Exhibit 99.1

KKR & Co. L.P. Announces Second Quarter 2010 Results (1)

Assets under management (“AUM”) totaled $54.4 billion as of June 30, 2010, up from $46.9 billion as of June 30, 2009.

Economic net income (“ENI”) was $433.1 million for the second quarter of 2010, down from pro forma(2) ENI of $613.5 million for the second quarter of 2009.  ENI was $1,107.9 million for the first six months of 2010, up from pro forma ENI of $616.0 million for the first six months of 2009.

Fee related earnings (“FRE”) were $63.3 million and $153.7 million for the second quarter and the first six months of 2010, respectively, up from pro forma fee related earnings of $53.3 million and $92.9 million in the comparable periods of 2009.

GAAP net income attributable to KKR & Co. L.P. was $29.9 million and $143.7 million for the second quarter and first six months of 2010, respectively(3).

Book value was $5.0 billion on a segment basis representing $7.37 per unit as of June 30, 2010.

KKR declares a second quarter distribution of $0.08 per common unit.

KKR received an A rating from Fitch and an A- rating from Standard & Poor’s, in each case with a stable outlook.

Consolidated Results

KKR’s consolidated GAAP results for the quarter and six months ended June 30, 2010 included net income attributable to KKR & Co. L.P. of $29.9 million and $143.7 million, respectively, and net income attributable to KKR & Co. L.P. per common unit of $0.15 and $0.70, respectively.  For the quarter and six months ended June 30, 2009, net income attributable to KKR & Co. L.P. was $365.8 million and $311.2 million, respectively.  The decrease from both prior periods was primarily due to the following factors that were not applicable to the quarter and six months ended June 30, 2009 as a result of the Business Combination that occurred on October 1, 2009: (i) the allocation of approximately 70% of the earnings of KKR to KKR Holdings L.P., (ii) the issuance of equity-based awards which resulted in the recognition of non-cash compensation charges, and (iii) the recognition of corporate income tax expense.

(1) Certain financial measures contained herein, including fee related earnings and economic net income, are not presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  See page 7 for a reconciliation of such measures to financial results prepared in accordance with GAAP.

Information contained herein relating to KKR’s reportable segments are presented prior to giving effect to the allocation of income between KKR & Co. L.P. and KKR Holdings L.P. and as such represent the business in total.

(2) On October 1, 2009 KKR and KKR & Co. (Guernsey) L.P. completed a transaction to combine their businesses (the “Business Combination”).  Amounts indicated in this press release as being presented on a pro forma basis give effect to the Business Combination and related transactions as if they were completed on January 1, 2009.  See notes to KKR’s unaudited reportable segments on page 23 of this press release for a summary of the applicable adjustments as a result of the Business Combination.

(3) For the second quarter and first six months of 2009, GAAP Net income attributable to KKR & Co. L.P. was $365.8 million and $311.2 million, respectively.  The 2010 and 2009 GAAP periods are not directly comparable as GAAP financial information prior to October 1, 2009 did not reflect certain adjustments that are applicable for periods after October 1, 2009 as a result of the Business Combination.  See “Consolidated Results”.

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Total Reportable Segments

Management makes operating decisions, assesses performance and allocates resources based on financial and operating data and measures that are presented without giving effect to the consolidation of any of the funds that KKR manages.  In addition, there are other components of KKR’s reportable segment results that differ from the equivalent GAAP results on a consolidated basis.  These differences are described in the Notes to the Unaudited Reportable Segments on page 23.

AUM was $54.4 billion as of June 30, 2010, a decrease of $0.3 billion or 0.6% compared to AUM of $54.7 billion as of March 31, 2010.  The decrease was primarily due to distributions and redemptions, partially offset by an increase in the fair value of KKR’s private equity portfolio.

Fee paying assets under management (“FPAUM”) were $41.6 billion as of June 30, 2010, a decrease of $0.9 billion or 2.1% compared to FPAUM of $42.5 billion as of March 31, 2010.  The decrease was primarily due to changes in foreign exchange related to Euro denominated commitments and invested capital in KKR’s private equity funds as well as distributions and redemptions.

FRE was $63.3 million for the quarter ended June 30, 2010, an increase of $10.1 million or 18.9% compared to pro forma FRE of $53.3 million for the quarter ended June 30, 2009.  For the six months ended June 30, 2010, FRE was $153.7 million, an increase of $60.8 million or 65.4% compared to pro forma FRE of $92.9 million for the six months ended June 30, 2009.  The increase over both comparative periods was due primarily to (i) higher transaction fees in the private markets segment as a result of the closing of more fee generating investments, (ii) higher capital markets fees as a result of increased activity within the capital markets and principal activities segment, and (iii) incentive fees earned in the public markets segment.  These increases were partially offset by higher compensation expense as a result of improved performance and increased other operating expenses in connection with the expansion of KKR’s business.

