Based on the activities of the Big Four PE firms (ApolloBlackstoneCarlyle, and KKR), all of whom are public companies, 2013 was the year for many PE firms to reap the gains from their investments made in the last seven years. Blackstone reduced its investments in, among other things, SeaWorld and Pinnacle Foods, and took a number of its portfolio companies public, particularly in the red estate sector (including Hilton Hotels, Extended Stay America, Brixmor Property Group).

You often hear that you don’t want to bet against the smart money (and the people running the Big Four are incredibly smart), but the hot market for IPOs for the last year seemingly cannot continue at this pace.