Exhibit 99.1

KKR & Co. L.P. Announces Third Quarter 2011 Results

Economic net loss was driven primarily by mark-to-market declines in unrealized private equity investments. Underlying business performance and transaction activity remained strong.

Assets under management (“AUM”) totaled $58.7 billion as of September 30, 2011, up from $55.5 billion as of September 30, 2010.

Fee related earnings (“FRE”) were $98.2 million and $300.6 million for the quarter and nine months ended September 30, 2011, respectively, up from $69.5 million and $223.2 million in the comparable periods of 2010.

Gross distributable earnings were $104.4 million for the quarter ended September 30, 2011, down from $166.8 million for the quarter ended September 30, 2010. Gross distributable earnings were $400.6 million for the nine months ended September 30, 2011, up from $328.7 million for the nine months ended September 30, 2010.

Economic net income (loss) (“ENI”) was ($592.1) million and $465.5 million for the quarter and nine months ended September 30, 2011, respectively, down from $317.3 million and $1,425.2 million in the comparable periods of 2010.

After-tax ENI was ($0.91) and $0.41 per adjusted unit for the quarter and nine months ended September 30, 2011, respectively, down from $0.39 and $1.80 per adjusted unit in the comparable periods of 2010.

GAAP net income (loss) attributable to KKR & Co. L.P. was ($243.4) million and ($44.2) million for the quarter and nine months ended September 30, 2011, respectively, down from $8.9 million and $152.6 million in the comparable periods of 2010.

Book value was $5.6 billion on a segment basis as of September 30, 2011, representing $8.17 per adjusted unit.

KKR & Co. L.P. declares a third quarter distribution of $0.10 per common unit, bringing year-to-date distributions for 2011 to $0.42 per common unit up from $0.31 per common unit in the comparable period of 2010.

NEW YORK--(BUSINESS WIRE)--November 4, 2011--KKR & Co. L.P. (NYSE: KKR) today reported its third quarter 2011 results.

AUM was $58.7 billion as of September 30, 2011, up 5.8% from September 30, 2010. The increase resulted from investment appreciation as well as new capital raised, partially offset by distributions to limited partners of our investment funds. Fee paying assets under management (“FPAUM”) were $46.2 billion as of September 30, 2011, up 8.2% from September 30, 2010. The increase was driven primarily by new capital raised.

The carrying value of private equity investments declined by 8.5% for the quarter ended September 30, 2011, but is up 1.5% for the nine months ended September 30, 2011. ENI was ($592.1) million for the quarter ended September 30, 2011, a decrease of $909.4 million, as compared to ENI of $317.3 million for the quarter ended September 30, 2010. The decrease resulted primarily from a decline in the carrying value of our principal investments and a reversal of previously recognized net carried interest due to a decline in the carrying value of our private equity funds. ENI was $465.5 million for the first nine months of 2011, a decrease of $959.7 million, as compared to ENI of $1,425.2 million for the first nine months of 2010. The decrease was primarily due to a lower level of investment income earned from our principal investments and net carried interest earned from our private equity funds. While the fair value of our principal investments and private equity portfolio increased during the first nine months of 2011, the level of appreciation was lower than that in the comparable period of 2010.

“For the nine months to September 30, our private equity investments outperformed the S&P 500 by over 1,000 basis points despite the recent market volatility,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “We have capitalized on attractive opportunities in all of our segments, leading to investments or commitments of nearly $3.5 billion since June 30 and a record quarter in our capital markets business. Our ability to take advantage of volatile market environments stems from the long-dated capital entrusted to us by a growing base of limited partners across our diverse set of strategies.”

Note: Certain financial measures, including FRE, ENI, After-tax ENI and adjusted units, are not presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See Exhibits A and B for a reconciliation of such measures to financial results prepared in accordance with GAAP. See calculation of gross distributable earnings under “Distribution Calculation.”

GAAP RESULTS

GAAP results for the quarter and nine months ended September 30, 2011 included net income (loss) attributable to KKR & Co. L.P. of ($243.4) million and ($44.2) million, respectively, and net income (loss) per common unit attributable to KKR & Co. L.P. of ($1.09) and ($0.20), respectively. For the quarter and nine months ended September 30, 2010, net income (loss) attributable to KKR & Co. L.P. was $8.9 million and $152.6 million, respectively, and net income (loss) per common unit attributable to KKR & Co. L.P. was $0.04 and $0.74, respectively.

