Exhibit 99.1

KKR & Co. L.P. Announces First Quarter 2011 Results

Assets under management (“AUM”) totaled $61.0 billion as of March 31, 2011, up from $54.7 billion as of March 31, 2010.

Fee related earnings (“FRE”) were $126.2 million for the quarter ended March 31, 2011, up from $90.4 million for the quarter ended March 31, 2010.

Gross distributable earnings(1) were $192.9 million for the quarter ended March 31, 2011, up from $84.8 million for the quarter ended March 31, 2010.

Economic net income (“ENI”) was $742.5 million for the quarter ended March 31, 2011, up from $674.8 million for the quarter ended March 31, 2010.

After-tax ENI was $0.96 per adjusted unit for the quarter ended March 31, 2011, up from $0.93 per adjusted unit for the quarter ended March 31, 2010.

GAAP net income attributable to KKR & Co. L.P. was $159.6 million for the quarter ended March 31, 2011, up from $113.8 million for the quarter ended March 31, 2010.

Book value was $6.2 billion on a segment basis as of March 31, 2011, representing $9.08 per adjusted unit.

KKR & Co. L.P. declares a first quarter distribution of $0.21 per common unit.

NEW YORK, May 4, 2011—KKR & Co. L.P. (NYSE: KKR) today reported its first quarter results for 2011.  ENI was $742.5 million for the quarter ended March 31, 2011, an increase of $67.7 million or 10.0%, as compared to ENI of $674.8 million for the quarter ended March 31, 2010. The 6.5% appreciation of KKR’s private equity investments along with increased fees in our private markets segment were the key contributors to the positive results.

AUM was $61.0 billion as of March 31, 2011, up 11.6% from March 31, 2010. The increase resulted from continued investment appreciation as well as new capital raised, partially offset by distributions to the limited partners of our funds. Fee paying assets under management (“FPAUM”) were $45.7 billion as of March 31, 2011, up 7.5% from March 31, 2010, driven primarily by new capital raised.

“The first quarter represented a good start to 2011 for each of our businesses. In particular, this quarter’s strong financial results benefited from a growing number of monetization and exit events across our private equity portfolio, which generated the most distributable cash carry we have had in a quarter since going public.  We also achieved meaningful outperformance in our credit strategies, all of which continue to outperform benchmark indices. Finally, our capital markets business has continued to scale, demonstrating well rounded transaction activity across geographies and products,” said Henry R. Kravis and George R. Roberts, Co-Founders, Co-Chairmen and Co-Chief Executive Officers of KKR.

Note: Certain financial measures, including FRE, ENI, after-tax ENI 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.

(1) See Distribution Calculation on page 18 for the calculation of gross distributable earnings.

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GAAP RESULTS

Net income attributable to KKR & Co. L.P. for the quarter ended March 31, 2011 was $159.6 million or $0.75 per common unit, an increase of $45.8 million or $0.19 per common unit, as compared to net income attributable to KKR & Co. L.P. of $113.8 million or $0.56 per common unit for the quarter ended March 31, 2010.  The growth was primarily driven by an increase in fees earned and a decrease in equity-based payments recognized.

SEGMENT RESULTS

Private Markets

AUM in the private markets segment was $46.2 billion as of March 31, 2011, unchanged from December 31, 2010, as appreciation in KKR’s private equity portfolio was offset by distributions to limited partners arising from realizations.

FPAUM in the private markets segment was $37.9 billion as of March 31, 2011, a decrease of $0.3 billion or 0.8%, as compared to FPAUM of $38.2 billion as of December 31, 2010.  The decrease was primarily due to realization activity in KKR’s private equity portfolio, partially offset by favorable changes in foreign exchange related to Euro denominated commitments and invested capital as well as new capital raised.

FRE in the private markets segment was $90.6 million for the quarter ended March 31, 2011, an increase of $34.4 million or 61.2%, as compared to FRE of $56.2 million for the quarter ended March 31, 2010.  The increase was primarily due to (i) higher monitoring fees as a result of $68.8 million of termination payments on monitoring agreements with two portfolio companies during the first quarter of 2011, which impacted FRE by $37.8 million net of associated fee credits and (ii) higher transaction fees as a result of an increase in transaction fee-generating investment activity. These increases were partially offset by higher compensation and other operating expenses.

ENI in the private markets segment was $276.7 million for the quarter ended March 31, 2011, an increase of $83.0 million or 42.8%, as compared to ENI of $193.7 million for the quarter ended March 31, 2010. The increase was primarily due to higher net carried interest resulting from a lower level of management fee refunds and the increase in FRE discussed above.

Public Markets

AUM and FPAUM in the public markets segment as of March 31, 2011 were $14.8 billion and $7.8 billion, respectively, both unchanged from December 31, 2010.  Appreciation in the net asset value of certain investment vehicles and new capital raised were largely offset by redemptions.

