Exhibit 99.1

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

Strong investment appreciation drives meaningful economic net income

GAAP net income attributable to KKR & Co. L.P. was $190.4 million for the quarter ended March 31, 2012, up from $159.6 million for the quarter ended March 31, 2011.

Assets under management (“AUM”) totaled $62.3 billion as of March 31, 2012, up from $59.0 billion as of December 31, 2011.

Fee related earnings (“FRE”) were $73.4 million for the quarter ended March 31, 2012, down from $126.2 million for the quarter ended March 31, 2011.

Gross distributable earnings were $111.5 million for the quarter ended March 31, 2012, down from $192.9 million for the quarter ended March 31, 2011.

Economic net income (“ENI”) was $727.2 million for the quarter ended March 31, 2012, down from $742.5 million for the quarter ended March 31, 2011.

After-tax ENI was $0.99 per adjusted unit for the quarter ended March 31, 2012, up from $0.96 per adjusted unit for the quarter ended March 31, 2011.

Book value was $6.1 billion on a segment basis as of March 31, 2012, representing $8.67 per adjusted unit.

KKR & Co. L.P. declares a first quarter distribution of $0.15 per common unit.

NEW YORK--(BUSINESS WIRE)--April 27, 2012-- KKR & Co. L.P. (NYSE: KKR) today reported its first quarter 2012 results.

For the quarter ended March 31, 2012, the carrying value of KKR’s private equity investment portfolio appreciated 9.0% driving ENI of $727.2 million for the quarter ended March 31, 2012. This represented a decrease of $15.3 million or 2.1%, as compared to ENI of $742.5 million for the quarter ended March 31, 2011, primarily due to lower monitoring and transaction fees, partially offset by higher net carried interest earned from our private equity funds.

AUM and fee paying assets under management (“FPAUM”) were $62.3 billion and $47.2 billion, respectively as of March 31, 2012, increasing 5.6% and 1.7% from December 31, 2011, respectively. The increase in AUM was primarily attributable to continued investment appreciation during the period, partially offset by distributions to limited partners of our investment funds. FPAUM was higher primarily due to new capital raised. Neither of these measures includes capital-raising for our 11th North American private equity fund.

“Our strong ENI in the quarter was largely the result of 9% appreciation in the value of our private equity portfolio,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “This performance, combined with continued progress especially in our energy, infrastructure, and alternative credit businesses, contributed to a strong start to the year.”

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Note: Certain financial measures, including FRE, ENI, after-tax ENI, after-tax ENI per adjusted unit, fee related EBITDA, book value, cash and short-term investments 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 ended March 31, 2012 included net income attributable to KKR & Co. L.P. of $190.4 million and net income attributable to KKR & Co. L.P. per common unit of $0.80 on a diluted basis. For the quarter ended March 31, 2011, net income attributable to KKR & Co. L.P. was $159.6 million and net income attributable to KKR & Co. L.P. per common unit was $0.75 on a diluted basis. The increase was primarily due to a higher level of investment appreciation recorded in net gains (losses) from investment activities in the condensed consolidated statements of operations. This increase in net gains (losses) from investment activities was partially offset by (i) a decrease in fees primarily due to lower monitoring and transaction fees and (ii) an increase in compensation and benefits expense. The increase in compensation and benefits expense was primarily attributable to a higher carry pool allocation as a result of the recognition of higher carried interest during the quarter ended March 31, 2012 compared to the quarter ended March 31, 2011.

SEGMENT RESULTS

Private Markets

AUM was $46.0 billion as of March 31, 2012, an increase of $2.4 billion, or 5.5%, compared to AUM of $43.6 billion as of December 31, 2011. The increase was primarily due to investment appreciation, partially offset by distributions to limited partners of our private equity funds arising from realizations.

FPAUM was $38.0 billion as of March 31, 2012, an increase of $0.1 billion, or 0.3%, compared to FPAUM of $37.9 billion as of December 31, 2011. The increase was primarily attributable to favorable changes in foreign exchange related to euro-denominated commitments and invested capital, partially offset by distributions to the limited partners of our private equity funds arising from realizations.