SEGMENT RESULTS

Private Markets

AUM was $43.7 billion as of September 30, 2011, a decrease of $3.4 billion, or 7.2%, compared to AUM of $47.1 billion as of June 30, 2011. The decrease was primarily due to a decline in the carrying value of KKR’s private equity portfolio and distributions to the limited partners of our private equity funds arising from realizations.

FPAUM was $37.9 billion as of September 30, 2011, a decrease of $0.5 billion, or 1.3%, compared to FPAUM of $38.4 billion as of June 30, 2011. The decrease was primarily due to unfavorable changes in foreign exchange related to Euro-denominated commitments and invested capital.

FRE was $41.2 million for the quarter ended September 30, 2011, a decrease of $1.7 million, or 4.0%, compared to FRE of $42.9 million for the quarter ended September 30, 2010. The decrease was primarily due to higher compensation and other operating expenses in connection with the expansion of this business, which was largely offset by an increase in management fees related to new capital raised over the past year and higher transaction fees resulting from the closing of more transaction fee-generating investments.

FRE was $169.6 million for the nine months ended September 30, 2011, an increase of $28.4 million, or 20.1%, compared to FRE of $141.2 million for the nine months ended September 30, 2010. The increase was primarily driven by (i) higher monitoring fees as a result of $76.6 million of termination payments on monitoring agreements with three portfolio companies during the nine months ended September 30, 2011, which impacted FRE by $39.7 million net of associated fee credits; (ii) higher transaction fees as a result of closing more transaction fee-generating investments; and (iii) an increase in management fees related to new capital raised. These increases were partially offset by higher compensation and other operating expenses in connection with the expansion of this business.

ENI was ($152.0) million for the quarter ended September 30, 2011, a decrease of $325.7 million compared to ENI of $173.7 million for the quarter ended September 30, 2010. The decrease was primarily due to a reversal of previously recognized net carried interest due to a decline in the carrying value of our private equity funds.

ENI was $252.9 million for the nine months ended September 30, 2011, a decrease of $269.7 million compared to ENI of $522.6 million for the nine months ended September 30, 2010. The decrease was primarily due to lower net carried interest driven by a lower level of appreciation in our private equity portfolio, partially offset by the increase in FRE discussed above.

Public Markets

AUM was $15.0 billion as of September 30, 2011, an increase of $0.1 billion, or 0.7%, compared to AUM of $14.9 billion as of June 30, 2011. FPAUM was $8.3 billion as of September 30, 2011, an increase of $0.3 billion, or 3.8%, compared to FPAUM of $8.0 billion as of June 30, 2011. For both AUM and FPAUM, the increases were principally attributable to new capital raised, partially offset by distributions to and redemptions by credit strategy investors and a decline in the net asset value of certain vehicles.

FRE was $12.4 million for the quarter ended September 30, 2011, a decrease of $0.8 million, or 6.1%, compared to FRE of $13.2 million for the quarter ended September 30, 2010. The decrease was primarily due to no incentive fees having been earned in the third quarter of 2011 and higher compensation expense as a result of the expansion of this business. These factors were partially offset by an increase in management fees related to new capital raised and a $7.1 million catch-up management fee associated with the final closing of the Mezzanine Fund.

FRE was $47.8 million for the nine months ended September 30, 2011, an increase of $7.1 million, or 17.4%, compared to FRE of $40.7 million for the nine months ended September 30, 2010. The increase was primarily due to growth in management fees related to new capital raised, partially offset by higher compensation expense in connection with the expansion of this business including the development of the equity strategies platform.

ENI was $8.9 million for the quarter ended September 30, 2011, a decrease of $5.0 million, or 36.0%, compared to ENI of $13.9 million for the quarter ended September 30, 2010. The decrease was primarily due to a reversal of previously recognized net carried interest due to a decline in the carrying value of certain carry-earning investment vehicles.

ENI was $46.1 million for the nine months ended September 30, 2011, an increase of $3.7 million, or 8.7%, compared to ENI of $42.4 million for the nine months ended September 30, 2010. The increase was primarily due to the increase in FRE discussed above, partially offset by a reversal of previously recognized net carried interest due to a decline in the carrying value of certain carry-earning investment vehicles.

Capital Markets and Principal Activities

FRE was $44.6 million for the quarter ended September 30, 2011, an increase of $31.2 million compared to FRE of $13.4 million for the quarter ended September 30, 2010. FRE was $83.2 million for the nine months ended September 30, 2011, an increase of $41.8 million compared to FRE of $41.4 million for the nine months ended September 30, 2010. The increases in both comparative periods were primarily driven by a higher level of overall capital markets transaction activity, partially offset by higher compensation and other operating expenses in connection with the expansion of the capital markets business.

