Exhibit 99.1

KKR & Co. L.P. Announces Third Quarter 2012 Results

Strong investment appreciation continues to drive meaningful economic net income

GAAP net income (loss) attributable to KKR & Co. L.P. was $127.4 million and $464.1 million for the quarter and nine months ended September 30, 2012, respectively, up from ($243.4) million and ($44.2) million in the comparable periods of 2011.

Assets under management (“AUM”) totaled $66.3 billion as of September 30, 2012, up from $61.5 billion as of June 30, 2012.

Fee related earnings (“FRE”) were $90.7 million and $233.8 million for the quarter and nine months ended September 30, 2012, respectively, down from $98.2 million and $300.6 million in the comparable periods of 2011.

Total distributable earnings were $332.9 million and $903.1 million for the quarter and nine months ended September 30, 2012, respectively, up from $185.4 million and $636.1 million in the comparable periods of 2011.

Economic net income (loss) (“ENI”) was $509.9 million and $1,783.2 million for the quarter and nine months ended September 30, 2012, respectively, up from ($592.1) million and $465.5 million in the comparable periods of 2011.

After-tax ENI was $0.69 and $2.42 per adjusted unit for the quarter and nine months ended September 30, 2012, respectively, up from ($0.91) and $0.41 per adjusted unit in the comparable periods of 2011.

Book value was $6.9 billion on a segment basis as of September 30, 2012, representing $9.82 per adjusted unit.

KKR & Co. L.P. declares a third quarter distribution of $0.24 per common unit.

Previously announced acquisition of Prisma Capital Partners LP and its affiliates has closed.

NEW YORK--(BUSINESS WIRE)--October 26, 2012-- KKR & Co. L.P. (NYSE: KKR) today reported its third quarter 2012 results.

For the quarter and nine months ended September 30, 2012, the carrying value of KKR’s private equity investment portfolio appreciated 6.1% and 19.9%, respectively, driving meaningful ENI.

ENI was $509.9 million for the quarter ended September 30, 2012, an increase of $1,102.0 million compared to ENI of ($592.1) million for the quarter ended September 30, 2011. The increase was primarily attributable to the appreciation in the carrying value of our principal investments as well as net carried interest earned from our investment funds for the quarter ended September 30, 2012. For the quarter ended September 30, 2011, there was 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 investment funds. ENI was $1,783.2 million for the nine months ended September 30, 2012, an increase of $1,317.7 million compared to ENI of $465.5 million for the nine months ended September 30, 2011. The increase was primarily due to a higher level of appreciation in the carrying value of our principal investments as well as higher net carried interest earned from our investment funds.

AUM was $66.3 billion as of September 30, 2012, an increase of $4.8 billion, or 7.8%, compared to AUM of $61.5 billion as of June 30, 2012. The increase was primarily attributable to new capital raised relating to North America Fund XI and to a lesser extent appreciation in the fair value of our investment vehicles. The increase was partially offset by distributions to limited partners of our investment funds and a reduction in AUM as a result of the 2006 Fund entering the post-investment period. Fee paying assets under management (“FPAUM”) was $50.3 billion as of September 30, 2012, an increase of $3.1 billion, or 6.6%, compared to FPAUM of $47.2 billion as of June 30, 2012. The increase was primarily attributable to new capital raised, partially offset by the reduction in fee base of the 2006 Fund as a result of the fund entering the post-investment period. During the third quarter of 2012, the investment period for the 2006 Fund came to a close, and thereafter, the North America Fund XI, the successor fund to the 2006 Fund, became active and is now our primary investment vehicle for North American private equity transactions. This brings total capital raised to date for the North America Fund XI to $6.2 billion, including GP and employee commitments. Neither AUM nor FPAUM include $4.0 billion (includes general partner commitment) of capital raised for our second Asian private equity fund.

On October 1, 2012, we closed on the acquisition of Prisma Capital Partners LP and its affiliates (“Prisma”), a leading provider of customized hedge fund solutions. Prisma will be reported as part of the Public Markets segment of KKR in the fourth quarter of 2012. This transaction is the first strategic acquisition in KKR’s history. The addition of Prisma provides KKR with a leading presence in the hedge fund of funds space and an attractive platform which we can leverage to create new, more liquid products for partners in our funds. As of September 30, 2012, Prisma had $8.1 billion of assets under management, which are not included in either AUM or FPAUM.

“We are pleased with the firm's performance for the nine months through September 30. Our private equity funds appreciated by 20% and our balance sheet investments appreciated by 22%, outperforming the MSCI World Index by over 600 and 800 basis points, respectively,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “In addition, with the closing of the Prisma acquisition, we welcome the Prisma employees into the KKR family and look forward to bringing the capabilities of both organizations to bear in the marketplace.”

GAAP RESULTS

GAAP results for the quarter and nine months ended September 30, 2012 included net income attributable to KKR & Co. L.P. of $127.4 million and $464.1 million, respectively, and net income attributable to KKR & Co. L.P. per common unit of $0.49 and $1.86, respectively, on a diluted basis. For the quarter and nine months ended September 30, 2011, net loss attributable to KKR & Co. L.P. was ($243.4) million and ($44.2) million, respectively, and net loss attributable to KKR & Co. L.P. per common unit was ($1.09) and ($0.20), respectively, on a diluted basis. The increases in both comparable periods were primarily due to a greater level of investment appreciation for the three and nine months ended September 30, 2012 compared to the three and nine months ended September 30, 2011. This increase in investment appreciation, which is recorded in net gains (losses) from investment activities, was partially offset by an increase in compensation and benefits expense.

