Henry Kravis and George Roberts would like investors to believe it will be different this time.

On Thursday, the founders of private equity firm KKR will finally list their firm in New York. But not only did rival Blackstone Group beat them to the punch by going public in 2007, it also took the romance out of private equity for many investors. Blackstone shares are down 66% since the IPO, and concerns remain about its complex structure and lack of transparency.