Exhibit 99.1

KKR & Co. L.P. Announces Fourth Quarter and Full Year 2011 Results

Record distributable earnings driven by higher transaction activity, fee related earnings, and investment realization

GAAP net income (loss) attributable to KKR & Co. L.P. was $46.1 million and $1.9 million for the quarter and year ended December 31, 2011, respectively, down from $180.6 million and $333.2 million in the comparable periods of 2010.

Assets under management (“AUM”) totaled $59.0 billion as of December 31, 2011, up from $58.7 billion as of September 30, 2011.

Fee related earnings (“FRE”) were $116.6 million and $417.2 million for the quarter and year ended December 31, 2011, respectively, up from $95.1 million and $318.3 million in the comparable periods of 2010.

Gross distributable earnings were $195.7 million and $596.3 million for the quarter and year ended December 31, 2011, respectively, up from $157.3 million and $486.0 million in the comparable periods of 2010.

Economic net income (loss) (“ENI”) was $285.5 million and $750.9 million for the quarter and year ended December 31, 2011, respectively, down from $714.6 million and $2,139.8 million in the comparable periods of 2010.

After-tax ENI was $0.33 and $0.73 per adjusted unit for the quarter and year ended December 31, 2011, respectively, down from $1.02 and $2.83 per adjusted unit in the comparable periods of 2010.

Book value was $5.7 billion on a segment basis as of December 31, 2011, representing $8.29 per adjusted unit.

KKR & Co. L.P. declares a fourth quarter distribution of $0.32 per common unit, bringing year-to-date distributions for 2011 to $0.74 per common unit, up from $0.60 per common unit in the comparable period of 2010.

NEW YORK--(BUSINESS WIRE)--February 9, 2012-- KKR & Co. L.P. (NYSE: KKR) today reported its fourth quarter and full year 2011 results.

FRE was $116.6 million and $417.2 million for the quarter and year ended December 31, 2011, respectively, up 22.6% and 31.1% from the comparable periods of 2010. The increase in both comparative periods was principally attributable to higher transaction fees resulting from greater capital markets transaction activity and an increase in private equity capital deployment as well as additional management fees reflecting new capital raised.

AUM and fee paying assets under management (“FPAUM”) were $59.0 billion and $46.4 billion, respectively as of December 31, 2011. Both AUM and FPAUM were up slightly from September 30, 2011 due to new capital raised as well as investment appreciation during the period, partially offset by distributions to limited partners of our investment funds. Neither of these measures includes capital-raising for our 11th North American private equity fund, which at this preliminary stage has so far reached approximately $6 billion. This figure includes a first close on over $5.5 billion of commitments with the expectation of at least another $500 million in the near term, subject to documentation. The final size of the fund will not be known until the final close of the fund in approximately one year.

Our private equity investments appreciated 1.8% and 4.0% for the quarter and year ended December 31, 2011, respectively. ENI was $285.5 million and $750.9 million for the quarter and year ended December 31, 2011, respectively, down from $714.6 million and $2,139.8 million in the comparable periods of 2010. The decrease in both comparable periods was primarily due to a lower level of net carried interest earned from our private equity funds and investment income earned from our principal investments. While the fair value of our private equity portfolio and principal investments increased during the quarter and year ended December 31, 2011, the level of appreciation was lower than that in the comparable periods of 2010.

“By working across businesses in a volatile environment, we were able to monetize our ideas more effectively in 2011, resulting in 31% growth in annual fee related earnings and our highest-ever unitholder distribution as a public company,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “This progress has carried over into 2012 with strong momentum in fundraising since the start of the year.”

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 and year ended December 31, 2011 included net income (loss) attributable to KKR & Co. L.P. of $46.1 million and $1.9 million, respectively, and net income (loss) per common unit attributable to KKR & Co. L.P. of $0.20 and $0.01, respectively. For the quarter and year ended December 31, 2010, net income (loss) attributable to KKR & Co. L.P. was $180.6 million and $333.2 million, respectively, and net income (loss) per common unit attributable to KKR & Co. L.P. was $0.86 and $1.62, respectively. The decrease in both comparative periods was primarily due to a lower level of investment appreciation recorded in net gains (losses) from investment activities in the consolidated and combined statements of operations. While the fair value of our private equity portfolio and principal investments increased during the quarter and year ended December 31, 2011, the level of appreciation was lower than that in the comparable periods of 2010.

SEGMENT RESULTS

Private Markets

AUM and FPAUM as of December 31, 2011 were $43.6 billion and $37.9 billion, respectively, both relatively unchanged from September 30, 2011. New capital raised during the period as well as appreciation in the fair value of our private equity portfolio was largely offset by distributions to the limited partners of our private equity funds arising from realizations.

FRE was $57.0 million for the quarter ended December 31, 2011, an increase of $15.9 million, or 38.7%, compared to FRE of $41.1 million for the quarter ended December 31, 2010. The increase was primarily attributable to higher transaction fees and an increase in management fees related to new capital raised.

