KKR & Co. (KKR) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 04, 2015
Document and Entity Information
Entity Registrant Name	KKR & Co. L.P.
Entity Central Index Key	1,404,912
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		450,396,361

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and Cash Equivalents	$ 1,824,686	$ 918,080
Cash and Cash Equivalents Held at Consolidated Entities	2,085,126	1,372,775
Restricted Cash and Cash Equivalents	157,886	102,991
Investments	64,515,178	60,167,626
Due from Affiliates	109,209	147,056
Other Assets	3,001,612	3,164,217
Total Assets	71,693,697	65,872,745
Liabilities and Equity
Debt Obligations	15,889,573	10,837,784
Due to Affiliates	144,706	131,548
Accounts Payable, Accrued Expenses and Other Liabilities	3,543,283	3,199,352
Total Liabilities	$ 19,577,562	$ 14,168,684
Commitments and Contingencies
Redeemable Noncontrolling Interests	$ 118,070	$ 300,098
Equity
KKR & Co. L.P. Partners’ Capital (450,396,361 and 433,330,540 common units issued and outstanding as of June 30, 2015 and December 31, 2014, respectively)	5,977,190	5,403,095
Accumulated Other Comprehensive Income (Loss)	(29,775)	(20,404)
Total KKR & Co. L.P. Partners’ Capital	5,947,415	5,382,691
Noncontrolling Interests	46,050,650	46,004,377
Appropriated Capital	0	16,895
Total Equity	51,998,065	51,403,963
Total Liabilities and Equity	71,693,697	65,872,745
Consolidated VIEs
Assets
Cash and Cash Equivalents Held at Consolidated Entities	1,501,385	1,046,018
Investments	10,810,954	8,559,967
Other Assets	251,312	129,949
Total Assets	12,563,651	9,735,934
Liabilities and Equity
Debt Obligations	10,410,812	7,615,340
Accounts Payable, Accrued Expenses and Other Liabilities	830,661	638,953
Total Liabilities	$ 11,241,473	$ 8,254,293

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common units issued	450,396,361	433,330,540
Common units outstanding	450,396,361	433,330,540

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Fees and Other	$ 255,874	$ 249,370	$ 547,219	$ 552,296
Expenses
Compensation and Benefits	411,691	358,730	776,690	689,768
Occupancy and Related Charges	16,172	16,059	31,904	31,467
General, Administrative and Other	126,314	210,536	260,616	337,261
Total Expenses	554,177	585,325	1,069,210	1,058,496
Investment Income (Loss)
Net Gains (Losses) from Investment Activities	3,110,604	1,971,850	5,030,429	3,944,030
Dividend Income	360,556	272,902	439,371	369,606
Interest Income	302,985	215,872	599,143	377,832
Interest Expense	(139,427)	(65,997)	(251,390)	(100,728)
Total Investment Income (Loss)	3,634,718	2,394,627	5,817,553	4,590,740
Income (Loss) Before Taxes	3,336,415	2,058,672	5,295,562	4,084,540
Income Taxes	30,547	6,176	46,685	27,878
Net Income (Loss)	3,305,868	2,052,496	5,248,877	4,056,662
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	(891)	(6,809)	1,042	3,828
Net Income (Loss) Attributable to Noncontrolling Interests and Appropriated Capital	2,930,453	1,881,090	4,601,022	3,664,578
Net Income (Loss) Attributable to KKR & Co. L.P.	$ 376,306	$ 178,215	$ 646,813	$ 388,256
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit
Basic (in dollars per unit)	$ 0.84	$ 0.47	$ 1.47	$ 1.16
Diluted (in dollars per unit)	$ 0.78	$ 0.43	$ 1.35	$ 1.06
Weighted Average Common Units Outstanding
Basic (in units)	446,794,950	377,542,161	440,867,813	335,748,498
Diluted (in units)	482,651,491	410,179,838	477,467,220	367,877,049

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 3,305,868	$ 2,052,496	$ 5,248,877	$ 4,056,662
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation Adjustments	4,999	(514)	(17,427)	4,829
Comprehensive Income (Loss)	3,310,867	2,051,982	5,231,450	4,061,491
Less: Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests	(891)	(6,809)	1,042	3,828
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests and Appropriated Capital	2,932,747	1,880,668	4,592,311	3,668,428
Comprehensive Income (Loss) Attributable to KKR & Co. L.P.	$ 379,011	$ 178,123	$ 638,097	$ 389,235

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Units	Partners' Capital.	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Appropriated Capital	Redeemable Noncontrolling Interests
Balance at Dec. 31, 2013	$ 45,957,011		$ 2,727,909	$ (5,899)	$ 43,235,001	$ 0	$ 627,807
Balance (in units) at Dec. 31, 2013		288,143,327
Increase (Decrease) in Partners' Capital
Net Income (Loss)	4,052,834		388,256		3,644,450	20,128	3,828
Other Comprehensive Income (Loss)-Foreign Currency Translation (Net of Tax)	4,829			979	3,841	9
Exchange of KKR Holdings L.P. Units and Other Exchangeable Securities to KKR & Co. L.P. Common Units and transfers of CLO beneficial interests to appropriated capital			217,275	(429)	(244,522)	27,676
Exchange of KKR Holdings L.P. Units and Other Exchangeable Securities to KKR & Co. L.P. Common Units and other equity transfers (in units)		18,478,290
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and delivery of KKR & Co. L.P. Common Units	29,480		28,974	506
Net Delivery of Common Units-Equity Incentive Plan	(1,733)		(1,733)
Net Delivery of Common Units-Equity Incentive Plan (in units)		4,507,807
Equity Based Compensation	170,485		80,230		90,255
Acquisitions	2,805,037		2,369,559		435,478
Acquisitions (in units)		104,340,028
Capital Contributions	7,145,096				7,145,096		87,718
Capital Distributions	(8,675,376)		(313,750)		(8,361,626)		(442,269)
Balance at Jun. 30, 2014	51,487,663		5,496,720	(4,843)	45,947,973	47,813	277,084
Balance (in units) at Jun. 30, 2014		415,469,452
Increase (Decrease) in Partners' Capital
Cumulative-effect adjustment from adoption of accounting guidance	0
Balance at Dec. 31, 2014	51,403,963		5,403,095	(20,404)	46,004,377	16,895	300,098
Balance (in units) at Dec. 31, 2014		433,330,540
Increase (Decrease) in Partners' Capital
Net Income (Loss)	5,247,835		646,813		4,601,022		1,042
Other Comprehensive Income (Loss)-Foreign Currency Translation (Net of Tax)	(17,427)			(8,716)	(8,711)
Exchange of KKR Holdings L.P. Units and Other Exchangeable Securities to KKR & Co. L.P. Common Units and transfers of CLO beneficial interests to appropriated capital			127,396	(893)	(126,503)
Exchange of KKR Holdings L.P. Units and Other Exchangeable Securities to KKR & Co. L.P. Common Units and other equity transfers (in units)		9,898,971
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and delivery of KKR & Co. L.P. Common Units	14,166		13,928	238
Net Delivery of Common Units-Equity Incentive Plan	40,559		40,559
Net Delivery of Common Units-Equity Incentive Plan (in units)		7,166,850
Equity Based Compensation	146,028		100,718		45,310
Capital Contributions	2,668,360				2,668,360		116,993
Capital Distributions	(7,488,217)		(355,012)		(7,133,205)		(300,063)
Balance at Jun. 30, 2015	51,998,065		5,977,190	$ (29,775)	$ 46,050,650	0	$ 118,070
Balance (in units) at Jun. 30, 2015		450,396,361
Increase (Decrease) in Partners' Capital
Cumulative-effect adjustment from adoption of accounting guidance	$ (17,202)		$ (307)			$ (16,895)

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net Income (Loss)	$ 5,248,877	$ 4,056,662
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Equity Based Compensation	146,028	170,485
Net Realized (Gains) Losses on Investments	(3,311,927)	(3,888,183)
Change in Unrealized (Gains) Losses on Investments	(1,718,502)	(55,847)
Other Non-Cash Amounts	(94,761)	(57,251)
Cash Flows Due to Changes in Operating Assets and Liabilities:
Change in Cash and Cash Equivalents Held at Consolidated Entities	(763,002)	(1,351,516)
Change in Due from / to Affiliates	33,534	11,997
Change in Other Assets	683,953	27,521
Change in Accounts Payable, Accrued Expenses and Other Liabilities	270,182	(106,289)
Investments Purchased	(14,650,372)	(20,307,521)
Proceeds from Sale of Investments and Principal Payments	15,155,278	23,366,999
Net Cash Provided (Used) by Operating Activities	999,288	1,867,057
Investing Activities
Change in Restricted Cash and Cash Equivalents	(54,895)	878
Purchase of Furniture, Computer Hardware and Leasehold Improvements	(5,214)	(4,715)
Development of Oil and Natural Gas Properties	(75,478)	0
Proceeds from Sale of Oil and Natural Gas Properties	4,863	0
Net Cash Acquired (Paid for Acquisitions)	0	151,491
Net Cash Provided (Used) by Investing Activities	(130,724)	147,654
Financing Activities
Distributions to Partners	(355,012)	(313,750)
Distributions to Redeemable Noncontrolling Interests	(300,063)	(442,269)
Contributions from Redeemable Noncontrolling Interests	116,993	87,718
Distributions to Noncontrolling Interests	(7,133,205)	(8,361,626)
Contributions from Noncontrolling Interests	2,668,360	7,145,096
Net Delivery of Common Units - Equity Incentive Plan	40,559	(1,733)
Proceeds from Debt Obligations	7,289,657	2,006,534
Repayment of Debt Obligations	(2,266,621)	(924,947)
Financing Costs Paid	(22,626)	(11,912)
Net Cash Provided (Used) by Financing Activities	38,042	(816,889)
Net Increase/(Decrease) in Cash and Cash Equivalents	906,606	1,197,822
Cash and Cash Equivalents, Beginning of Period	918,080	1,306,383
Cash and Cash Equivalents, End of Period	1,824,686	2,504,205
Supplemental Disclosures of Cash Flow Information
Payments for Interest	203,610	73,623
Payments for Income Taxes	24,617	15,923
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Non-Cash Contributions of Equity Based Compensation	146,028	170,485
Acquisitions	0	2,805,037
Cumulative-effect adjustment from adoption of accounting guidance	(17,202)
Debt Obligations-Foreign Exchange Gains (Losses), Translation and Other	28,498	(25,360)
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and delivery of KKR & Co. L.P. Common Units	14,166	29,480
Net Assets Acquired
Cash and Cash Equivalents Held at Consolidated Entities	0	765,231
Restricted cash and cash equivalents	0
Investments	0	9,225,660
Other Assets	0	885,314
Debt Obligations	0	7,538,726
Accounts Payable, Accrued Expenses and Other Liabilities	$ 0	$ 616,979