ENI was ($449.0) million for the quarter ended September 30, 2011, a decrease of $578.7 million compared to ENI of $129.7 million for the quarter ended September 30, 2010. The decrease was primarily due to a decline in the carrying value of our principal investments.

ENI was $166.4 million for the nine months ended September 30, 2011, a decrease of $693.8 million compared to ENI of $860.2 million for the nine months ended September 30, 2010. The decrease was primarily due to a lower level of investment income. While the fair value of our principal investments increased during the first nine months of 2011, the level of appreciation was lower than in the comparable period of 2010.

CAPITAL AND LIQUIDITY

As of September 30, 2011, KKR had an available cash balance of $839.2 million and $500.0 million of outstanding debt obligations under its senior notes. KKR’s availability for further borrowings was approximately $1.2 billion (which does not include a $500.0 million revolving credit facility for use in its capital markets business that was undrawn as of September 30, 2011).

As of September 30, 2011, KKR’s portion of total uncalled commitments to its investment funds was $746.1 million, consisting of the following (amounts in thousands):

DISTRIBUTION

A distribution of $0.10 per common unit will be paid on November 29, 2011 to unitholders of record as of the close of business on November 14, 2011.

CONFERENCE CALL

A conference call to discuss KKR’s financial results will be held on Friday, November 4, 2011 at 10:00 a.m. EDT. The conference call may be accessed by dialing (866) 316-1366 (U.S. callers) or +1 (913) 312-4372 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Relations section of KKR’s website at http://ir.kkr.com/kkr_ir/kkr_events.cfm. A replay of the live broadcast will be available on KKR’s website or by dialing (888) 203-1112 (U.S. callers) and +1 (719) 457-0820 (non-U.S. callers), pass code 4027204, beginning approximately two hours after the broadcast.

From time to time, KKR may use its website as a channel of distribution of material company information. Financial and other important information regarding KKR is routinely posted and accessible on the Investor Relations section of KKR’s website at www.kkr.com. In addition, you may automatically receive email alerts and other information about KKR by enrolling your email address at the “Email Alerts” area of the Public Investors section of the website.

ABOUT KKR

Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $58.7 billion in assets under management as of September 30, 2011. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platform. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional information, please visit KKR’s website at www.kkr.com.

FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements are based on KKR’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited to AUM, FPAUM, FRE, gross distributable earnings, ENI, committed dollars invested, uncalled commitments and book value, may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: the general volatility of the capital markets; failure to realize the benefits of or changes in KKR’s business strategies; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management industry, interest rates or the general economy; underperformance of KKR's investments and decreased ability to raise funds; and the degree and nature of KKR’s competition. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. In addition, KKR’s business strategy is focused on the long term and financial results are subject to significant volatility. Additional information about factors affecting KKR is available in KKR & Co. L.P.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, filed with the SEC on March 7, 2011, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011, filed with the SEC on May 5, 2011 and August 5, 2011 and other filings with the SEC, which are available at www.sec.gov.

(a) KKR Holdings L.P. units have been excluded from the calculation of diluted earnings per common unit given that the exchange of these units would proportionally increase KKR & Co. L.P.’s interests in KKR’s business and would have an anti-dilutive effect on earnings per common unit as a result of certain tax benefits KKR & Co. L.P. is assumed to receive upon the exchange. For the three and nine months ended September 30, 2011, equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan have been excluded from the calculation of diluted earnings per common unit given the awards would have an anti-dilutive effect as a result of the net loss incurred for the respective periods.

(a) Excludes a $6.8 million and $11.2 million charge for non-cash equity based compensation during the quarter and nine months ended September 30, 2011, respectively, associated with equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan. Excludes a $4.4 million charge for non-cash equity based compensation during the quarter ended June 30, 2011 associated with equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan.

(b) As of September 30, 2011, $81.2 million of carried interest is subject to management fee refunds, which may reduce carried interest in future periods.

(c) See definitions for After-tax ENI, adjusted units, and core interest expense under “Notes to Reportable Segments.”

(a) Excludes a $4.2 million and $4.9 million charge for non-cash equity based compensation during the quarter and nine months ended September 30, 2011, respectively, associated with equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan. Excludes a $0.7 million charge for non-cash equity based compensation during the quarter ended June 30, 2011 associated with equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan.

(a) Excludes a $2.5 million and $6.2 million charge for non-cash equity based compensation during the quarter and nine months ended September 30, 2011, respectively, associated with equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan. Excludes a $3.7 million charge for non-cash equity based compensation during the quarter ended June 30, 2011 associated with equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan.