For the quarter ended June 30, 2010, ENI was $433.1 million, a decrease of $180.4 million or 29.4% compared to pro forma ENI of $613.5 million for the quarter ended June 30, 2009.  The decrease primarily reflects lower investment income resulting from lower levels of gains relating to KKR’s principal investments and lower net carried interest in its private equity portfolio.  While the fair value of KKR’s investments increased during the second quarter of 2010, the amount of net unrealized gains was lower than the amount recorded during the second quarter of 2009.

For the six months ended June 30, 2010, ENI was $1.1 billion, an increase of $491.9 million or 79.8% compared to pro forma ENI of $616.0 million for the six months ended June 30, 2009.  The increase reflects higher investment income resulting from higher levels of gains relating to KKR’s principal investments and higher net carried interest in its private equity portfolio.

Private Markets

AUM in the private markets segment was $41.0 billion as of June 30, 2010, an increase of $0.1 billion or 0.2% compared to AUM of $40.9 billion as of March 31, 2010.  The increase was primarily due to an increase in the fair value of KKR’s private equity portfolio, partially offset by distributions as a result of realizations.

FPAUM in the private markets segment was $35.3 billion as of June 30, 2010, a decrease of $0.6 billion or 1.6% compared to FPAUM of $35.9 billion as of March 31, 2010.  The decrease was primarily due to changes in foreign exchange related to Euro denominated commitments and invested capital in KKR’s private equity funds as well as distributions as a result of realizations, partially offset by new capital raised.

FRE in the private markets segment was $42.1 million for the quarter ended June 30, 2010, a decrease of $9.2 million or 18.0% compared to pro forma FRE of $51.3 million for the quarter ended June 30, 2009.  The decrease was due primarily to higher compensation expense and other operating expenses in connection with the expansion of KKR’s business, partially offset by higher transaction fees as a result of the closing of more fee generating investments.

FRE in the private markets segment was $98.3 million for the six months ended June 30, 2010, an increase of $4.9 million or 5.3% compared to pro forma FRE of $93.4 million for the six months ended June 30, 2009.  The increase was due primarily to higher transaction fees as a result of the closing of more fee generating investments, partially offset by higher compensation expense and other operating expenses in connection with the expansion of KKR’s business.

ENI in the private markets segment was $155.1 million for the quarter ended June 30, 2010, a decrease of $67.8 million or 30.4% compared to pro forma ENI of $223.0 million for the quarter ended June 30, 2009.  The decrease was due primarily to lower net carried interest.  Greater unrealized gains in KKR’s private equity portfolio this quarter drove higher gross carried interest, however, this increase was more than offset by increases in the allocation to the carry pool and management fee refunds as a result of certain funds becoming carry-earning in 2010.

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ENI in the private markets segment was $348.9 million for the six months ended June 30, 2010, an increase of $136.6 million or 64.3% compared to pro forma ENI of $212.3 million for the six months ended June 30, 2009. The increase was due primarily to higher gross carried interest driven by greater unrealized gains in KKR’s private equity portfolio.  This increase was partially offset by increases in the allocation to the carry pool and management fee refunds.  As of June 30, 2010, the amount subject to management fee refunds, which may reduce carried interest in future periods, totaled $68.8 million.

Public Markets

AUM in the public markets segment was $13.4 billion as of June 30, 2010, a decrease of $0.4 billion or 2.9% compared to AUM of $13.8 billion as of March 31, 2010.  The decrease was primarily due to redemptions, partially offset by new capital raised during the quarter.

FPAUM in the public markets segment was $6.3 billion as of June 30, 2010, a decrease of $0.3 billion or 4.5% compared to FPAUM of $6.6 billion as of March 31, 2010.  The decrease was primarily due to redemptions, partially offset by new capital raised during the quarter.

FRE in the public markets segment was $11.8 million for the quarter ended June 30, 2010, an increase of $9.8 million compared to pro forma FRE of $1.9 million for the quarter ended June 30, 2009.  For the six months ended June 30, 2010, FRE was $27.4 million, an increase of $24.8 million compared to pro forma FRE of $2.7 million for the six months ended June 30, 2009.  The increase in both comparative periods was due primarily to incentive fees earned from KKR Financial Holdings LLC (“KFN”) as a result of KFN’s financial performance exceeding certain required benchmarks in the 2010 periods. No such fees were earned in the corresponding periods in 2009.

ENI in the public markets segment was $12.2 million for the quarter ended June 30, 2010, an increase of $11.7 million compared to pro forma ENI of $0.5 million for the quarter ended June 30, 2009.  For the six months ended June 30, 2010, ENI was $28.4 million, an increase of $27.9 million compared to pro forma ENI of $0.6 million for the six months ended June 30, 2009.  The increase in both comparative periods was due primarily to incentive fees earned from KFN as a result of KFN’s financial performance exceeding certain required benchmarks in the 2010 periods. No such fees were earned in the corresponding periods in 2009.