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2015
ORGANIZATION
ORGANIZATION	ORGANIZATION KKR & Co. L.P. (NYSE: KKR), together with its consolidated subsidiaries (“KKR”), is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside the capital it manages for fund investors and brings debt and equity investment opportunities to others through its capital markets business. KKR & Co. L.P. was formed as a Delaware limited partnership on June 25, 2007 and its general partner is KKR Management LLC (the “Managing Partner”). KKR & Co. L.P. is the parent company of KKR Group Limited, which is the non-economic general partner of KKR Group Holdings L.P. (“Group Holdings”), and KKR & Co. L.P. is the sole limited partner of Group Holdings. Group Holdings holds a controlling economic interest in each of (i) KKR Management Holdings L.P. (“Management Holdings”) through KKR Management Holdings Corp., a Delaware corporation which is a domestic corporation for U.S. federal income tax purposes, (ii) KKR Fund Holdings L.P. (“Fund Holdings”) directly and through KKR Fund Holdings GP Limited, a Cayman Island limited company which is a disregarded entity for U.S. federal income tax purposes, and (iii) KKR International Holdings L.P. (“International Holdings”, and together with Management Holdings and Fund Holdings, the “KKR Group Partnerships”) directly and through KKR Fund Holdings GP Limited. Group Holdings also owns certain economic interests in Management Holdings through a wholly owned Delaware corporate subsidiary of KKR Management Holdings Corp. and certain economic interests in Fund Holdings through a Delaware partnership of which Group Holdings is the general partner with a 99% economic interest and KKR Management Holdings Corp. is a limited partner with a 1% economic interest. KKR & Co. L.P., through its indirect controlling economic interests in the KKR Group Partnerships, is the holding partnership for the KKR business. KKR & Co. L.P. both indirectly controls the KKR Group Partnerships and indirectly holds Class A partner units in each KKR Group Partnership (collectively, “KKR Group Partnership Units”) representing economic interests in KKR’s business. The remaining KKR Group Partnership Units are held by KKR Holdings L.P. (“KKR Holdings”), which is not a subsidiary of KKR. As of June 30, 2015 , KKR & Co. L.P. held approximately 55% of the KKR Group Partnership Units and principals through KKR Holdings held approximately 45% of the KKR Group Partnership Units. The percentage ownership in the KKR Group Partnerships will continue to change as KKR Holdings and/or principals exchange units in the KKR Group Partnerships for KKR & Co. L.P. common units or when KKR & Co. L.P. otherwise issues new KKR & Co. L.P. common units.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of KKR & Co. L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements (referred to hereafter as the “financial statements”), including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The December 31, 2014 condensed consolidated balance sheet data was derived from audited consolidated financial statements included in KKR’s Annual Report on Form 10-K for the year ended December 31, 2014 , which include all disclosures required by GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in KKR & Co. L.P.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). KKR & Co. L.P. consolidates the financial results of the KKR Group Partnerships and their consolidated subsidiaries, which include (i) the accounts of KKR’s investment management and capital markets companies, (ii) the general partners of certain unconsolidated funds and vehicles, (iii) general partners of consolidated funds and their respective consolidated funds and (iv) certain other entities including CFEs. References in the accompanying financial statements to “principals” are to KKR’s senior employees and non-employee operating consultants who hold interests in KKR’s business through KKR Holdings, and references to “Senior Principals” are to KKR’s senior employees who hold interests in the Managing Partner entitling them to vote for the election of the Managing Partner’s directors. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of fees, expenses and investment income (loss) during the reporting periods. Such estimates include but are not limited to the valuation of investments and financial instruments. Actual results could differ from those estimates, and such differences could be material to the financial statements. Principles of Consolidation The types of entities KKR assesses for consolidation include (i) subsidiaries, including management companies, broker-dealers and general partners of investment funds that KKR manages, (ii) entities that have all the attributes of an investment company, like investment funds, (iii) CFEs and (iv) other entities, including entities that employ non-employee operating consultants. Each of these entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that entity. Pursuant to its consolidation policy, KKR first considers whether an entity is considered a VIE and therefore whether to apply the consolidation guidance under the VIE model. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. The consolidation rules were revised effective January 1, 2010 which had the effect of changing the criteria for determining whether a reporting entity is the primary beneficiary of a VIE. However, the adoption of these new consolidation rules was indefinitely deferred (the “Deferral”) for a reporting entity’s interests in certain entities. In particular, entities that have all the attributes of an investment company such as investment funds generally meet the conditions necessary for the Deferral. Entities that are securitization or asset-backed financing entities such as CFEs would generally not qualify for the Deferral. Accordingly, when making the assessment of whether an entity is a VIE, KKR considers whether the entity being assessed meets the conditions for the Deferral and therefore would be subject to the rules that existed prior to January 1, 2010. Under both sets of rules, VIEs for which KKR is determined to be the primary beneficiary are consolidated and such VIEs generally include certain CFEs and entities that employ non-employee operating consultants. An entity in which KKR holds a variable interest is a VIE if any one of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk (as a group) lack either the direct or indirect ability through voting rights or similar rights to make decisions about a legal entity’s activities that have a significant effect on the success of the legal entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the legal entity, their rights to receive the expected residual returns of the legal entity, or both and substantially all of the legal entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. With respect to VIEs such as KKR’s investment funds that qualify for the Deferral and therefore apply the previous consolidation rules, KKR is determined to be the primary beneficiary if its involvement, through holding interests directly or indirectly in the VIE or contractually through other variable interests (e.g., carried interest), would be expected to absorb a majority of the VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both. In cases where two or more KKR related parties hold a variable interest in a VIE, and the aggregate variable interest held by those parties would, if held by a single party, identify that party as the primary beneficiary, then KKR is determined to be the primary beneficiary to the extent it is the party within the related party group that is most closely associated with the VIE. Under the voting interest model, KKR consolidates those entities it controls through a majority voting interest or through other means, including those VOEs in which the general partner is presumed to have control. KKR does not consolidate those VOEs in which the presumption of control by the general partner has been overcome through either the granting of substantive rights to the unaffiliated fund investors to either dissolve the fund or remove the general partner (“kick-out rights”) or the granting of substantive participating rights. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE depends on the facts and circumstances surrounding each entity and therefore certain of KKR’s investment funds may qualify as VIEs whereas others may qualify as VOEs. With respect to KKR’s consolidated funds that are not CFEs, KKR meets the criteria for the Deferral and therefore applies the consolidation rules that existed prior to January 1, 2010. For these funds, KKR generally has operational discretion and control, and fund investors have no substantive rights to impact ongoing governance and operating activities of the fund, including the ability to remove the general partner, also known as kick-out rights. As a result, a fund should be consolidated unless KKR has a nominal level of equity at risk. To the extent that KKR commits a nominal amount of equity to a given fund and has no obligation to fund any future losses, the equity at risk to KKR is not considered substantive and the fund is typically considered a VIE. In these cases, the fund investors are generally deemed to be the primary beneficiaries, and KKR does not consolidate the fund. In cases when KKR’s equity at risk is deemed to be substantive, the fund is generally considered to be a VOE and KKR generally consolidates the fund under the VOE model. With respect to CFEs, which are generally VIEs, the criteria for the Deferral are not met and therefore KKR applies the consolidation rules issued on January 1, 2010. With respect to CLOs, in its role as collateral manager, KKR generally has the power to direct the activities of the CLO entities that most significantly impact the economic performance of the entity. In some, but not all cases, KKR, through both its residual interest in the CLO and the potential to earn an incentive fee, may have variable interests that represent an obligation to absorb losses of, or a right to receive benefits from, the CLO that could potentially be significant to the CLO. In cases where KKR has both (a) the power to direct the activities of the CLO that most significantly impact the CLOs economic performance and (b) the obligation to absorb losses of the CLO or the right to receive benefits from the CLO that could potentially be significant to the CLO, KKR consolidates the CLO. With respect to CMBS vehicles, KKR holds the residual interest in the CMBS and generally has the right to unilaterally name and remove the special servicer for the CMBS. These rights give KKR the ability to direct activities that could most significantly impact the economic performance of the CMBS. In some, but not all cases, KKR through its interest in the CMBS, may have a variable interest that represents an obligation to absorb losses of, or a right to receive benefits from, the CMBS that could potentially be significant to the CMBS. In cases where KKR has both (a) the power to direct the activities of the CMBS that most significantly impact the economic performance of the CMBS and (b) the obligation to absorb losses of the CMBS or the right to receive benefits from the CMBS that could potentially be significant to the CMBS, KKR consolidates the CMBS. Certain of KKR’s funds and CFEs are consolidated by KKR notwithstanding the fact that KKR has only a minority economic interest in those funds and CFEs. KKR’s financial statements reflect the assets, liabilities, fees, expenses, investment income (loss) and cash flows of the consolidated KKR funds and CFEs on a gross basis. With respect to KKR's consolidated funds, the majority of the economic interests in those funds, which are held by fund investors or other third parties, are attributed to noncontrolling interests in the accompanying financial statements. All of the management fees and certain other amounts earned by KKR from those funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by noncontrolling interests, KKR’s attributable share of the net income (loss) from those funds is increased by the amounts eliminated. Accordingly, the elimination in consolidation of such amounts has no effect on net income (loss) attributable to KKR or KKR partners’ capital. With respect to consolidated CFEs, interests held by third party investors are recorded in debt obligations. KKR’s funds are, for GAAP purposes, investment companies and therefore are not required to consolidate their investments in portfolio companies even if majority-owned and controlled. Rather, the consolidated funds and vehicles reflect their investments at fair value as described below in “Fair Value Measurements”. All intercompany transactions and balances have been eliminated. Business Combinations Acquisitions are accounted for using the acquisition method of accounting. The purchase price of an acquisition is allocated to the assets acquired and liabilities assumed using the estimated fair values at the acquisition date. Transaction costs are expensed as incurred. Intangible Assets Intangible assets consist primarily of contractual rights to earn future fee income, including management and incentive fees, and are recorded in Other Assets in the accompanying condensed consolidated statements of financial condition. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives and amortization expense is included within General, Administrative and Other in the accompanying condensed consolidated statements of operations. Intangible assets are reviewed for impairment when circumstances indicate impairment may exist. KKR does not have any indefinite-lived intangible assets. Goodwill Goodwill represents the excess of acquisition cost over the fair value of net tangible and intangible assets acquired in connection with an acquisition. Goodwill is assessed for impairment annually or more frequently if circumstances indicate impairment may have occurred. Goodwill is recorded in Other Assets in the accompanying condensed consolidated statements of financial condition. Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests represent noncontrolling interests of certain investment vehicles and funds that are subject to periodic redemption by fund investors following the expiration of a specified period of time (typically between one and three years ), or may be withdrawn subject to a redemption fee during the period when capital may not be otherwise withdrawn. Fund investors interests subject to redemption as described above are presented as Redeemable Noncontrolling Interests in the accompanying condensed consolidated statements of financial condition and presented as Net Income (Loss) Attributable to Redeemable Noncontrolling Interests in the accompanying condensed consolidated statements of operations. When redeemable amounts become legally payable to fund investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the accompanying condensed consolidated statements of financial condition. For all consolidated investment vehicles and funds in which redemption rights have not been granted, noncontrolling interests are presented within Equity in the accompanying condensed consolidated statements of financial condition as noncontrolling interests. Noncontrolling Interests Noncontrolling interests represent (i) noncontrolling interests in consolidated entities and (ii) noncontrolling interests held by KKR Holdings. Noncontrolling Interests in Consolidated Entities Noncontrolling interests in consolidated entities represent the non-redeemable ownership interests in KKR that are held primarily by: (i) third party fund investors in KKR’s funds; (ii) third parties holding an aggregate of 1% of the carried interest received by the general partners of KKR’s funds and 1% of KKR’s other profits (losses) until a future date; (iii) certain former principals and their designees representing a portion of the carried interest received by the general partners of KKR’s private equity funds that was allocated to them with respect to private equity investments made during such former principals’ tenure with KKR prior to October 1, 2009; (iv) certain principals and former principals representing all of the capital invested by or on behalf of the general partners of KKR’s private equity funds prior to October 1, 2009 and any returns thereon; (v) third parties in KKR’s capital markets business; (vi) holders of exchangeable equity securities representing ownership interests in a subsidiary of a KKR Group Partnership issued in connection with the acquisition of Avoca; and (vii) holders of the 7.375% Series A LLC Preferred Shares of KFN whose rights are limited to the assets of KFN. Noncontrolling Interests held by KKR Holdings Noncontrolling interests held by KKR Holdings include economic interests held by principals in the KKR Group Partnerships. Such principals receive financial benefits from KKR’s business in the form of distributions received from KKR Holdings and through their direct and indirect participation in the value of KKR Group Partnership Units held by KKR Holdings. These financial benefits are not paid by KKR and are borne by KKR Holdings. The following table presents the calculation of noncontrolling interests held by KKR Holdings: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Balance at the beginning of the period $ 4,719,963 $ 5,118,491 $ 4,661,679 $ 5,116,761 Net income (loss) attributable to noncontrolling interests held by KKR Holdings (a) 325,703 186,776 564,711 487,590 Other comprehensive income (loss), net of tax(b) 3,545 872 (7,532 ) 3,341 Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units (c) (67,413 ) (100,001 ) (125,553 ) (244,522 ) Equity based compensation 17,117 45,161 37,634 80,312 Capital contributions 300 388 550 848 Capital distributions (171,831 ) (169,032 ) (304,105 ) (361,675 ) Balance at the end of the period $ 4,827,384 $ 5,082,655 $ 4,827,384 $ 5,082,655 (a) Refer to the table below for calculation of Net income (loss) attributable to noncontrolling interests held by KKR Holdings. (b) Calculated on a pro rata basis based on the weighted average KKR Group Partnership Units held by KKR Holdings during the reporting period. (c) Calculated based on the proportion of KKR Holdings units exchanged for KKR & Co. L.P. common units pursuant to the exchange agreement during the reporting period. The exchange agreement provides for the exchange of KKR Group Partnership Units held by KKR Holdings for KKR & Co. L.P. common units. Net income (loss) attributable to KKR & Co. L.P. after allocation to noncontrolling interests held by KKR Holdings, with the exception of certain tax assets and liabilities that are directly allocable to KKR Management Holdings Corp., is attributed based on the percentage of the weighted average KKR Group Partnership Units held by KKR and KKR Holdings, each of which hold equity of the KKR Group Partnerships. However, primarily because of the (i) contribution of certain expenses borne entirely by KKR Holdings, (ii) the periodic exchange of KKR Holdings units for KKR & Co. L.P. common units pursuant to the exchange agreement and (iii) the contribution of certain expenses borne entirely by KKR associated with the KKR & Co. L.P. 2010 Equity Plan (“Equity Incentive Plan”), equity allocations shown in the condensed consolidated statement of changes in equity differ from their respective pro-rata ownership interests in KKR’s net assets. The following table presents net income (loss) attributable to noncontrolling interests held by KKR Holdings: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Net income (loss) $ 3,305,868 $ 2,052,496 $ 5,248,877 $ 4,056,662 Less: Net income (loss) attributable to Redeemable Noncontrolling Interests (891 ) (6,809 ) 1,042 3,828 Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities and appropriated capital 2,604,750 1,694,314 4,036,311 3,176,988 Plus: Income taxes attributable to KKR Management Holdings Corp. 17,558 688 23,611 11,635 Net income (loss) attributable to KKR & Co. L.P. and KKR Holdings $ 719,567 $ 365,679 $ 1,235,135 $ 887,481 Net income (loss) attributable to noncontrolling interests held by KKR Holdings $ 325,703 $ 186,776 $ 564,711 $ 487,590 Investments Investments consist primarily of private equity, real assets, credit, investments of consolidated CFEs, and other investments. Investments are carried at their estimated fair values, with unrealized gains or losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. Investments denominated in currencies other than the U.S. dollar are valued based on the spot rate of the respective currency at the end of the reporting period with changes related to exchange rate movements reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. Security and loan transactions are recorded on a trade date basis. Further disclosure on investments is presented in Note 4, “Investments.” The following describes the types of securities held within each investment class. Private Equity — Consists primarily of equity investments in operating businesses. Real Assets — Consists primarily of investments in (i) energy related assets, principally oil and natural gas producing properties held through consolidated investment vehicles, (ii) infrastructure assets, and (iii) real estate, principally residential and commercial real estate assets and businesses. Credit — Consists primarily of investments in below investment grade corporate debt securities (primarily high yield bonds and syndicated bank loans), distressed and opportunistic debt and interests in unconsolidated CLOs. Investments of Consolidated CFEs — Consists primarily of (i) investments in below investment grade corporate debt securities (primarily high yield bonds and syndicated bank loans) held directly by the consolidated CLOs and (ii) investments in newly originated, fixed-rate mortgage loans held directly by the consolidated CMBS vehicles. Other — Consists primarily of (i) investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit or investments of consolidated CFEs and (ii) equity method investments. Energy Investments Held Through Consolidated Investment Vehicles Certain energy investments are made through KKR’s consolidated investment funds, including investments in working and royalty interests in oil and natural gas producing properties as well as investments in operating companies that operate in the energy industry. Since these investments are held through investment funds, such investments are reflected at fair value as of the end of the reporting period. Investments in operating companies that are held through KKR’s investment funds are generally classified within private equity investments and investments in working and royalty interests in oil and natural gas producing properties are generally classified as real asset investments. See also "Energy Investments held directly by KKR" within this footnote. Equity Method Equity method investments include (i) certain investments in private equity funds, real assets funds and credit funds, which are not consolidated, and (ii) certain investments in operating companies in which KKR is deemed to exert significant influence. Under the equity method of accounting, KKR’s share of earnings (losses) from equity method investments is reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. Because the underlying investments of unconsolidated investment funds are reported at fair value, the carrying value of these equity method investments representing KKR’s interests in unconsolidated funds approximates fair value. The carrying value of equity method investments in certain operating companies, which KKR is determined to exert significant influence, is determined based on the amounts invested by KKR, adjusted for the equity in earnings or losses of the investee allocated based on KKR’s respective ownership percentage, less distributions. In some cases, KKR has elected the fair value option to account for certain of these equity method investments. Fair Value Measurements Investments and other financial instruments are measured and carried at fair value. The majority of investments and other financial instruments are held by the consolidated funds and vehicles. KKR’s funds are, for GAAP purposes, investment companies and reflect their investments and other financial instruments at fair value. KKR has retained the specialized accounting for the consolidated funds and vehicles in consolidation. Accordingly, the unrealized gains and losses resulting from changes in fair value of the investments held by KKR’s funds are reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. For investments and other financial instruments that are not held in a consolidated fund or vehicle, KKR has elected the fair value option since these investments and other financial instruments are similar to those in the consolidated funds and vehicles. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Unrealized gains and losses resulting from changes in fair value are reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. The methodology for measuring the fair value of such investments and other financial instruments is consistent with the methodologies applied to investments and other financial instruments that are held in consolidated funds and vehicles. In addition, KKR has elected the fair value option for the investments of consolidated CFEs. The carrying amounts of Other Assets, Accounts Payable, Accrued Expenses and Other Liabilities recognized on the condensed consolidated statements of financial condition (excluding fixed assets, goodwill, intangible assets, oil & gas assets, net, contingent consideration and certain debt obligations) approximate fair value due to their short term maturities. Further information on KKR’s debt obligations are presented in Note 9, “Debt Obligations.” Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation techniques are applied. These valuation techniques involve varying levels of management estimation and judgment, the degree of which is dependent on a variety of factors. See Note 5, “Fair Value Measurements” for further information on KKR’s valuation techniques that involve unobservable inputs. Assets and liabilities recorded at fair value in the statements of financial condition are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets and liabilities. The hierarchical levels defined under GAAP are as follows: Level I Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The type of investments and other financial instruments included in this category are publicly-listed equities, debt and securities sold short. Level II Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level II inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. The type of investments and other financial instruments included in this category are credit investments, investments and debt obligations of consolidated CMBS vehicles and consolidated CLO entities (beginning on January 1, 2015), convertible debt securities indexed to publicly-listed securities, less liquid and restricted equity securities and certain over-the-counter derivatives such as foreign currency option and forward contracts. Level III Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The types of assets and liabilities generally included in this category are private portfolio companies, real assets investments, credit investments and debt obligations of consolidated CLOs (prior to January 1, 2015) for which a sufficiently liquid trading market does not exist. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. KKR’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset. A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and a significant adjustment to the transactions or quoted prices may be necessary to estimate fair value. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by KKR in determining fair value is greatest for instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may cause transfers between Levels I, II, and III, which KKR recognizes at the beginning of the reporting period. Investments and other financial instruments that have readily observable market prices (such as those traded on a securities exchange) are stated at the last quoted sales price as of the reporting date. KKR does not adjust the quoted price for these investments, even in situations where KKR holds a large position and a sale could reasonably affect the quoted price. Management’s determination of fair value is based upon the best information available for a given circumstance and may incorporate assumptions that are management’s best estimates after consideration of a variety of internal and external factors. Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity As of January 1, 2015, KKR has adopted the measurement alternative included in ASU 2014-13, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (“ASU 2014-13”), and has applied the amendments using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of January 1, 2015. Refer to the condensed consolidated statements of changes in equity for the impact of this adjustment. Pursuant to ASU 2014-13, KKR measures both the financial assets and financial liabilities of the consolidated CFEs in its condensed consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. Prior to the adoption of ASU 2014-13, KKR elected the fair value option for the assets and liabilities of the consolidated CLO vehicles. As of January 1, 2015, KKR did not hold any beneficial interests in any CMBS vehicle, and consequently did not consolidate any CMBS vehicles. KKR accounted for the difference between the fair value of the assets and the fair value of the liabilities of the consolidated CLOs in Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. This amount was attributed to KKR and third party beneficial interest holders based on each beneficial holder’s residual interest in the consolidated CLOs. The amount attributed to third party beneficial interest holders was reflected in the condensed consolidated statements of operations in Net Income (Loss) Attributable to Noncontrolling Interests and Appropriated Capital and in the condensed consolidated statements of financial condition in Appropriated Capital within Equity.

