KKR & Co L.P. (NYSE: KKR) today announced that its first listed closed-end fund, KKR Income Opportunities Fund, has successfully completed its initial public offering and began trading on the New York Stock Exchange on July 26 under the symbol “KIO.” The Fund raised $305 million in its common share offering, excluding any exercise of the underwriters’ option to purchase additional shares. If the underwriters exercise that option in full, which may or may not occur, the Fund will have raised $352 million. “Increasingly, individual investors are seeking exposure to strategies to diversify beyond traditional long only equity and bond funds. We believe that alternative investments represent an important aspect of all investors’ asset allocation as they can deliver attractive risk-adjusted returns. We’re pleased by investors’ reception of KKR’s first entry into the closed-end marketplace,” said George Roberts, Co-Founder and Co-CEO of KKR. KKR Asset Management LLC (“KAM”) serves as the Fund’s investment adviser. Launched in 2004, KAM is a subsidiary of KKR. KAM is a leading manager of non-investment grade debt and public equities. Its investment teams, which are organized by industry, invest across the capital structure with the goal of protecting capital and achieving attractive risk-adjusted returns. The investment process for the Fund is substantially based on the investment process of KAM’s High Yield, Bank Loans and Special Situations strategies. The Fund will be managed by Chris Sheldon and Erik Falk, co-heads of Leveraged Credit, and Nat Zilkha and Jamie Weinstein, co-heads of Special Situations. KKR Income Opportunities Fund is a recently organized non-diversified, closed-end management investment company. The Fund’s primary investment objective is to seek a high level of current income with a secondary objective of capital appreciation. The Fund will seek to achieve its investment objective by investing primarily in first- and second-lien secured loans, unsecured loans and high yield corporate debt instruments. It will employ a dynamic strategy of investing in a targeted portfolio of loans and fixed-income instruments of U.S. and non-U.S. issuers and implementing hedging strategies in order to seek to achieve attractive risk-adjusted returns.