FRE was $226.6 million for the year ended December 31, 2011, an increase of $44.3 million, or 24.3%, compared to FRE of $182.3 million for the year ended December 31, 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 year ended December 31, 2011, which impacted FRE by $39.7 million net of associated fee credits; (ii) higher transaction fees resulting from 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 $109.8 million for the quarter ended December 31, 2011, a decrease of $152.2 million, or 58.1%, compared to ENI of $262.0 million for the quarter ended December 31, 2010. ENI was $362.8 million for the year ended December 31, 2011, a decrease of $421.8 million, or 53.8%, compared to ENI of $784.6 million for the year ended December 31, 2010. The decrease in both comparative periods was primarily due to lower net carried interest driven by a lower level of appreciation in our private equity portfolio. While the fair value of our private equity portfolio increased during the quarter and year ended December 31, 2011, the level of appreciation was lower than that in the comparable periods of 2010.

Public Markets

AUM was $15.4 billion as of December 31, 2011, an increase of $0.4 billion, or 2.7%, compared to AUM of $15.0 billion as of September 30, 2011. FPAUM was $8.5 billion as of December 31, 2011, an increase of $0.2 billion, or 2.4%, compared to FPAUM of $8.3 billion as of September 30, 2011. For both AUM and FPAUM, the increases were principally attributable to new capital raised as well as appreciation in the net asset value of certain investment vehicles, partially offset by distributions and redemptions.

FRE was $11.8 million for the quarter ended December 31, 2011, a decrease of $4.5 million, or 27.6%, compared to FRE of $16.3 million for the quarter ended December 31, 2010. The decrease was primarily due to higher compensation expense as a result of the expansion of this business as well as lower incentive and transaction fees earned in the fourth quarter of 2011. These factors were partially offset by an increase in management fees related to new capital raised.

FRE was $59.6 million for the year ended December 31, 2011, an increase of $2.6 million, or 4.6%, compared to FRE of $57.0 million for the year ended December 31, 2010. The increase was primarily due to growth in management fees related to new capital raised, partially offset by higher compensation and other operating expenses in connection with the expansion of this business including the development of the equity strategies platform.

ENI was $11.8 million for the quarter ended December 31, 2011, a decrease of $6.0 million, or 33.7%, compared to ENI of $17.8 million for the quarter ended December 31, 2010. The decrease was primarily due to the decline in FRE discussed above.

ENI was $58.0 million for the year ended December 31, 2011, a decrease of $2.1 million, or 3.5%, compared to ENI of $60.1 million for the year ended December 31, 2010. The decrease was primarily due to a reversal of previously recognized net carried interest as a result of a decline in the carrying value of certain carry-earning investment vehicles.

Capital Markets and Principal Activities

FRE was $47.8 million for the quarter ended December 31, 2011, an increase of $10.1 million, or 26.8%, compared to FRE of $37.7 million for the quarter ended December 31, 2010. FRE was $130.9 million for the year ended December 31, 2011, an increase of $51.8 million, or 65.5%, compared to FRE of $79.1 million for the year ended December 31, 2010. The increase in both comparative periods was primarily driven by a higher level of capital markets transaction activity, partially offset by higher compensation and other operating expenses in connection with the expansion of this business.

ENI was $163.8 million for the quarter ended December 31, 2011, a decrease of $271.1 million, or 62.3%, compared to ENI of $434.9 million for the quarter ended December 31, 2010. ENI was $330.2 million for the year ended December 31, 2011, a decrease of $964.9 million, or 74.5%, compared to ENI of $1,295.1 million for the year ended December 31, 2010. The decrease in both comparative periods was primarily attributable to a lower level of investment income. While the fair value of our principal investments increased during the fourth quarter and full year of 2011, the level of appreciation was lower than in the comparable periods of 2010.

CAPITAL AND LIQUIDITY

As of December 31, 2011, KKR had cash and short-term investments on a segment basis of $989.4 million 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 December 31, 2011).

As of December 31, 2011, KKR’s portion of total uncalled commitments to its investment funds was $665.2 million, consisting of the following (amounts in thousands):

DISTRIBUTION

A distribution of $0.32 per common unit will be paid on March 6, 2012 to unitholders of record as of the close of business on February 20, 2012.

CONFERENCE CALL

A conference call to discuss KKR’s financial results will be held on Thursday, February 9, 2012 at 10:00 a.m. EDT. The conference call may be accessed by dialing (888) 811-5456 (U.S. callers) or +1 (913) 312-0391 (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 Investor 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 5999497, 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 Investor 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 $59.0 billion in assets under management as of December 31, 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, after-tax ENI, fee related EBITDA, committed 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, 2010, filed with the SEC on March 7, 2011, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 2011, filed with the SEC on May 5, 2011, August 5, 2011 and November 8, 2011, and other filings with the SEC, which are available at www.sec.gov .