NET GAINS (LOSSES) FROM INVESTM

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES	NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign denominated investments and related activities) and other financial instruments, including those for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period. The following table summarizes total Net Gains (Losses) from Investment Activities for the three and six months ended June 30, 2015 and 2014, respectively: Three Months Ended Three Months Ended Six Months Ended Six Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Net Unrealized Net Realized Net Unrealized Private Equity (a) $ 1,357,037 $ 1,479,057 $ 2,906,053 $ (1,015,495 ) $ 2,976,913 $ 1,750,335 $ 3,541,122 $ 29,964 Credit and Other (a) 51,473 241,550 42,965 129,980 94,299 (34,425 ) 202,745 264,825 Investments of Consolidated CFEs (a) (8,882 ) (15,509 ) 6,605 22,620 (26,153 ) 77,394 6,380 39,070 Real Assets (a) 7,505 164,012 200,699 (293,145 ) 7,505 63,900 203,354 (303,498 ) Foreign Exchange Forward Contracts and Options (b) 73,419 (284,187 ) (3,356 ) 33,567 207,350 39,123 (11,795 ) 42,850 Securities Sold Short (b) (7,582 ) 34,000 (6,774 ) (12,929 ) (9,219 ) 12,198 (22,787 ) 11,060 Other Derivatives 19,202 12,282 1,080 (5,655 ) 11,523 21,721 (16,929 ) (494 ) Foreign Exchange Gains (Losses) on Debt Obligations (c) — (30,054 ) (1,070 ) (5,437 ) 11,017 (138,565 ) (3,306 ) (8,319 ) Foreign Exchange Gains (Losses) and Other (d) 13,968 3,313 (8,646 ) (19,212 ) 38,692 (73,179 ) (10,601 ) (19,611 ) Total Net Gains (Losses) from Investment Activities $ 1,506,140 $ 1,604,464 $ 3,137,556 $ (1,165,706 ) $ 3,311,927 $ 1,718,502 $ 3,888,183 $ 55,847 (a) See Note 4 “Investments.” (b) See Note 7 “Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities.” (c) See Note 9 "Debt Obligations." (d) Foreign Exchange Gains (Losses) primarily includes foreign exchange gains (losses) on cash and cash equivalents and cash and cash equivalents held at consolidated entities.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
INVESTMENTS	INVESTMENTS Investments consist of the following: Fair Value Cost June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Private Equity $ 38,159,906 $ 38,222,255 $ 27,505,178 $ 29,317,314 Credit 6,592,674 6,702,740 6,976,175 6,906,583 Investments of Consolidated CFEs 10,810,954 8,559,967 10,981,157 8,815,286 Real Assets 4,058,717 3,130,404 6,215,465 5,354,191 Other 4,892,927 3,552,260 4,351,650 3,182,917 Total Investments $ 64,515,178 $ 60,167,626 $ 56,029,625 $ 53,576,291 As of June 30, 2015 , investments which represented greater than 5% of total investments consisted of Walgreens Boots Alliance, Inc. of $4.6 billion and First Data Corporation of $4.5 billion . As of December 31, 2014, investments which represented greater than 5% of total investments consisted of Walgreens Boots Alliance, Inc. of $5.5 billion and First Data Corporation of $3.8 billion . In addition, as of June 30, 2015 and December 31, 2014, investments totaling $13.1 billion and $11.4 billion , respectively, were pledged as direct collateral against various financing arrangements. See Note 9 “Debt Obligations.” The following table represents private equity investments by industry as of June 30, 2015 and December 31, 2014: Fair Value June 30, 2015 December 31, 2014 Health Care $ 9,931,606 $ 10,269,605 Financial Services 6,582,399 5,691,815 Technology 4,535,766 4,262,800 Retail 4,178,767 4,141,276 Manufacturing 4,150,658 4,227,859 Other 8,780,710 9,628,900 $ 38,159,906 $ 38,222,255 In the table above, other investments represent private equity investments in the following industries: Consumer Products, Education, Energy, Forestry, Media, Services, Telecommunications, Transportation, Hotel/Leisure, Packaging, Mining, Agriculture and Recycling. None of these industries represents more than 10% of total private equity investments as of June 30, 2015 . The majority of the securities underlying private equity investments represent equity securities. As of June 30, 2015 and December 31, 2014, the fair value of private equity investments that were other than equity securities amounted to $147.1 million and $577.0 million , respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following tables summarize the valuation of KKR’s assets and liabilities reported at fair value by the fair value hierarchy levels described in Note 2 “Summary of Significant Accounting Policies” as of June 30, 2015 and December 31, 2014 including those investments, other financial instruments and debt obligations of consolidated CFEs for which the fair value option has been elected. Equity Method Investments for which the fair value option has not been elected have been excluded from the tables below. Assets, at fair value: June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Total Private Equity $ 8,384,536 $ 4,661,928 $ 25,113,442 $ 38,159,906 Credit — 1,886,828 4,705,846 6,592,674 Investments of Consolidated CFEs — 10,810,954 — 10,810,954 Real Assets — — 4,058,717 4,058,717 Other 888,983 468,523 2,961,039 4,318,545 Total 9,273,519 17,828,233 36,839,044 63,940,796 Foreign Exchange Contracts and Options — 601,805 — 601,805 Other Derivatives — 9,992 — 9,992 Total Assets $ 9,273,519 $ 18,440,030 $ 36,839,044 $ 64,552,593 December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Total Private Equity $ 5,940,470 $ 6,005,764 $ 26,276,021 $ 38,222,255 Credit — 2,510,038 4,192,702 6,702,740 Investments of Consolidated CFEs — 8,467,472 92,495 8,559,967 Real Assets — — 3,130,404 3,130,404 Other 573,983 276,051 2,133,001 2,983,035 Total 6,514,453 17,259,325 35,824,623 59,598,401 Foreign Exchange Contracts and Options — 517,088 — 517,088 Other Derivatives 2,246 9,651 — 11,897 Total Assets $ 6,516,699 $ 17,786,064 $ 35,824,623 $ 60,127,386 Liabilities, at fair value: June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Total Securities Sold Short $ 424,400 $ — $ — $ 424,400 Foreign Exchange Contracts and Options — 119,882 — 119,882 Unfunded Revolver Commitments — 6,909 — 6,909 Other Derivatives — 45,292 — 45,292 Debt Obligations of Consolidated CFEs — 10,410,812 — 10,410,812 Total Liabilities $ 424,400 $ 10,582,895 $ — $ 11,007,295 December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Total Securities Sold Short $ 630,794 $ 2,338 $ — $ 633,132 Foreign Exchange Contracts and Options — 71,956 — 71,956 Unfunded Revolver Commitments — 3,858 — 3,858 Other Derivatives — 75,150 — 75,150 Debt Obligations of Consolidated CFEs — — 7,615,340 7,615,340 Total Liabilities $ 630,794 $ 153,302 $ 7,615,340 $ 8,399,436 The following tables summarize changes in assets and liabilities reported at fair value for which Level III inputs have been used to determine fair value for the three and six months ended June 30, 2015 , and 2014, respectively: Three Months Ended June 30, 2015 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 26,132,215 $ 4,226,225 $ 153,656 $ 3,874,099 $ 2,381,303 36,767,498 $ — Transfers In (1) — — — — — — — Transfers Out (2) (2,352,752 ) — (153,656 ) — — (2,506,408 ) — Acquisitions — — — — — — — Purchases 462,995 898,886 — 20,606 477,011 1,859,498 — Sales (495,623 ) (526,414 ) — (7,505 ) (49,511 ) (1,079,053 ) — Settlements — 100,348 — — (1,969 ) 98,379 — Net Realized Gains (Losses) 199,600 1,342 — 7,505 2,266 210,713 — Net Unrealized Gains (Losses) 1,167,007 1,765 — 164,012 148,679 1,481,463 — Change in Accounting Principle (3) — — — — — — — Change in Other Comprehensive Income — 3,694 — — 3,260 6,954 — Balance, End of Period $ 25,113,442 $ 4,705,846 $ — $ 4,058,717 $ 2,961,039 36,839,044 $ — Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ 1,297,037 $ (10,766 ) $ — $ 171,016 $ 120,417 $ 1,577,704 $ — Three Months Ended June 30, 2014 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 30,876,329 $ 2,317,366 $ — $ 3,780,928 $ 778,638 $ 37,753,261 $ 1,152,790 Transfers In (1) — — — — — — — Transfers Out (2) — (1,230 ) — — (195,719 ) (196,949 ) — Acquisitions 82,986 539,247 97,996 197,471 52,502 970,202 5,663,666 Purchases 1,030,249 432,396 3,557 202,285 58,880 1,727,367 720,964 Sales (2,841,399 ) (307,561 ) (6,097 ) (286,449 ) (18,662 ) (3,460,168 ) (197,015 ) Settlements — 45,238 (574 ) — — 44,664 3,298 Net Realized Gains (Losses) 2,019,686 (32,766 ) — 198,652 (445 ) 2,185,127 — Net Unrealized Gains (Losses) (253,689 ) 56,709 821 (293,687 ) 37,996 (451,850 ) 12,975 Change in Other Comprehensive Income — (1,987 ) — — — (1,987 ) — Balance, End of Period $ 30,914,162 $ 3,047,412 $ 95,703 $ 3,799,200 $ 713,190 $ 38,569,667 $ 7,356,678 Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ 1,860,197 $ 50,873 $ 205 $ (293,687 ) $ 40,031 $ 1,657,619 $ 12,975 Six Months Ended June 30, 2015 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 26,276,021 $ 4,192,702 $ 92,495 $ 3,130,404 $ 2,133,001 35,824,623 $ 7,615,340 Transfers In (1) — 16,706 108,340 — 1,187 126,233 — Transfers Out (2) (3,564,987 ) (12,860 ) (153,656 ) — (1,710 ) (3,733,213 ) — Acquisitions — — — — — — — Purchases 1,151,771 1,332,082 1,308 874,376 891,373 4,250,910 — Sales (822,677 ) (723,081 ) (3,138 ) (17,468 ) (148,674 ) (1,715,038 ) — Settlements — 157,915 (883 ) — — 157,032 — Net Realized Gains (Losses) 344,684 (5,194 ) — 7,505 3,495 350,490 — Net Unrealized Gains (Losses) 1,728,630 (256,118 ) (44,466 ) 63,900 79,107 1,571,053 — Change in Accounting Principle (3) — — — — — — (7,615,340 ) Change in Other Comprehensive Income — 3,694 — — 3,260 6,954 — Balance, End of Period $ 25,113,442 $ 4,705,846 $ — $ 4,058,717 $ 2,961,039 36,839,044 $ — Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ 2,009,519 $ (300,155 ) $ — $ 70,904 $ 48,986 $ 1,829,254 $ — Six Months Ended June 30, 2014 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 29,082,505 $ 1,944,464 $ — $ 3,300,674 $ 348,486 34,676,129 $ — Transfers In (1) — — — — — — — Transfers Out (2) (1,258,584 ) (1,230 ) — — (195,719 ) (1,455,533 ) — Acquisitions 82,986 539,247 97,996 197,471 52,502 970,202 6,814,217 Purchases 3,152,688 885,601 3,557 698,504 465,345 5,205,695 720,964 Sales (2,865,530 ) (441,727 ) (6,097 ) (291,118 ) (37,869 ) (3,642,341 ) (197,015 ) Settlements — 60,958 (574 ) — — 60,384 3,298 Net Realized Gains (Losses) 1,324,368 (4,032 ) — 201,307 (269 ) 1,521,374 — Net Unrealized Gains (Losses) 1,395,729 66,118 821 (307,638 ) 80,714 1,235,744 15,214 Change in Other Comprehensive Income — (1,987 ) — — — (1,987 ) — Balance, End of Period $ 30,914,162 $ 3,047,412 $ 95,703 $ 3,799,200 $ 713,190 $ 38,569,667 $ 7,356,678 Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ 2,814,297 $ 88,905 $ 205 $ (307,638 ) $ 83,696 2,679,465 $ 15,214 (1) The Transfers In noted in the tables above for credit, investments of consolidated CFEs and other investments are principally attributable to certain investments that experienced an insignificant level of market activity during the period and thus were valued in the absence of observable inputs. (2) The Transfers Out noted in the tables above for private equity investments are attributable to portfolio companies that are now valued using their publicly traded market price. The Transfers Out noted above for credit, investments of consolidated CFEs and other investments are principally attributable to certain investments that experienced a higher level of market activity during the period and thus were valued using observable inputs. (3) Upon adoption of ASU 2014-13, the debt obligations of consolidated CLOs are no longer Level III financial liabilities under the GAAP fair value hierarchy. As of June 30, 2015 , the debt obligations of consolidated CLOs are measured on the basis of the fair value of the financial assets of the CLO and are classified as Level II financial liabilities. See Note 2 " Summary of Significant Accounting Policies". Total realized and unrealized gains and losses recorded for Level III investments are reported in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. There was one transfer for $467.8 million between Level I and Level II for private equity investments during the three and six months ended June 30, 2015. There was one transfer for $318.9 million between Level I and Level II for private equity investments during the six months ended June 30, 2014. Both transfers were attributable to portfolio companies that are now valued using their publicly traded market prices. The following table presents additional information about valuation methodologies and significant unobservable inputs used for investments that are measured at fair value and categorized within Level III as of June 30, 2015 : Fair Value June 30, 2015 Valuation Methodologies Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Private Equity Investments $ 25,113,442 Financial Services $ 6,284,129 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 9.2% 2% - 15% Decrease Weight Ascribed to Market Comparables 47.5% 10% - 100% (4) Weight Ascribed to Discounted Cash Flow 42.2% 0% - 50% (5) Weight Ascribed to Transaction Price 10.3% 0% - 80% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 13.2x 11.8x - 13.6x Increase Enterprise Value/Forward EBITDA Multiple 12.0x 10.7x - 12.4x Increase Discounted cash flow Weighted Average Cost of Capital 11.4% 9.2% - 12.0% Decrease Enterprise Value/LTM EBITDA Exit Multiple 10.4x 10.0x - 10.5x Increase Manufacturing $ 3,855,245 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 6.4% 1% - 15% Decrease Weight Ascribed to Market Comparables 35.6% 5% - 50% (4) Weight Ascribed to Discounted Cash Flow 42.8% 5% - 67% (5) Weight Ascribed to Transaction Price 21.6% 0% - 90% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.4x 7.2x - 25.3x Increase Enterprise Value/Forward EBITDA Multiple 11.1x 7.7x - 15.3x Increase Control Premium 20% 20% - 20% (8) Increase Discounted cash flow Weighted Average Cost of Capital 14.0% 9.8% - 20.6% Decrease Enterprise Value/LTM EBITDA Exit Multiple 9.6x 7.0x - 10.5x Increase Technology $ 3,475,967 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 10.8% 10% - 20% Decrease Weight Ascribed to Market Comparables 43.6% 13% - 100% (4) Weight Ascribed to Discounted Cash Flow 43.5% 0% - 50% (5) Weight Ascribed to Transaction Price 12.9% 0% - 75% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.9x 3.7x - 16.8x Increase Enterprise Value/Forward EBITDA Multiple 11.6x 4.3x - 14.5x Increase Discounted cash flow Weighted Average Cost of Capital 11.7% 8.0% - 23.9% Decrease Enterprise Value/LTM EBITDA Exit Multiple 9.3x 5.5x - 11.0x Increase Retail $ 3,468,866 Inputs to market comparable, discounted cash flow and transaction Illiquidity Discount 8.0% 5% - 20% Decrease Weight Ascribed to Market Comparables 49.3% 0% - 50% (4) Weight Ascribed to Discounted Cash Flow 49.4% 0% - 100% (5) Weight Ascribed to Transaction Price 1.3% 0% - 100% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 10.6x 7.0x - 13.8x (7) Increase Enterprise Value/Forward EBITDA Multiple 9.7x 6.7x - 10.7x (7) Increase Discounted cash flow Weighted Average Cost of Capital 10.4% 9.0% - 23.8% Decrease Enterprise Value/LTM EBITDA Exit Multiple 8.1x 6.0x - 11.2x Increase Other $ 8,029,235 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 10.9% 5% - 20% Decrease Weight Ascribed to Market Comparables 44.1% 0% - 100% (4) Weight Ascribed to Discounted Cash Flow 54.0% 0% - 100% (5) Weight Ascribed to Transaction Price 1.9% 0% - 33% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.5x 6.2x - 39.4x Increase Enterprise Value/Forward EBITDA Multiple 11.0x 6.8x - 15.9x Increase Control Premium 15.4% 10% - 20% (8) Increase Discounted cash flow Weighted Average Cost of Capital 12.1% 8.0% - 25.9% Decrease Enterprise Value/LTM EBITDA Exit Multiple 9.7x 6.5x - 12.0x Increase Real Assets $ 4,058,717 Energy $ 1,581,077 Discounted cash flow Weighted Average Cost of Capital 12.4% 8.8% - 23.0% Decrease Average Price Per BOE (11) $40.04 $34.01- $45.59 Increase Infrastructure $ 1,242,251 Discounted cash flow Weighted Average Cost of Capital 7.6% 5.7% - 12.5% Decrease Enterprise Value/LTM EBITDA Exit Multiple 8.6x 7.8x - 10.0x Increase Real Estate $ 1,235,389 Inputs to direct income capitalization and discounted cash flow Weight Ascribed to Direct Income Capitalization 50.8% 0% - 100% (10) Weight Ascribed to Discounted Cash Flow 49.2% 0% - 100% (5) Direct Income Capitalization Current Capitalization Rate 6.8% 5.5% - 11.9% Decrease Discounted cash flow Unlevered Discount Rate 9.1% 6.7% - 20.0% Decrease Credit $ 4,705,846 (9 ) Yield Analysis Yield 10.9% 5.5% - 27.7% Decrease Net Leverage 5.4x 1.0x - 12.7x Decrease EBITDA Multiple 8.1x 0.6x - 16.3x Increase In the table above, Other Investments, within private equity investments, represents the following industries: Health Care, Consumer Products, Education, Energy, Forestry, Media, Services, Telecommunications, Transportation, Hotels/Leisure, Packaging, Mining, Agriculture and Recycling. None of these industries represents more than 10% of total Level III private equity investments as of June 30, 2015 . (1) In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the investments. LTM means Last Twelve Months and EBITDA means Earnings Before Interest Taxes Depreciation and Amortization. (2) Inputs were weighted based on the fair value of the investments included in the range. (3) Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. (4) The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price. (5) The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach, transaction price and direct income capitalization approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach and transaction price. (6) The directional change from an increase in the weight ascribed to the transaction price would increase the fair value of the Level III investments if the transaction price results in a higher valuation than the market comparables and discounted cash flow approach. The opposite would be true if the transaction price results in a lower valuation than the market comparables approach and discounted cash flow approach. (7) Ranges shown exclude inputs relating to a single portfolio company that was determined to lack comparability with other investments in KKR’s private equity portfolio. This portfolio company had a fair value representing less than 0.5% of the total fair value of Private Equity Investments and had an Enterprise Value/LTM EBITDA Multiple and Enterprise Value/Forward EBITDA Multiple of 28.1x and 20.2x , respectively. The exclusion of this investment does not impact the weighted average. (8) Level III private equity investments whose valuations include a control premium represent less than 5% of total Level III private equity investments. The valuations for the remaining investments do not include a control premium. (9) Amounts include $531.8 million of investments that were valued using dealer quotes or third party valuation firms. (10) The directional change from an increase in the weight ascribed to the direct income capitalization approach would increase the fair value of the Level III investments if the direct income capitalization approach results in a higher valuation than the discounted cash flow approach. The opposite would be true if the direct income capitalization approach results in a lower valuation than the discounted cash flow approach. (11) The total Energy fair value amount includes multiple investments (in multiple locations throughout North America) that are held in multiple investment funds and produce varying quantities of oil, condensate, natural gas liquids, and natural gas. Commodity price may be measured using a common volumetric equivalent where one barrel of oil equivalent, or BOE, is determined using the ratio of six thousand cubic feet of natural gas to one barrel of oil, condensate or natural gas liquids. The price per BOE is provided to show the aggregate of all price inputs for the various investments over a common volumetric equivalent although the valuations for specific investments may use price inputs specific to the asset for purposes of our valuations. The discounted cash flows include forecasted production of liquids (oil, condensate, and natural gas liquids) and natural gas with a forecasted revenue ratio of approximately 63% liquids and 37% natural gas. In the table above, certain private equity investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. In addition, certain valuations of private equity investments may be entirely or partially derived by reference to observable valuation measures for a pending or consummated transaction. The table above excludes Other Investments in the amount of $3.0 billion comprised primarily of privately-held equity and equity-like securities (e.g. warrants) in companies that are neither private equity, real assets nor credit investments. These investments were valued using Level III valuation methodologies that are generally the same as those shown for private equity investments. The various unobservable inputs used to determine the Level III valuations may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements as noted in the table above.

