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.