Capital Markets and Principal Activities

FRE in the capital markets and principal activities segment was $9.5 million for the quarter ended June 30, 2010, an increase of $9.4 million compared to pro forma FRE of less than $0.1 million for the quarter ended June 30, 2009.  For the six months ended June 30, 2010, FRE was $27.9 million, an increase of $31.1 million compared to pro forma FRE of $(3.1) million for the six months ended June 30, 2009. The increase in both comparative periods was due primarily to an increase in overall capital markets transaction activity resulting from an improvement in the capital markets environment from the prior period as well as the continued buildout of this business.

ENI in the capital markets and principal activities segment was $265.8 million for the quarter ended June 30, 2010, a decrease of $124.3 million or 31.9% compared to pro forma ENI of $390.1 million for the quarter ended June 30, 2009.  The decrease was due primarily to lower levels of net unrealized appreciation of KKR’s principal investments when compared to the prior period.

ENI in the capital markets and principal activities segment was $730.5 million for the six months ended June 30, 2010, an increase of $327.4 million or 81.2% compared to pro forma ENI of $403.1 million for the six months ended June 30, 2009. The increase was due primarily to higher levels of net unrealized appreciation of KKR’s principal investments when compared to the prior period.

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CAPITAL AND LIQUIDITY

As of June 30, 2010, KKR had an available cash balance of $508.1 million and $314.1 million of outstanding debt obligations. As of June 30, 2010, KKR’s availability for further borrowings was approximately $1.6 billion (which does not include a $500.0 million revolving credit facility for use in its capital markets business that was undrawn as of June 30, 2010).

KKR recently received an A rating from Fitch and an A- rating from Standard & Poor’s, in each case with a stable outlook.

As of June 30, 2010, KKR’s portion of total uncalled commitments to its investment funds was $1,070.8 million, consisting of the following (amounts in thousands):

DISTRIBUTION

A distribution of $0.08 per common unit will be paid on September 8, 2010 to unitholders of record as of the close of business on August 24, 2010.

SUBSEQUENT EVENTS

KKR has elected not to proceed with the proposed public offering of $500 million in KKR common units and has applied to withdraw the related registration statement with the U.S. Securities and Exchange Commission.

CONFERENCE CALL

A conference call to discuss KKR’s financial results will be on held Tuesday, August 10, 2010 at 10:00 AM EDT.  The conference call may be accessed by dialing (888) 661-5167 (U.S. callers) or +1 (913) 981-5520 (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://www.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 4833378, beginning approximately two hours after the broadcast.

From time to time we may use our Web site as a channel of distribution of material company information. Financial and other important information regarding the Company is routinely posted on and accessible at the Investor Relations section for KKR at www.kkr.com.  In addition, you may automatically receive email alerts and other information about us by enrolling your email by visiting the “Email Alerts” area in KKR’s Investment Relations section.

ABOUT KKR

Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global alternative asset manager with $54.4 billion in assets under management as of June 30, 2010.  With over 600 people and 14 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

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markets platforms. 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 them. 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 assets under management, fee paying assets under management, fee related earnings, economic net income, 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 risk that the anticipated benefits of the business combination with KKR & Co. (Guernsey) L.P. may not be achieved; the general volatility of the capital markets; changes in KKR’s business strategy; 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 Registration Statement on Form S-1 (Reg. No. 333-165414) and other filings with the SEC, which are available at www.sec.gov.

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(a) Prior to the Business Combination, KKR’s business was conducted through a large number of entities as to which there was no single holding entity and no single capital structure upon which to calculate historical earnings per common unit information. Accordingly, earnings per common unit information has not been presented for historical periods prior to the Business Combination.

(b) For the quarter and six months ended June 30, 2010, 478,105,194 of KKR Holdings 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.

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(a)           The 2009 segment financial information is presented on a pro forma basis to give effect to the Business Combination and related transactions as if they were completed on January 1, 2009 whereas the 2009 GAAP financial information is presented on an actual basis.  Accordingly, the reconciliations of segment financial information to GAAP financial information for the 2009 periods is presented in two parts:  (i) a reconciliation of 2009 pro forma segment financial information to 2009 actual segment financial information, and (ii) a reconciliation of 2009 actual segment financial information to 2009 actual GAAP information.

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*  All amounts indicated in this press release as being presented on a pro forma basis give effect to the Business Combination and related transactions as if they were completed on January 1, 2009.  See notes to KKR’s unaudited reportable segments on page 23 of this press release.

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See notes to KKR’s unaudited reportable segments on page 23 of this press release.

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See notes to KKR’s unaudited reportable segments on page 23 of this press release.

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