NET INCOME (LOSS) ATTRIBUTABLE

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT	NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT For the three and six months ended June 30, 2015 and 2014 , basic and diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit were calculated as follows: Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Net Income (Loss) Attributable to KKR & Co. L.P. $ 376,306 $ 178,215 $ 646,813 $ 388,256 Basic Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 446,794,950 377,542,161 440,867,813 335,748,498 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic $ 0.84 $ 0.47 $ 1.47 $ 1.16 Diluted Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 446,794,950 377,542,161 440,867,813 335,748,498 Weighted Average Unvested Common Units and Other Exchangeable Securities 35,856,541 32,637,677 36,599,407 32,128,551 Weighted Average Common Units Outstanding - Diluted 482,651,491 410,179,838 477,467,220 367,877,049 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted $ 0.78 $ 0.43 $ 1.35 $ 1.06 Weighted Average Common Units Outstanding—Diluted primarily includes unvested equity awards that have been granted under the Equity Incentive Plan as well as exchangeable equity securities issued in connection with the acquisition of Avoca. Vesting or exchanges of these equity interests dilute KKR and KKR Holdings pro rata in accordance with their respective ownership interests in the KKR Group Partnerships. Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Weighted Average KKR Holdings Units Outstanding 369,477,271 390,567,690 372,639,228 394,996,735 For the three and six months ended June 30, 2015 and 2014 , KKR Holdings units have been excluded from the calculation of diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit since the exchange of these units would not dilute KKR’s respective ownership interests in the KKR Group Partnerships.

