私募股权投资从19世纪40年代起，经历了近80年的发展，已成为全球经济投资板块中重要的一部分。从2007年以来，全球私募股权投资公司巨头纷纷选择上市，中国的鲁信创投、九鼎投资、华兴资本也2010年之后陆续选择直接或者间接地登陆资本市场。而学界对私募股权投资公司上市的研究较少，研究集中在已上市的主体的法律架构、监管政策、市场表现，投资者行为和选择以及估值等单个方面，且大多数研究未区分基金和投资公司的区别。本文试图通过微观的案例分析进行案例研究，通过研究公开信息、行业研究报告、书籍以及采访业内人员的方式，以黑石和KKR为例研究的私募股权投资公司上市的各个方面，如上市背景、上市动因、上市结构和逻辑、上市公司属性调整、公司治理、管理费、奖励费用和超额收益分配与股利分配、上市情形和股价表现、上市后的企业发展以及估值比较等，研究税收政策、市场环境、业务板块、派息分红对上市各方面的影响。希望对中国私募股权投资公司上市有一定借鉴意义。

Since the 1940s of its birth, private equity investment has played an important role in global investment arena after 80 years of growth and development. Since 2007, global private equity investment giants have chosen to go public. After 2010, China's Lucion Ventures, JD Capital and China Renaissance have successively directly or indirectly gone public in capital market However, research over the listing of private equity firms (PE listing) in the academic world is quite limited. Previous research focus more on the single aspect of PE listing, i.e. legal structure, regulatory policies, market performance, investor behavior and choices, and valuations of listed entities. Most studies do not distinguish between funds and investment companies.This paper attempts to conduct case studies through micro perspective, by research on public information, industry research reports, books, and interviews with industry experts, using Blackstone and KKR as examples to study the various aspects of the listing of private equity firms, such as listing background, listing motives, listing structure and logic, corporate attribute adjustment, corporate governance, management fees, incentive fees and carried interest distribution and dividend policy, listing and stock price performance, post-listing corporate development and valuation comparison, trying to study impact of taxation, business environment, sector performance, and dividend policy on listing structure and performance. The author hopes that this study would benefit Chinese private equity investment companies who wish to go public in future.