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.

Lead managers of the underwriting syndicate were Morgan Stanley, Citigroup and UBS Investment Bank. KKR's strategic advisor and distribution manager was Four Wood Capital Partners LLC (FWCP), an independent investment management and advisory services firm. Advisors Asset Management Inc., an investment solutions partner for advisors and Broker/Dealers offering a vast array of financial tools, leading technologies and industry expertise, also acted as a sub-contracted distribution partner to FWCP.

The Fund is a newly organized, non-diversified, closed-end management investment company with no operating history. Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing.

The investment return, price, yields, market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds frequently trade at a discount to their NAV, which may increase an investor's risk of loss. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment. There is no assurance that the Fund will meet its investment objective.

An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle. Investors should carefully review and consider the Fund's investment objective, risk, charges and expenses before investing.

The prospectus, which contains this and other information about the Fund, should be read carefully before investing. A copy of the prospectus can be obtained from KKR by visiting www.kkrfunds.com/kio, by contacting your financial advisor or by calling (855) 859-3943.

Investment return and principal value will fluctuate, and it is possible to lose money by investing in the Fund. Past performance is not a guarantee of future results. Please see the Fund's prospectus for more risk information.

Forward Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical fact, included herein are "forward-looking statements." The forward-looking statements are based on the Fund's and 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 the Fund or KKR or are within their control. The Fund and KKR do 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.

This document is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted.

About KKR Asset Management

Launched by KKR in 2004, KAM invests on behalf of its managed funds, clients and accounts across long/short equities and the corporate credit spectrum, including secured credit, bank loans and high yield securities and alternative assets such as mezzanine financing, special situations investing and structured finance. With more than 100 employees, including 70 investment professionals, KAM's investment teams are closely aligned with KKR's wealth of private equity investment and industry resources. KAM has $29.0 billion in assets under management as of June 30, 2013.

About KKR

Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $83.5 billion in assets under management as of June 30, 2013. With 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 fund investors through its client relationships and capital markets platform. KKR & Co. L.P. is publicly traded on the New York Stock Exchange (NYSE: KKR), and "KKR," as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate.

Media:
KKR & Co L.P.
Kristi Huller, 212-230-9722
Kristi.Huller@kkr.com