OTHER ASSETS AND ACCOUNTS PAYAB

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2015
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES Other Assets consist of the following: June 30, 2015 December 31, 2014 Foreign Exchange Contracts and Options (a) $ 601,805 $ 517,088 Interest, Dividend and Notes Receivable (b) 472,907 594,288 Unsettled Investment Sales (c) 466,317 176,622 Oil & Gas Assets, net (d) 436,114 460,658 Deferred Tax Assets, net 247,581 237,982 Due from Broker (e) 245,463 561,554 Intangible Assets, net (f) 191,379 209,202 Goodwill (f) 89,000 89,000 Fixed Assets, net (g) 73,322 76,247 Deferred Financing Costs 67,063 46,058 Receivables 38,284 55,876 Prepaid Taxes 22,755 31,267 Deferred Transaction Related Expenses 16,864 14,981 Prepaid Expenses 13,816 8,812 Derivative Assets 9,992 11,897 Other 8,950 72,685 Total $ 3,001,612 $ 3,164,217 (a) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (b) Represents interest and dividend receivables and promissory notes due from third parties. The promissory notes bear interest at rates ranging from 2.0% - 3.0% per annum and mature between 2016 and 2018. (c) Represents amounts due from third parties for investments sold for which cash settlement has not occurred. (d) Includes proved and unproved oil and natural gas properties under the successful efforts method of accounting, which is net of impairment write-downs, accumulated depreciation, depletion and amortization. (e) Represents amounts held at clearing brokers resulting from securities transactions. (f) See Note 15 “Goodwill and Intangible Assets.” (g) Net of accumulated depreciation and amortization of $130,109 and $122,908 as of June 30, 2015 and December 31, 2014 , respectively. Depreciation and amortization expense of $3,951 and $4,155 for the three months ended June 30, 2015 and 2014 , respectively, and $7,865 and $8,202 for the six months ended June 30, 2015 and 2014 , respectively, is included in General, Administrative and Other in the accompanying condensed consolidated statements of operations. Accounts Payable, Accrued Expenses and Other Liabilities consist of the following: June 30, 2015 December 31, 2014 Amounts Payable to Carry Pool (a) $ 1,280,854 $ 1,100,943 Unsettled Investment Purchases (b) 987,253 891,649 Securities Sold Short (c) 424,400 633,132 Due to Broker (d) 212,767 72,509 Foreign Exchange Contracts and Options (e) 119,882 71,956 Accrued Compensation and Benefits 113,978 17,799 Accounts Payable and Accrued Expenses 108,622 130,023 Interest Payable 81,069 61,643 Derivative Liabilities 45,292 75,150 Contingent Consideration Obligation (f) 44,600 40,600 Deferred Rent and Income 25,663 26,894 Taxes Payable 9,014 6,362 Other Liabilities 89,889 70,692 Total $ 3,543,283 $ 3,199,352 (a) Represents the amount of carried interest payable to principals, professionals and other individuals with respect to KKR’s active funds and co-investment vehicles that provide for carried interest. (b) Represents amounts owed to third parties for investment purchases for which cash settlement has not occurred. (c) Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. The cost bases for these instruments at June 30, 2015 and December 31, 2014 were $431,536 and $628,071 , respectively. (d) Represents amounts owed for securities transactions initiated at clearing brokers. (e) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (f) Represents the fair value of the contingent consideration related to the acquisition of Prisma.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES Consolidated VIEs KKR consolidates certain VIEs in which it is determined that KKR is the primary beneficiary, which predominately are CFEs. In developing its conclusion that it is the primary beneficiary of these CFEs, KKR determined that it has more than an insignificant variable interest in these CFEs by virtue of its residual interest in these CFEs and, in certain cases, the presence of an incentive fee. These two variable interests were determined to expose KKR to a more than insignificant amount of these CFEs’ variability relative to its anticipated economic performance. In addition, KKR has the power to direct the activities that most significantly impact the economic performance of the entities. In each case, KKR’s variable interests represent an obligation to absorb losses of or a right to receive benefits from the entity that could potentially be significant to the entity. In consideration of these factors, KKR concluded that it was the primary beneficiary of these CFEs for consolidation accounting purposes. The primary purpose of these CFEs is to provide investment opportunities with the objective of generating current income for these CFE investors. The investment strategies of these CFEs are similar and the fundamental risks of these CFEs have similar characteristics, which include loss of invested capital and loss of management fees and/or incentive based fees in certain cases. KKR does not provide performance guarantees and has no other financial obligation to provide funding to these consolidated CFEs. Unconsolidated VIEs KKR holds variable interests in certain VIEs which are not consolidated as it is determined that KKR is not the primary beneficiary. VIEs that are not consolidated include (i) certain investment funds sponsored by KKR where the equity at risk to KKR is not considered substantive and (ii) certain CLO vehicles where KKR does not hold a variable interest that exposes KKR to a more than insignificant amount of the CLO vehicle’s variability. Investments in Unconsolidated Investment Funds KKR’s investment strategies differ by investment fund; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and carried interests. KKR’s maximum exposure to loss as a result of its investments in the unconsolidated investment funds is the carrying value of such investments, which was $360.7 million at June 30, 2015 . Accordingly disaggregation of KKR’s involvement by type of unconsolidated investment fund would not provide more useful information. For these unconsolidated investment funds in which KKR is the sponsor, KKR may have an obligation as general partner to provide commitments to such investment funds. As of June 30, 2015 , KKR's commitments to these unconsolidated investment funds was $11.1 million . KKR has not provided any financial support other than its obligated amount as of June 30, 2015 . Investments in Unconsolidated CLO Vehicles KKR provides collateral management services for, and has made nominal investments in, certain CLO vehicles that it does not consolidate. KKR’s investments in the unconsolidated CLO vehicles, if any, are carried at fair value in the condensed consolidated statements of financial condition. KKR earns management fees, including subordinated collateral management fees, for managing the collateral of the CLO vehicles. At June 30, 2015 , combined assets under management in the pools of unconsolidated CLO vehicles were $1.9 billion . KKR’s maximum exposure to loss as a result of its investments in the residual interests of unconsolidated CLO vehicles is the carrying value of such investments, which was $0.8 million at June 30, 2015 . CLO investors in the CLO vehicles may only use the assets of the CLO to settle the debt of the related CLO, and otherwise have no recourse against KKR for any losses sustained in the CLO structures. As of June 30, 2015 and December 31, 2014 , the maximum exposure to loss, before allocations to the carry pool, if any, for those VIEs in which KKR is determined not to be the primary beneficiary but in which it has a variable interest is as follows: June 30, 2015 December 31, 2014 Investments $ 361,477 $ 375,061 Due from Affiliates, net 2,213 3,478 Maximum Exposure to Loss $ 363,690 $ 378,539

DEBT OBLIGATIONS

DEBT OBLIGATIONS	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS KKR borrows and enters into credit agreements and issues debt for its general operating and investment purposes and certain of its investment funds borrow to meet financing needs of their operating and investing activities. In connection with the acquisition of KFN on April 30, 2014, KKR consolidates and reports KFN's debt obligations which are non-recourse to KKR beyond the assets of KFN. Fund financing facilities have been established for the benefit of certain KKR investment funds. When a KKR investment fund borrows from the facility in which it participates, the proceeds from the borrowings are strictly limited for their intended use by the borrowing investment fund. KKR’s obligations with respect to these financing arrangements are generally limited to KKR’s pro-rata equity interest in such funds. In addition, consolidated CFE vehicles issue debt securities to third party investors which are collateralized by assets held by the CFE vehicle. KKR bears no obligation with respect to financing arrangements at KKR’s consolidated CFEs. Debt securities issued by CFEs are supported solely by the assets held at the CFEs and are not collateralized by assets of any other KKR entity. KKR’s borrowings consisted of the following: June 30, 2015 December 31, 2014 Financing Available Borrowing Outstanding Fair Value Financing Available Borrowing Outstanding Fair Value Revolving Credit Facilities: Corporate Credit Agreement $ 1,000,000 $ — $ — $ 1,000,000 $ — $ — KCM Credit Agreement 500,000 — — 473,000 27,000 27,000 (j) Notes Issued: KKR Issued 6.375% Notes Due 2020 (a) — 498,908 583,515 (k) — 498,804 583,692 (k) KKR Issued 5.500% Notes Due 2043 (b) — 494,741 509,125 (k) — 494,644 566,250 (k) KKR Issued 5.125% Notes Due 2044 (c) — 998,564 960,080 (k) — 493,214 539,797 (k) KFN Issued 8.375% Notes Due 2041 (d) — 290,269 278,519 (l) — 290,861 287,359 (l) KFN Issued 7.500% Notes Due 2042 (e) — 123,506 121,023 (l) — 123,663 125,856 (l) KFN Issued Junior Subordinated Notes (f) — 247,738 228,807 — 246,907 228,087 Other Consolidated Debt Obligations: Fund Financing Facilities (g) 2,929,931 2,825,035 2,825,035 (m) 2,150,819 1,047,351 1,047,351 (m) CLO Debt Obligations (h) — 7,970,409 7,970,409 — 7,615,340 7,615,340 CMBS Debt Obligations (i) — 2,440,403 2,440,403 — — — $ 4,429,931 $ 15,889,573 $ 15,916,916 $ 3,623,819 $ 10,837,784 $ 11,020,732 (a) $500 million aggregate principal amount of 6.375% senior notes of KKR due 2020. (b) $500 million aggregate principal amount of 5.500% senior notes of KKR due 2043. (c) $1.0 billion aggregate principal amount of 5.125% senior notes of KKR due 2044. (d) KKR consolidates KFN and thus reports KFN’s outstanding $259 million aggregate principal amount of 8.375% senior notes due 2041. (e) KKR consolidates KFN and thus reports KFN’s outstanding $115 million aggregate principal amount of 7.500% senior notes due 2042. (f) KKR consolidates KFN and thus reports KFN’s outstanding $284 million aggregate principal amount of junior subordinated notes. The weighted average interest rate is 5.4% and the weighted average years to maturity is 21.3 years as of June 30, 2015 . These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR’s Level III credit investments. (g) Certain of KKR’s investment funds have entered into financing arrangements with major financial institutions, generally to enable such investment funds to make investments prior to or without receiving capital from fund limited partners. The weighted average interest rate is 2.7% and 2.9% as of June 30, 2015 and December 31, 2014 , respectively. In addition, the weighted average years to maturity is 2.6 years and 2.9 years as of June 30, 2015 and December 31, 2014 , respectively. (h) CLO debt obligations are carried at fair value and are classified as Level II within the fair value hierarchy. See Note 5 “Fair Value Measurements.” (i) CMBS debt obligations are carried at fair value and are classified as Level II within the fair value hierarchy. See Note 5 “Fair Value Measurements.” (j) Carrying value approximates fair value given the credit facility's interest rate is variable. (k) The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes. (l) The notes are classified as Level I within the fair value hierarchy and fair value is determined by quoted prices in active markets since the debt is publicly listed. (m) Carrying value approximates fair value given the fund financing facilities’ interest rates are variable. 2044 Senior Notes On March 18, 2015, KKR Group Finance Co. III LLC, a subsidiary of KKR Management Holdings Corp., issued an additional $500 million aggregate principal amount of its 5.125% Senior Notes due 2044 (the "Notes"), under the indenture dated as of May 29, 2014, which were priced at 101.062% . The Notes are unsecured and unsubordinated obligations of the issuer and will mature on June 1, 2044, unless earlier redeemed or repurchased. The Notes are fully and unconditionally guaranteed, jointly and severally, by KKR & Co. L.P. and the KKR Group Partnerships. The guarantees are unsecured and unsubordinated obligations of the guarantors. The Notes constitute an additional issuance of the issuer’s 5.125% Senior Notes due 2044, $500 million aggregate principal amount of which were previously issued and are outstanding (the “Existing Notes” and together with the Notes are referred to hereafter as the “2044 Senior Notes”). The Notes form a single series with the Existing Notes. The terms of the Notes are identical to the terms of the Existing Notes, except for the issue date, issue price, the first payment date, June 1, 2015, and the date from which interest begins to accrue. Debt Obligations of Consolidated CFEs As of June 30, 2015 , debt obligations of consolidated CFEs consisted of the following: Borrowing Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Senior Secured Notes of Consolidated CLOs $ 7,657,265 2.0 % 9.2 Debt Obligations of Consolidated CMBS Vehicles 2,440,403 3.8 % 33.4 Subordinated Notes of Consolidated CLOs 313,144 (a) 8.9 $ 10,410,812 (a) The subordinated notes do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any. Debt obligations of consolidated CFEs are collateralized by assets held by each respective CFE vehicle and assets of one CFE vehicle may not be used to satisfy the liabilities of another. As of June 30, 2015 , the fair value of the consolidated CFE assets was $12.6 billion . This collateral consisted of Cash and Cash Equivalents Held at Consolidated Entities, Investments, and Other Assets.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The consolidated entities of KKR are generally treated as partnerships or disregarded entities for U.S. and non-U.S. tax purposes. The taxes payable on the income generated by partnerships and disregarded entities are generally paid by the fund investors, unitholders, principals and other third parties who beneficially own such partnerships and disregarded entities and are generally not payable by KKR. However, certain consolidated entities are treated as corporations for U.S. and non-U.S tax purposes and are therefore subject to U.S. federal, state and/or local income taxes and/or non-U.S. taxes at the entity-level. In addition, certain consolidated entities which are treated as partnerships for U.S. tax purposes are subject to the New York City Unincorporated Business Tax or other local taxes. The effective tax rates were 0.92% and 0.30% for the three months ended June 30, 2015 and 2014 , respectively, and 0.88% and 0.68% for the six months ended June 30, 2015 and 2014, respectively. The effective tax rate differs from the statutory rate primarily due to the following: (i) a substantial portion of the reported net income (loss) before taxes is not attributable to KKR but rather is attributable to noncontrolling interests held in KKR’s consolidated entities by third parties or by KKR Holdings, (ii) a significant portion of the amount of the reported net income (loss) before taxes attributable to KKR is from certain entities that are not subject to U.S. federal, state or local income taxes and/or non-U.S. taxes, and (iii) certain compensation charges attributable to KKR are not deductible for tax purposes. During the three and six month period ended June 30, 2015 , there were no material changes to KKR’s uncertain tax positions and KKR believes there will be no significant increase or decrease to the uncertain tax positions within 12 months of the reporting date.

