A public private equity company may be an oxymoron, but the Dutch listing of Kohlberg Kravis Roberts marks the start of its European reconnaissance mission. Desperate for a New York listing in 2007, plans were shelved as the credit crisis erupted. Sneaking through the back door, via a merger with Amsterdam listed co-investors KKR Private Equity Investors , is an interim step.

The 30 per cent slice of the overall group that KPE investors now own provides a lower profile testing ground for the inevitable New York listing. Since the announcement in July, KPE shares have charged ahead 75 per cent to $9.43. Over the same period, listed rival Blackstone’s stock has increased by half that amount. If KKR achieves some good exits, as it expects to with its Dollar General discount stores, investors will feel more confident come the full listing of the firm itself.