OREANDA-NEWS. KKR & Co. L.P. (NYSE: KKR) today reported its fourth quarter and full year 2014 results.

For the quarter and year ended December 31, 2014, the fair value of our private equity portfolio appreciated 2.7% and 12.8%, respectively.

During the fourth quarter of 2014, KKR held the first closes of its European Fund IV, Infrastructure Fund II and Special Situations Fund II, and held the second close for its Lending Partners II Fund, which added capital commitments of \$1.6 billion, \$2.0 billion, \$0.7 billion and \$0.5 billion, respectively.

KKR declares a distribution of \$0.35 per common unit, which includes \$0.15 of realized cash carry, the 19th consecutive quarter that realized cash carry has been a component of the distribution, bringing full-year distributions to \$1.90 per common unit.

"Our realization activity and increasing balance sheet yield translated into \$2.0 billion of total distributable earnings and an annual distribution of \$1.90 per unit for the year ended December 31, 2014, both of which are the highest figures we've reported as a public company," said

Henry R. Kravis and

George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. "Additionally, our balance sheet continued to generate strong cash flow, resulting in a 21% cash return on equity in 2014."

Note: Certain financial measures, including FRE, ENI, ENI after taxes, fee and yield earnings, 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 B and C for a reconciliation of such measures to financial results prepared in accordance with GAAP.