(a) Excludes a $0.1 million charge for non-cash equity based compensation during the quarter and nine months ended September 30, 2011 associated with equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan.

(a) Excludes a $6.8 million charge for non-cash equity based compensation associated with equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan (Private Markets – $4.2 million; Public Markets – $2.5 million; Capital Markets and Principal Activities – $0.1 million).

(a) Excludes a $4.4 million charge for non-cash equity based compensation associated with equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan (Private Markets – $0.7 million; Public Markets – $3.7 million).

(a) Excludes a $11.2 million charge for non-cash equity based compensation associated with equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan (Private Markets – $4.9 million; Public Markets – $6.2 million; Capital Markets and Principal Activities – $0.1 million).

(a) See Capital Markets and Principal Activities segment schedule of investments that follows on pages 16 and 17.

(b) Adjusted units represent the fully diluted unit count using the if-converted method. See Exhibit B for a reconciliation of this item to the comparable GAAP measure.

(a) The significant aggregate investments include investments in portfolio companies with individual fair values of 5% or more of the Capital Markets and Principal Activities segment investments balance as of September 30, 2011. The fair value figures include the co-investment and the limited partner and/or general partner interests in the underlying portfolio company.

(b) Other portfolio companies includes investments in private equity portfolio companies with individual fair values less than 5% of the Capital Markets and Principal Activities segment investments balance as of September 30, 2011.

DISTRIBUTION POLICY

KKR intends to make quarterly cash distributions in amounts that in the aggregate are expected to constitute substantially all of the cash earnings of its investment management business each year in excess of amounts determined by KKR to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and its investment funds and to comply with applicable law and any of its debt instruments or other agreements. KKR does not intend to distribute gains on principal investments, other than certain additional distributions that KKR may determine to make. These additional distributions, if any, are intended to cover certain tax liabilities, as calculated by KKR. When KKR & Co. L.P. receives distributions from the KKR Group Partnerships (the holding companies of the KKR business), KKR Holdings receives its pro rata share of such distributions from the KKR Group Partnerships. For purposes of KKR’s distribution policy, its distributions are expected to consist of (i) FRE, (ii) carry distributions received from KKR’s investment funds which have not been allocated as part of its carry pool, and (iii) any additional distributions for certain taxes as described above. This amount is expected to be reduced by (i) corporate and applicable local taxes, if any, (ii) noncontrolling interests, and (iii) amounts determined by KKR to be necessary or appropriate for the conduct of its business and other matters as discussed above.

The declaration and payment of any distributions are subject to the discretion of the board of directors of the general partner of KKR & Co. L.P. and the terms of its limited partnership agreement. There can be no assurance that distributions will be made as intended or at all or that such distributions will be sufficient to pay any particular KKR unitholder’s actual U.S. or non-U.S. tax liability.

KKR

Notes to Reportable Segments (Unaudited)

The reportable segments for KKR’s business are presented prior to giving effect to the allocation of income (loss) between KKR & Co. L.P. and KKR Holdings L.P. and as such represent the business in total.

Definitions

Fee related earnings (“FRE”) is comprised of segment operating revenues, less segment operating expenses. The components of FRE on a segment basis differ from the equivalent GAAP amounts on a consolidated basis as a result of: (i) the inclusion of management fees earned from consolidated funds that were eliminated in consolidation; (ii) the exclusion of fees and expenses of certain consolidated entities; (iii) the exclusion of charges relating to the amortization of intangible assets; (iv) the exclusion of charges relating to carry pool allocations; (v) the exclusion of non-cash equity charges and other non-cash compensation charges borne by KKR Holdings or incurred under the KKR & Co. L.P. 2010 Equity Incentive Plan; (vi) the exclusion of certain reimbursable expenses; and (vii) the exclusion of certain non-recurring items.

Economic net income (loss) (“ENI”) is a measure of profitability for KKR’s reportable segments and is comprised of: (i) FRE; plus (ii) segment investment income (loss), which is reduced for carry pool allocations and management fee refunds; less (iii) certain economic interests in KKR’s segments held by third parties. ENI differs from net income (loss) on a GAAP basis as a result of: (i) the exclusion of the items referred to in FRE above; (ii) the exclusion of investment income (loss) relating to noncontrolling interests; and (iii) the exclusion of income taxes.

After–tax ENI is calculated by deducting from ENI the implied income tax provision that has been calculated assuming that all income is allocated to KKR & Co. L.P., which would occur following an exchange of all KKR Holdings units for common units of KKR & Co. L.P. The assumptions and methodology used to calculate the implied income tax provision are consistent with those used in calculating the tax provision for KKR & Co. L.P. under GAAP. The implied income tax provision does not give effect to any tax savings or deductions that may result from the exchange of KKR Holdings units.

