What to Watch For in KKR’s Un-IPO

Expect a slew of KKR stories in the general biz press over the next 24 hours, as the buyout behemoth transfers its listing from Amsterdam to New York.

Most of them will probably focus on what the move signals about the private equity market. Let me save you some time: Nothing.

That said, two things to watch:

1. Is KKR able to pull off its $500 million share sale, which it filed for back on May 10. This was originally supposed to occur just after the list switch, but reports have suggested indefinite postponement.

2. KKR plans to keep a fairly low profile tomorrow. No bell-ringing, giant parties, etc. Very smart from a PR perspective, particularly when considering the mindset of cost-conscious LPs.