FRE in the public markets segment was $14.5 million for the quarter ended March 31, 2011, a decrease of $1.2 million or 7.6%, as compared to FRE of $15.7 million for the quarter ended March 31, 2010.  The decrease was primarily due to higher compensation and other operating expenses in connection with the development of the equity strategies platform, partially offset by an increase in management fees related to new capital raised.

ENI in the public markets segment was $15.9 million for the quarter ended March 31, 2011, a decrease of $0.4 million or 2.5%, as compared to ENI of $16.3 million for the quarter ended March 31, 2010.  The decrease was primarily due to the decline in FRE discussed above, partially offset by higher net carried interest resulting from an increase in the amount of carry-generating invested capital as compared to the prior period.

Capital Markets and Principal Activities

FRE in the capital markets and principal activities segment was $21.1 million for the quarter ended March 31, 2011, an increase of $2.6 million or 14.1%, as compared to FRE of $18.5 million for the quarter ended March 31, 2010. The increase was primarily due to a higher level of overall capital markets transaction activity resulting from an improved environment and the continued growth of this business.

ENI in the capital markets and principal activities segment was $449.9 million for the quarter ended March 31, 2011, a decrease of $14.9 million or 3.2%, as compared to ENI of $464.8 million for the quarter ended March 31, 2010. The decrease was primarily due to a lower level of investment income. While the fair value of KKR’s principal investments increased during the first quarter of 2011, the level of appreciation was slightly lower than in the first quarter of 2010.

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CAPITAL AND LIQUIDITY

As of March 31, 2011, KKR had an available cash balance of $1.1 billion and $500.0 million of outstanding debt obligations under its senior notes. 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 March 31, 2011).

As of March 31, 2011, KKR’s portion of total uncalled commitments to its investment funds was $864.8 million, consisting of the following (amounts in thousands):

DISTRIBUTION

A distribution of $0.21 per common unit will be paid on May 27, 2011 to unitholders of record as of the close of business on May 16, 2011.

CONFERENCE CALL

A conference call to discuss KKR’s financial results will be held on Wednesday, May 4, 2011 at 10:00 a.m. EDT. The conference call may be accessed by dialing (888) 211-7360 (U.S. callers) or +1 (913) 312-1390 (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 6213651, 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 Relations 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 within the “Email Alerts” area of the Investor Relations 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 $61.0 billion in assets under management as of March 31, 2011.  With 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 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.

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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 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 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 and other filings with the SEC, which are available at www.sec.gov.

CONTACT INFORMATION

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KKR

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP BASIS - UNAUDITED)

(Amounts in thousands, except common unit and per common unit amounts)

(a) KKR Holdings L.P. 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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KKR

STATEMENTS OF OPERATIONS AND OTHER SELECTED FINANCIAL INFORMATION

TOTAL REPORTABLE SEGMENTS (UNAUDITED)

(Amounts in thousands, except unit and per unit amounts)

(a)          As of March 31, 2011, $62.4 million of carried interest is subject to management fee refunds, which may reduce carried interest in future periods.

(b)        ENI, After Taxes is calculated by deducting from ENI the implied income tax provision that has been calculated assuming that all income is allocated to KKR & Co. L.P., which would occur following an exchange of all KKR Holdings units for common units of KKR & Co. L.P. The assumptions and methodology used to calculate the implied income tax provision are consistent with those used in calculating the tax provision for KKR & Co. L.P. under GAAP.  The implied income tax provision does not give effect to any tax savings or deductions that may result from the exchange of KKR Holdings units.

(c)          Adjusted units represent the weighted-average fully diluted unit count for Economic Net Income purposes using the if-converted method. See Exhibit B for a reconciliation of this item to the comparable GAAP measure.

(d)         Core interest expense excludes interest expense related to debt obligations from investment financing arrangements related to certain of KKR’s private equity funds and principal investments.  These financing arrangements are not direct obligations of the general partners of KKR’s private equity funds or its management companies. On a segment basis, interest expense is included in other investment income.

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KKR

STATEMENTS OF OPERATIONS AND OTHER SELECTED FINANCIAL INFORMATION

PRIVATE MARKETS SEGMENT (UNAUDITED)

(Amounts in thousands)

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KKR

STATEMENTS OF OPERATIONS AND OTHER SELECTED FINANCIAL INFORMATION

PUBLIC MARKETS SEGMENT (UNAUDITED)

(Amounts in thousands)

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KKR

STATEMENTS OF OPERATIONS

CAPITAL MARKETS AND PRINCIPAL ACTIVITIES SEGMENT (UNAUDITED)

(Amounts in thousands)

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KKR

STATEMENTS OF OPERATIONS

TOTAL REPORTABLE SEGMENTS (UNAUDITED)

Quarter Ended March 31, 2011

(Amounts in thousands)

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KKR

STATEMENTS OF OPERATIONS

TOTAL REPORTABLE SEGMENTS (UNAUDITED)

Quarter Ended December 31, 2010

(Amounts in thousands)