Assets under management (“AUM”) represent the assets from which KKR is entitled to receive fees or a carried interest and general partner capital. KKR calculates the amount of AUM as of any date as the sum of: (i) the fair value of the investments of KKR's investment funds plus uncalled capital commitments from these funds; (ii) the fair value of investments in KKR's co-investment vehicles; (iii) the net asset value of certain of KKR's fixed income products; (iv) the value of outstanding structured finance vehicles; and (v) the fair value of other assets managed by KKR. KKR's definition of AUM is not based on any definition of AUM that is set forth in the agreements governing the investment funds, vehicles or accounts that it manages or calculated pursuant to any regulatory requirements.

Fee paying AUM (“FPAUM”) represents only those assets under management from which KKR receives fees. FPAUM is the sum of all of the individual fee bases that are used to calculate KKR’s fees and differs from AUM in the following respects: (i) assets from which KKR does not receive a fee are excluded (i.e., assets with respect to which it receives only carried interest) and (ii) certain assets, primarily in its private equity funds, are reflected based on capital commitments and invested capital as opposed to fair value because fees are not impacted by changes in the fair value of underlying investments.

Committed dollars invested is the aggregate amount of capital commitments that have been invested by KKR’s investment funds and carry-yielding co-investment vehicles during a given period. Such amounts include: (i) capital invested by fund investors and co-investors with respect to which KKR is entitled to a fee or carried interest and (ii) capital invested by KKR.

Uncalled commitments represent unfunded capital commitments that KKR’s investment funds and carry-paying co-investment vehicles have received from partners to contribute capital to fund future investments.

Adjusted units represent the weighted-average fully diluted unit count for ENI purposes using the if-converted method. See Exhibit B for a reconciliation of this item to the comparable GAAP measure.

Core interest expense excludes interest expense related to debt obligations from investment financing arrangements related to certain of KKR’s private equity funds, investment vehicles and principal investments. These financing arrangements are not direct obligations of the general partners of KKR’s private equity funds or its management companies. On a segment basis, interest expense is included in other investment income.

Fee credits require KKR to share an agreed upon percentage of monitoring and transaction fees received from portfolio companies with limited partners in certain of its investment funds. Limited partners receive fee credits only with respect to monitoring and transaction fees that are allocable to their fund’s investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee credits are calculated after deducting certain fund-related expenses and generally amount to 80% of allocable monitoring and transaction fees after fund-related expenses are recovered, although the actual percentage may vary from fund to fund.

KKR carry pool represents a portion of the carried interest earned in relation to certain of KKR’s active and future investment funds and co-investment vehicles that will be allocated to its principals, other professionals and selected other individuals.

Management fee refunds represent 20% of any cash management fees earned from limited partners in the event that certain of KKR’s investment funds recognize a carried interest. At such time as the fund recognizes a carried interest in an amount sufficient to cover 20% of the cash management fees earned or a portion thereof, carried interest is reduced, not to exceed 20% of cash management fees earned.

Noncontrolling interests represent economic interests that will (i) allocate to a former principal an aggregate of 1% of profits and losses of KKR’s management companies until a future date and (ii) allocate to a third party investor an aggregate of 2% of the equity in KKR’s capital markets business.

You should note that KKR’s calculation of FRE, ENI, After–tax ENI, AUM and FPAUM may differ from the calculation of other investment managers and, as a result, its measurements of FRE, ENI, After–tax ENI, AUM and FPAUM may not be comparable to similar measures presented by other investment managers.

(a) Represents equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan. The issuance of common units of KKR & Co. L.P. pursuant to awards under its equity incentive plan dilutes KKR common unitholders and KKR Holdings pro rata in accordance with their respective percentage interests in the KKR business. For the three and nine months ended September 30, 2011, equity awards granted under the KKR & Co. L.P. 2010 Equity Incentive Plan have been excluded from the calculation of diluted earnings per common unit given the awards would have an anti-dilutive effect as a result of the net loss incurred for the respective periods.

(b) Common units that may be issued by KKR & Co. L.P. upon exchange of units in KKR Holdings L.P. for KKR common units.

CONTACT:
Kohlberg Kravis Roberts & Co. L.P.
Investor Relations:
Craig Larson, +1 877-610-4910 (U.S.)
+1 212-230-9410
investor-relations@kkr.com
or
Media:
Kristi Huller, +1 212-750-8300
media@kkr.com