SEGMENT RESULTS

Private Markets

AUM was $49.8 billion as of September 30, 2012, an increase of $4.3 billion, or 9.5%, compared to AUM of $45.5 billion as of June 30, 2012. The increase was primarily attributable to new capital raised from the North America Fund XI and to a lesser extent appreciation in the fair value of our private equity portfolio. The increases were partially offset by distributions to the limited partners of our private equity funds arising from realizations as well as a reduction in AUM as a result of the 2006 Fund entering the post-investment period.

FPAUM was $40.4 billion as of September 30, 2012, an increase of $2.5 billion, or 6.6%, compared to FPAUM of $37.9 billion as of June 30, 2012. The increase was primarily due to new capital raised from the North America Fund XI, partially offset by the reduction in the fee base of the 2006 Fund as a result of the fund entering the post-investment period.

FRE was $44.7 million for the quarter ended September 30, 2012, an increase of $3.5 million, or 8.5%, compared to FRE of $41.2 million for the quarter ended September 30, 2011. The increase was primarily attributable to a higher level of monitoring fees and lower operating expenses.

FRE was $118.6 million for the nine months ended September 30, 2012, a decrease of $51.0 million, or 30.1%, compared to FRE of $169.6 million for the nine months ended September 30, 2011. The decrease was primarily driven by (i) lower 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 and (ii) lower transaction fees during the nine months ended September 30, 2012 as a result of closing relatively smaller transaction fee-generating investments, which in turn produced lower transaction fees.

ENI was $213.9 million for the quarter ended September 30, 2012, an increase of $365.9 million compared to ENI of ($152.0) million for the quarter ended September 30, 2011. The increase was primarily attributable to net carried interest recognized for the quarter ended September 30, 2012 driven by the appreciation in our private equity portfolio. For the quarter ended September 30, 2011, there was a reversal of previously recognized net carried interest due to a decline in the carrying value of our private equity funds.

ENI was $653.9 million for the nine months ended September 30, 2012, an increase of $401.0 million compared to ENI of $252.9 million for the nine months ended September 30, 2011. The increase was primarily driven by higher net carried interest resulting from a higher level of appreciation in our private equity portfolio, partially offset by the decrease in FRE discussed above.

Public Markets

AUM was $16.5 billion as of September 30, 2012, an increase of $0.5 billion, or 3.1%, compared to AUM of $16.0 billion as of June 30, 2012. FPAUM was $9.9 billion as of September 30, 2012, an increase of $0.6 billion, or 6.5%, compared to FPAUM of $9.3 billion as of June 30, 2012. The increases in both AUM and FPAUM were primarily attributable to new capital raised and to a lesser extent appreciation in the net asset value of certain investment vehicles. The increases in both AUM and FPAUM were partially offset by distributions to credit strategy investors.

FRE was $23.3 million for the quarter ended September 30, 2012, an increase of $10.9 million, or 87.9%, compared to FRE of $12.4 million for the quarter ended September 30, 2011. FRE was $51.1 million for the nine months ended September 30, 2012, an increase of $3.3 million, or 6.9%, compared to FRE of $47.8 million for the nine months ended September 30, 2011. The increase in both comparable periods was primarily due to higher incentive fees earned, partially offset by higher compensation and occupancy and related charges.

ENI was $34.9 million for the quarter ended September 30, 2012, an increase of $26.0 million compared to ENI of $8.9 million for the quarter ended September 30, 2011. ENI was $65.6 million for the nine months ended September 30, 2012, an increase of $19.5 million compared to ENI of $46.1 million for the nine months ended September 30, 2011. The increase in both comparable periods was primarily attributable to the increase in FRE discussed above and net carried interest recognized for the quarter and nine months ended September 30, 2012 driven by the appreciation in the net asset value of certain carry-eligible investment vehicles. For the quarter ended September 30, 2011, there was a reversal of previously recognized net carried interest due to a decline in the carrying value of certain carry-eligible investment vehicles.

Capital Markets and Principal Activities

FRE was $22.7 million for the quarter ended September 30, 2012, a decrease of $21.9 million, or 49.1%, compared to FRE of $44.6 million for the quarter ended September 30, 2011. FRE was $64.2 million for the nine months ended September 30, 2012, a decrease of $19.0 million, or 22.8%, compared to FRE of $83.2 million for the nine months ended September 30, 2011. The decrease in both comparative periods was primarily driven by a lower level of overall capital markets transaction activity.

ENI was $261.1 million for the quarter ended September 30, 2012, an increase of $710.1 million compared to ENI of ($449.0) million for the quarter ended September 30, 2011. The increase was principally attributable to the appreciation in the carrying value of our principal investments for the quarter ended September 30, 2012 as compared to a decline in the carrying value of our principal investments for the quarter ended September 30, 2011.

ENI was $1,063.7 million for the nine months ended September 30, 2012, an increase of $897.3 million compared to ENI of $166.4 million for the nine months ended September 30, 2011. The increase was primarily driven by a higher level of appreciation in the carrying value of our principal investments.

CAPITAL AND LIQUIDITY

As of September 30, 2012, KKR had $1,438.3 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 September 30, 2012).

As of September 30, 2012, KKR’s portion of total uncalled commitments to its investment funds was $802.7 million, consisting of the following (amounts in thousands):

DISTRIBUTION

A distribution of $0.24 per common unit will be paid on November 20, 2012 to unitholders of record as of the close of business on November 5, 2012.

CONFERENCE CALL

A conference call to discuss KKR’s financial results will be held on Friday, October 26, 2012 at 10:00 a.m. EDT. 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 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 (855) 859-2056 (U.S. callers) and +1 (404) 537-3406 (non-U.S. callers), pass code 39815272, 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 $66.3 billion in assets under management as of September 30, 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, total 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 including the ability to realize the anticipated synergies from the acquisitions such as Prisma; 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 .