EQUITY BASED COMPENSATION

EQUITY BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY BASED COMPENSATION	EQUITY BASED COMPENSATION The following table summarizes the expense associated with equity based compensation for the three and six months ended June 30, 2015 and 2014 , respectively. Three Months Ended Six Months Ended 2015 2014 2015 2014 Equity Incentive Plan Units $ 48,453 $ 40,877 $ 100,718 $ 80,230 KKR Holdings Principal Awards 1,675 7,567 4,193 17,789 Other Exchangeable Securities 3,907 6,919 7,675 9,943 KKR Holdings Restricted Equity Units 21 396 149 506 Discretionary Compensation 15,422 37,198 33,293 62,017 Total $ 69,478 $ 92,957 $ 146,028 $ 170,485 Equity Incentive Plan Under the Equity Incentive Plan, KKR is permitted to grant equity awards representing ownership interests in KKR & Co. L.P. common units. Vested awards under the Equity Incentive Plan dilute KKR & Co. L.P. common unitholders and KKR Holdings pro rata in accordance with their respective percentage interests in the KKR Group Partnerships. The total number of common units that may be issued under the Equity Incentive Plan is equivalent to 15% of the number of fully diluted common units outstanding, subject to annual adjustment. Equity awards have been granted under the Equity Incentive Plan and are generally subject to service based vesting, typically over a three to five year period from the date of grant. In certain cases, these awards are subject to transfer restrictions and/or minimum retained ownership requirements. The transfer restriction period, if applicable, lasts for (i) one year with respect to one-half of the interests vesting on any vesting date and (ii) two years with respect to the other one-half of the interests vesting on such vesting date. While providing services to KKR, if applicable, certain of these recipients are also subject to minimum retained ownership rules requiring them to continuously hold common unit equivalents equal to at least 15% of their cumulatively vested interests. Expense associated with the vesting of these awards is based on the closing price of the KKR & Co. L.P. common units on the date of grant, discounted for the lack of participation rights in the expected distributions on unvested units, which currently ranges from 8% to 56% multiplied by the number of unvested units on the grant date. The grant date fair value of a KKR & Co. L.P. common unit reflects a discount for lack of distribution participation rights, because equity awards are not entitled to receive distributions while unvested. The discount range was based on management’s estimates of future distributions that unvested equity awards will not be entitled to receive between the grant date and the vesting date. Therefore, units that vest in earlier periods have a lower discount as compared to units that vest in later periods, which have a higher discount. The discount range will generally increase when the level of expected annual distributions increases relative to the grant date fair value of a KKR & Co. L.P. common unit. A decrease in expected annual distributions relative to the grant date fair value of a KKR & Co. L.P. common unit would generally have the opposite effect. Expense is recognized on a straight line basis over the life of the award and assumes a forfeiture rate of up to 8% annually based upon expected turnover by class of recipient. As of June 30, 2015 , there was approximately $310.5 million of estimated unrecognized expense related to unvested awards. That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2015 $ 84.5 2016 130.8 2017 75.8 2018 18.8 2019 0.6 Total $ 310.5 A summary of the status of unvested awards granted under the Equity Incentive Plan from January 1, 2015 through June 30, 2015 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2015 20,488,737 $ 12.33 Granted 15,619,776 17.01 Vested (5,174,042 ) 12.93 Forfeited (1,485,752 ) 14.27 Balance, June 30, 2015 29,448,719 $ 14.61 The weighted average remaining vesting period over which unvested awards are expected to vest is 1.4 years. A summary of the remaining vesting tranches of awards granted under the Equity Incentive Plan is presented below: Vesting Date Units October 1, 2015 5,528,873 April 1, 2016 7,384,714 October 1, 2016 4,397,839 April 1, 2017 5,476,479 October 1, 2017 1,403,838 April 1, 2018 4,118,901 October 1, 2018 1,047,478 April 1, 2019 6,947 October 1, 2019 83,650 29,448,719 KKR Holdings—Principal Awards Certain KKR employees and non-employee operating consultants and other service providers received grants of KKR Holdings units (“Principal Awards”) which are exchangeable for KKR Group Partnership Units. These units are generally subject to minimum retained ownership requirements and in certain cases, transfer restrictions, and allow for their exchange into common units of KKR & Co. L.P. on a one -for-one basis. As of June 30, 2015 , KKR Holdings owned approximately 45% , or 367,486,829 of the outstanding KKR Group Partnership Units. Except for any Principal Awards that vested on the date of grant or that have vested since their grant dates, Principal Awards were subject to service based vesting, generally over a three to five year period from the date of grant. The transfer restriction period generally lasts for a minimum of (i) one year with respect to one-half of the interests vesting on any vesting date and (ii) two years with respect to the other one-half of the interests vesting on such vesting date. While providing services to KKR, these individuals may also be subject to minimum retained ownership rules requiring them to continuously hold 25% of their vested interests. Upon separation from KKR, certain individuals will be subject to the terms of a non-compete agreement that may require the forfeiture of certain vested and unvested units should the terms of the non-compete agreement be violated. Holders of KKR Group Partnership Units held through KKR Holdings are not entitled to participate in distributions made on KKR Group Partnership Units until such units are vested. Because KKR Holdings is a partnership, all of the 367,486,829 KKR Holdings units have been legally allocated, but the allocation of 34,985,912 of these units has not been communicated to each respective principal. The units that have not been communicated are subject to performance based vesting conditions, which include profitability and other similar criteria. These criteria are not sufficiently specific to constitute performance conditions for accounting purposes, and the achievement, or lack thereof, will be determined based upon the exercise of judgment by the general partner of KKR Holdings. Each principal will ultimately receive between zero and 100% of the units initially allocated. The allocation of these units has not yet been communicated to the award recipients as this was management’s decision on how to best incentivize its principals. It is anticipated that additional service-based vesting conditions will be imposed at the time the allocation is initially communicated to the respective principals. KKR applied the guidance of Accounting Standards Code (“ASC”) 718 and concluded that these KKR Holdings units do not yet meet the criteria for recognition of compensation cost because neither the grant date nor the service inception date has occurred. In reaching a conclusion that the service inception date has not occurred, KKR considered (a) the fact that the vesting conditions are not sufficiently specific to constitute performance conditions for accounting purposes, (b) the significant judgment that can be exercised by the general partner of KKR Holdings in determining whether the vesting conditions are ultimately achieved, and (c) the absence of communication to the principals of any information related to the number of units they were initially allocated. The allocation of these units will be communicated to the award recipients when the performance-based vesting conditions have been met, and currently there is no plan as to when the communication will occur. The determination as to whether the award recipients have satisfied the performance-based vesting conditions is made by the general partner of KKR Holdings, and is based on multiple factors primarily related to the award recipients’ individual performance. The fair value of Principal Awards is based on the closing price of KKR & Co. L.P. common units on the date of grant. KKR determined this to be the best evidence of fair value as a KKR & Co. L.P. common unit is traded in an active market and has an observable market price. Additionally, a KKR Holdings unit is an instrument with terms and conditions similar to those of a KKR & Co. L.P. common unit. Specifically, units in both KKR Holdings and KKR & Co. L.P. represent ownership interests in KKR Group Partnership Units and, subject to any vesting, minimum retained ownership requirements and transfer restrictions referenced above, each KKR Holdings unit is exchangeable into a KKR Group Partnership Unit and then into a KKR & Co. L.P. common unit on a one -for-one basis. Principal Awards give rise to equity-based payment charges in the condensed consolidated statements of operations based on the grant-date fair value of the award. For units vesting on the grant date, expense is recognized on the date of grant based on the fair value of a KKR & Co. L.P. common unit on the grant date multiplied by the number of vested units. Equity-based payment expense on unvested units is calculated based on the fair value of a KKR & Co. L.P. common unit at the time of grant, discounted for the lack of participation rights in the expected distributions on unvested units which currently ranges from 8% to 56% , multiplied by the number of unvested units on the grant date. Expense is recognized using the graded-attribution method, which treats each vesting tranche as a separate award. The grant date fair value of a KKR & Co. L.P. common unit reflects a discount for lack of distribution participation rights because equity awards are not entitled to receive distributions while unvested. The discount range was based on management’s estimates of future distributions that unvested equity awards will not be entitled to receive between the grant date and the vesting date. Therefore, units that vest in the earlier periods have a lower discount as compared to units that vest in later periods, which have a higher discount. The discount range will generally increase when the level of expected annual distributions increases relative to the grant date fair value of a KKR & Co. L.P. common unit. A decrease in expected annual distributions relative to the grant date fair value of a KKR & Co. L.P. common unit would generally have the opposite effect. Principal Awards granted to certain non-employee consultants and service providers give rise to general, administrative and other charges in the condensed consolidated statements of operations. For units vesting on the grant date, expense is recognized on the date of grant based on the fair value of a KKR & Co. L.P. common unit on the grant date multiplied by the number of vested units. General, administrative and other expense recognized on unvested units is calculated based on the fair value of a KKR & Co. L.P. common unit on each reporting date and subsequently adjusted for the actual fair value of the award at each vesting date. Accordingly, the measured value of these units will not be finalized until each vesting date. The calculation of equity-based payment expense and general administrative and other expense on unvested Principal Awards assumes forfeiture rates of up to 8% annually based upon expected turnover by class of employee, consultant, or service provider. As of June 30, 2015 , there was approximately $5.3 million of estimated unrecognized equity-based payment and general administrative and other expense related to unvested Principal Awards. That cost is expected to be recognized as follows: Year Unrecognized Expense (in millions) Remainder of 2015 $ 2.8 2016 2.1 2017 0.4 Total $ 5.3 A summary of the status of unvested Principal Awards from January 1, 2015 through June 30, 2015 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2015 4,708,434 $ 8.44 Granted 74,247 16.64 Vested (1,090,262 ) 9.50 Forfeited (173,675 ) 8.55 Balance, June 30, 2015 3,518,744 $ 8.28 The weighted average remaining vesting period over which unvested units are expected to vest in less than one year. The following table summarizes the remaining vesting tranches of Principal Awards: Vesting Date Units October 1, 2015 2,047,319 April 1, 2016 122,697 October 1, 2016 1,127,413 April 1, 2017 70,271 October 1, 2017 111,293 April 1, 2018 39,751 3,518,744 Other Exchangeable Securities In connection with the acquisition of Avoca, KKR issued 2,545,602 equity securities of a subsidiary of a KKR Group Partnership and of KKR & Co. L.P. both of which are exchangeable into common units of KKR & Co. L.P. on a one -for-one basis (“Other Exchangeable Securities”). Certain Other Exchangeable Securities are subject to time based vesting (generally over a three -year period from February 19, 2014) and are not exchangeable into common units until vested, and in certain cases are subject to minimum retained ownership requirements and transfer restrictions. Consistent with grants of KKR Holdings awards and grants made under the KKR Equity Incentive Plan, holders of Other Exchangeable Securities are not entitled to receive distributions while unvested. The fair value of Other Exchangeable Securities is based on the closing price of KKR & Co. L.P. common units on the date of grant. KKR determined this to be the best evidence of fair value as a KKR & Co. L.P. common unit is traded in an active market and has an observable market price. Additionally, Other Exchangeable Securities are instruments with terms and conditions similar to those of a KKR & Co. L.P. common unit. Specifically, these Other Exchangeable Securities are exchangeable into KKR & Co. L.P. common units on a one -for-one basis upon vesting. Expense associated with the vesting of these Other Exchangeable Securities is based on the closing price of a KKR & Co. L.P. common unit on the date of grant, discounted for the lack of participation rights in the expected distributions on unvested Other Exchangeable Securities, which currently ranges from 8% to 56% multiplied by the number of unvested Other Exchangeable Securities on the issuance date. The discount range was based on management’s estimates of future distributions that unvested Other Exchangeable Securities will not be entitled to receive between the issuance date and the vesting date. Therefore, Other Exchangeable Securities that vest in earlier periods have a lower discount as compared to Other Exchangeable Securities that vest in later periods, which have a higher discount. The discount range will generally increase when the level of expected annual distributions increases relative to the issuance date fair value of a KKR & Co. L.P. common unit. A decrease in expected annual distributions relative to the grant date fair value of a KKR & Co. L.P. common unit would generally have the opposite effect. Expense is recognized on a straight line basis over the life of the security and assumes a forfeiture rate of up to 8% annually based upon expected turnover by class of recipient. As of June 30, 2015 , there was approximately $16.3 million of estimated unrecognized expense related to unvested Other Exchangeable Securities. That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2015 $ 6.8 2016 9.5 Total $ 16.3 A summary of the status of unvested Other Exchangeable Securities from January 1, 2015 through June 30, 2015 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2015 1,695,972 $ 18.45 Granted — — Vested — — Forfeited — — Balance, June 30, 2015 1,695,972 $ 18.45 The weighted average remaining vesting period over which unvested Other Exchangeable Securities are expected to vest in less than one year. The following table summarizes the remaining vesting tranches of Other Exchangeable Securities: Vesting Date Units October 1, 2015 847,983 October 1, 2016 847,989 1,695,972 KKR Holdings—Restricted Equity Units Grants of restricted equity units based on KKR Group Partnership Units held by KKR Holdings were made to professionals, support staff, and other personnel (“Holdings REU Awards”). These grants are funded by KKR Holdings and do not dilute KKR’s interests in the KKR Group Partnerships. Substantially all Holdings REU Awards are fully vested as of April 1, 2015 and there is no material unrecognized expense. Discretionary Compensation All KKR employees and certain employees of certain consolidated entities are eligible to receive discretionary cash bonuses. While cash bonuses paid to most employees are borne by KKR and certain consolidated entities and result in customary compensation and benefits expense, cash bonuses that are paid to certain principals are currently borne by KKR Holdings. These bonuses are funded with distributions that KKR Holdings receives on KKR Group Partnership Units held by KKR Holdings but are not then passed on to holders of unvested units of KKR Holdings. Because principals are not entitled to receive distributions on units that are unvested, any amounts allocated to principals in excess of a principal’s vested equity interests are reflected as employee compensation and benefits expense. These compensation charges are recorded based on the unvested portion of quarterly earnings distributions received by KKR Holdings at the time of the distribution.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Due from Affiliates consists of: June 30, 2015 December 31, 2014 Amounts due from portfolio companies $ 39,756 $ 64,989 Amounts due from unconsolidated investment funds 51,761 47,229 Amounts due from related entities 17,692 34,838 Due from Affiliates $ 109,209 $ 147,056 Due to Affiliates consists of: June 30, 2015 December 31, 2014 Amounts due to KKR Holdings in connection with the tax receivable agreement $ 133,300 $ 121,803 Amounts due to related entities 11,406 9,745 Due to Affiliates $ 144,706 $ 131,548

