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

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.

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