

Blackstone's leaders -- no dummies, those folks -- appear to have figured out how to tap the market at its peak while still maintaining the veneer of the private-firm structure.  The Wall Street Journal describes it well: 

It will typically defer to limited-partner investors in its funds over its common stockholders ... and reward its founding shareholders. 

WSJ goes on to predict other private equity firms will follow Blackstone's lead:  Carlyle Group, Kohlberg Kravis Roberts & Co. and Apollo Management.

OK, so flash forward a few years.  The big guns who took the firm public have retired now (they got their rewards).  The new big guns are left with an uncomfortable reality:  having to defend to their shareholders how much they'll be paid.   

What will happen next?  Well, duh!  These guys will move to take the firm private again.