FRE was $37.7 million for the quarter ended March 31, 2012, a decrease of $52.9 million, or 58.4%, compared to FRE of $90.6 million for the quarter ended March 31, 2011. The decrease was primarily driven by (i) lower monitoring fees as a result of $68.8 million of termination payments on monitoring agreements with two portfolio companies during the quarter ended March 31, 2011, which impacted FRE by $37.8 million net of associated fee credits, and (ii) lower transaction fees resulting from closing fewer transaction fee-generating investments.

ENI was $265.3 million for the quarter ended March 31, 2012, a decrease of $11.4 million, or 4.1%, compared to ENI of $276.7 million for the quarter ended March 31, 2011. The decrease was primarily attributable to the decline in FRE discussed above, partially offset by higher net carried interest driven by a higher level of appreciation in our private equity portfolio.

Public Markets

AUM was $16.3 billion as of March 31, 2012, an increase of $0.9 billion, or 5.8%, compared to AUM of $15.4 billion as of December 31, 2011. FPAUM was $9.3 billion as of March 31, 2012, an increase $0.8 billion, or 9.4%, compared to FPAUM of $8.5 billion as of December 31, 2011. For both AUM and FPAUM, the increases were primarily attributable to new capital raised as well as appreciation in the net asset value of certain investment vehicles.

FRE was $15.4 million for the quarter ended March 31, 2012, an increase of $0.9 million, or 6.2%, compared to FRE of $14.5 million for the quarter ended March 31, 2011. The increase was primarily due to a higher level of management fees related to new capital raised over the past year, partially offset by lower incentive fees earned in the first quarter of 2012.

ENI was $23.9 million for the quarter ended March 31, 2012, an increase of $8.0 million, or 50.3%, compared to ENI of $15.9 million for the quarter ended March 31, 2011. The increase was primarily attributable to higher net carried interest due to investment appreciation of certain carry-earning investment vehicles.

Capital Markets and Principal Activities

FRE was $20.2 million for the quarter ended March 31, 2012, a decrease of $0.9 million, or 4.3%, compared to FRE of $21.1 million for the quarter ended March 31, 2011. The decrease was primarily due to higher compensation expense in connection with increased headcount to support the expansion of the capital markets business.

ENI was $438.0 million for the quarter ended March 31, 2012, a decrease of $11.9 million, or 2.6%, compared to ENI of $449.9 million for the quarter ended March 31, 2011. The decrease was primarily attributable to a lower level of investment income. While the fair value of our principal investments increased by a similar percentage during the first quarter of 2012 as they did in the first quarter of 2011, the appreciation was on a slightly smaller investment base.

CAPITAL AND LIQUIDITY

As of March 31, 2012, KKR had $855.5 million of cash and short-term investments on a segment basis and $500.0 million of outstanding debt obligations under its senior notes. KKR’s availability for further borrowings was approximately $750.0 million (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, 2012).

As of March 31, 2012, KKR’s portion of total uncalled commitments to its investment funds was $594.9 million, consisting of the following (amounts in thousands):

DISTRIBUTION

A distribution of $0.15 per common unit will be paid on May 21, 2012 to unitholders of record as of the close of business on May 7, 2012.

CONFERENCE CALL

A conference call to discuss KKR’s financial results will be held on Friday, April 27, 2012 at 10:00 a.m. EDT. The conference call may be accessed by dialing (888) 401-4685 (U.S. callers) or +1 (719) 325-2490 (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 Public Investors 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 8483281, 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 Public Investors section of KKR’s website at http://ir.kkr.com/kkr_ir/alerts.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 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 $62.3 billion in assets under management as of March 31, 2012. 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, after-tax ENI, fee related EBITDA, committed and syndicated dollars invested, uncalled commitments, core interest expense, cash and short-term investments 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, 2011, filed with the SEC on February 27, 2012, and other filings with the SEC, which are available at www.sec.gov .