Exhibit 99.1

KKR & Co. L.P. Announces First Quarter 2014 Results

Exit Activity and Record Fee Revenue Drive Strong Distributable Earnings

GAAP net income (loss) attributable to KKR & Co. L.P. was $210.0 million for the quarter ended March 31, 2014, up from $193.4 million for the quarter ended March 31, 2013.

Assets under management (“AUM”) totaled $102.3 billion as of March 31, 2014, up from $94.3 billion as of December 31, 2013. Fee paying assets under management (“FPAUM”) totaled $83.6 billion as of March 31, 2014, up from $77.4 billion as of December 31, 2013.

Total distributable earnings was $446.8 million for the quarter ended March 31, 2014, up from $290.6 million for the quarter ended March 31, 2013.

Economic net income (“ENI”) was $630.3 million for the quarter ended March 31, 2014, down from $647.7 million for the quarter ended March 31, 2013.

Return on equity was 25.9% on a trailing twelve month basis.

Carrying value of our private equity portfolio appreciated 4.5% for the quarter ended March 31, 2014.

After-tax ENI was $0.82 per adjusted unit for the quarter ended March 31, 2014, down from $0.88 per adjusted unit for the quarter ended March 31, 2013.

Fee related earnings (“FRE”) was $151.7 million for the quarter ended March 31, 2014, up from $88.0 million for the quarter ended March 31, 2013.

Book value was $8.1 billion on a total reportable segment basis as of March 31, 2014 or $11.18 per adjusted unit.

KKR & Co. L.P. declares a first quarter of 2014 distribution of $0.43 per common unit, up from $0.27 in the first quarter of 2013.

Previously announced acquisition of Avoca Capital (Unlimited) and its affiliates has closed.

NEW YORK--(BUSINESS WIRE)--April 24, 2014-- KKR & Co. L.P. (NYSE:KKR) today reported its first quarter 2014 results.

On February 19, 2014, we closed our acquisition of Avoca Capital (Unlimited) and its affiliates (“Avoca”), a European credit investment manager. Avoca’s financial results have been reported as part of our Public Markets segment in the first quarter of 2014. The acquisition of Avoca contributed $8.4 billion to our Public Markets segment’s assets under management.

In March 2014, we held our final close for our first Energy Income and Growth Fund L.P., which including general partner and employee commitments closed with approximately $2.0 billion of commitments.

On December 16, 2013, KKR announced the signing of a definitive merger agreement where KKR will acquire KFN through a stock-for-stock merger. The merger, which is subject to KFN shareholder approval and other customary closing conditions, is expected to close in the second quarter of 2014.

“Our investment portfolio and balance sheet continue to perform, resulting in a 26% return on equity over the last twelve months,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “Additionally, our realization activity and record fee revenue both contributed to a 60% year-over-year increase in our first quarter distribution per unit to $0.43 per share.”

GAAP RESULTS

GAAP results for the quarter ended March 31, 2014, included net income attributable to KKR & Co. L.P. of $210.0 million and net income attributable to KKR & Co. L.P. per common unit of $0.65, on a diluted basis. For the quarter ended March 31, 2013, net income attributable to KKR & Co. L.P. was $193.4 million and net income attributable to KKR & Co. L.P. per common unit was $0.69, on a diluted basis. The increase quarter over quarter was primarily due to (i) an increase in management fees attributable to new capital raised; (ii) higher transaction fees; and (iii) an increase in KKR & Co. L.P.’s ownership percentage in the KKR business. The increase was partially offset by a lower level of investment income.

SEGMENT RESULTS

Private Markets

AUM was $60.5 billion as of March 31, 2014, a decrease of $0.7 billion, or 1.1%, compared to AUM of $61.2 billion as of December 31, 2013. The decrease was primarily attributable to distributions to the limited partners of our private equity funds arising from realizations and to a lesser extent a reduction in AUM as a result of the European Fund III entering the post-investment period. The decrease was largely offset by appreciation in the fair value of our private equity portfolio and new capital raised primarily from our Energy Income and Growth Fund.

FPAUM was $48.2 billion as of March 31, 2014, a decrease of $2.0 billion, or 4.0%, compared to FPAUM of $50.2 billion as of December 31, 2013. The decrease was primarily attributable to distributions to the limited partners of our private equity funds arising from realizations and to a lesser extent a reduction in FPAUM as a result of the European Fund III entering the post-investment period. The decrease was partially offset by new capital raised primarily from our Energy Income and Growth Fund.

FRE was $53.6 million for the quarter ended March 31, 2014, an increase of $12.9 million, or 31.7%, compared to FRE of $40.7 million for the quarter ended March 31, 2013. The increase was primarily driven by higher transaction fees and higher management fees resulting from new capital raised, partially offset by higher compensation expense.

ENI was $241.1 million for the quarter ended March 31, 2014, a decrease of $25.6 million, or 9.6%, compared to ENI of $266.7 million for the quarter ended March 31, 2013. The decrease was primarily attributable to lower net carried interest resulting from a lower level of appreciation in our private equity portfolio. The decrease was partially offset by the increase in FRE discussed above.

Public Markets

AUM was $41.8 billion as of March 31, 2014, an increase of $8.7 billion, or 26.3%, compared to AUM of $33.1 billion as of December 31, 2013. FPAUM was $35.4 billion as of March 31, 2014, an increase of $8.2 billion, or 30.1%, compared to FPAUM of $27.2 billion as of December 31, 2013. For both AUM and FPAUM, the increases were primarily attributable to new capital from the acquisition of Avoca.

FRE was $53.6 million for the quarter ended March 31, 2014, an increase of $16.4 million, or 44.1%, compared to FRE of $37.2 million for the quarter ended March 31, 2013. The increase was principally attributable to higher management fees related to new capital raised from fund investors, partially offset by higher compensation expense.

ENI was $67.9 million for the quarter ended March 31, 2014, an increase of $18.8 million, or 38.3%, compared to ENI of $49.1 million for the quarter ended March 31, 2013. The increase was primarily driven by the increase in FRE discussed above.

Capital Markets and Principal Activities

FRE was $44.5 million for the quarter ended March 31, 2014, an increase of $34.4 million, or 340.6%, compared to FRE of $10.1 million for the quarter ended March 31, 2013. The increase was primarily driven by a higher level of overall capital markets transaction activity, partially offset by higher compensation expense.

ENI was $321.2 million for the quarter ended March 31, 2014, a decrease of $10.7 million, or 3.2%, compared to ENI of $331.9 million for the quarter ended March 31, 2013. The decrease was primarily due to a lower level of investment income from our principal investments, partially offset by the increase in FRE discussed above. While the fair value of our principal investments increased during the quarter ended March 31, 2014, the level of appreciation was lower than in the first quarter of 2013.

CAPITAL AND LIQUIDITY

As of March 31, 2014, KKR had $2.1 billion of cash and short-term investments on a total reportable segment basis and $1.0 billion of outstanding debt obligations. KKR’s availability for borrowings was $750.0 million (which is reduced by an outstanding letter of credit), which does not include a $500.0 million revolving credit facility for use in its capital markets business that was undrawn as of March 31, 2014.

As of March 31, 2014, KKR’s portion of total uncalled commitments to its investment funds was $1.0 billion, consisting of the following (amounts in thousands):

DISTRIBUTION

A distribution of $0.43 per common unit has been declared, comprised of (i) $0.15 per common unit from after-tax FRE, (ii) $0.17 per common unit from realized cash carry, and (iii) $0.11 per common unit from net realized principal investment income. The distribution will be paid on May 23, 2014 to unitholders of record as of the close of business on May 9, 2014. Please refer to the distribution policy presented later in this release.

CONFERENCE CALL

A conference call to discuss KKR’s financial results will be held on Thursday, April 24, 2014 at 10:00 a.m. EST. The conference call may be accessed by dialing (877) 303-2917 (U.S. callers) or +1 (253) 237-1135 (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 Investors Center 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 (855) 859-2056 (U.S. callers) or +1 (404) 537-3406 (non-U.S. callers), pass code 26683527 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 Center for KKR & Co. L.P. at http://ir.kkr.com/kkr_ir/kkr_events.cfm. 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 Investor Center on the website.

ABOUT KKR

KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), 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, total distributable earnings, ENI, after-tax ENI, ENI after taxes and equity-based charges, fee related EBITDA, committed dollars invested and syndicated capital, uncalled commitments, core interest expense, cash and short-term investments, net realized principal investment income 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 including the ability to realize the anticipated synergies from acquisitions or strategic partnerships such as Prisma, Nephila, Avoca or KFN; 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, 2013, filed with the SEC on February 24, 2014, and other filings with the SEC, which are available at www.sec.gov .