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING KKR operates through three reportable business segments. These segments, which are differentiated primarily by their business objectives and investment strategies, consist of the following: Private Markets Through KKR’s Private Markets segment, KKR manages and sponsors a group of private equity funds and co-investment vehicles that invest capital for long-term appreciation, either through controlling ownership of a company or strategic minority positions. KKR also manages and sponsors a group of funds and co-investment vehicles that invest capital in real assets, such as infrastructure, energy and real estate. These funds, vehicles and accounts are managed by Kohlberg Kravis Roberts & Co. L.P., an SEC registered investment adviser. Public Markets KKR operates and reports its combined credit and hedge funds businesses through the Public Markets segment. KKR’s credit business advises funds, CLOs, separately managed accounts, and investment companies registered under the Investment Company Act, including a business development company or BDC, undertakings for collective investment in transferable securities or UCITS, and alternative investment funds or AIFs, which invest capital in (i) leveraged credit strategies, such as leveraged loans, high yield bonds and opportunistic credit, and (ii) alternative credit strategies such as mezzanine investments, direct lending investments, special situations investments, and long/short credit investment strategies. The funds, accounts, registered investment companies and CLOs in KKR's leveraged credit and alternative credit strategies are managed by KKR Credit Advisors (US) LLC (formerly known as KKR Asset Management LLC), which is an SEC-registered investment adviser, KKR Credit Advisors (Ireland), regulated by the Central Bank of Ireland, and KKR Credit Advisors (UK) LLP, regulated by the United Kingdom Financial Conduct Authority or FCA. KKR’s Public Markets segment also includes its hedge funds business that offers a variety of investment strategies including customized hedge fund portfolios, hedge fund-of-fund solutions and acquiring stakes in or seeding hedge fund managers. The funds and accounts in KKR's hedge fund business is managed by Prisma Capital Partners LP (KKR Prisma or Prisma), an SEC-registered investment adviser. Capital Markets The Capital Markets segment is comprised primarily of KKR’s global capital markets business. KKR’s capital markets business supports the firm, portfolio companies, and third-party clients by developing and implementing both traditional and non-traditional capital solutions for investments or companies seeking financing. These services include arranging debt and equity financing for transactions, placing and underwriting securities offerings and providing other types of capital markets services. When KKR underwrites an offering of securities or a loan on a firm commitment basis, KKR commits to buy and sell an issue of securities or indebtedness and generate revenue by purchasing the securities or indebtedness at a discount or for a fee. When KKR acts in an agency capacity, KKR generates revenue for arranging financing or placing securities or debt with capital markets investors. KKR Capital Markets LLC is an SEC-registered broker-dealer and a FINRA member, and KKR is also registered or authorized to carry out certain broker-dealer activities in various countries in North America, Europe, Asia-Pacific and the Middle East. KKR’s third party capital markets activities are generally carried out through Merchant Capital Solutions LLC, a joint venture with one other unaffiliated partner, and non-bank financial companies, or NBFCs, in India. KKR earns the majority of its fees from subsidiaries located in the United States. Key Performance Measure - Economic Net Income (“ENI”) ENI is used by management in making operating and resource deployment decisions as well as assessing the overall performance of each of KKR’s reportable business segments. The reportable segments for KKR’s business are presented prior to giving effect to the allocation of income (loss) between KKR & Co. L.P. and KKR Holdings and as such represents the business in total. In addition, KKR’s reportable segments are presented without giving effect to the consolidation of the funds that KKR manages. ENI is a measure of profitability for KKR’s reportable segments and is used by management as an alternative measurement of the operating and investment earnings of KKR and its business segments. ENI is comprised of total segment revenues; less total segment expenses and certain economic interests in KKR’s segments held by third parties. ENI differs from net income (loss) on a GAAP basis as a result of: (i) the inclusion of management fees earned from consolidated funds that were eliminated in consolidation; (ii) the exclusion of fees and expenses of certain consolidated entities; (iii) the exclusion of charges relating to the amortization of intangible assets; (iv) the exclusion of non-cash equity-based charges and other non-cash compensation charges borne by KKR Holdings or incurred under the Equity Incentive Plan and other securities that are exchangeable for common units of KKR & Co. L.P.; (v) the exclusion of certain non-recurring items; (vi) the exclusion of investment income (loss) relating to noncontrolling interests; and (vii) the exclusion of income taxes. The following tables present the financial data for KKR’s reportable segments: As of and for the Three Months Ended June 30, 2015 Private Markets Public Markets Capital Markets Total Reportable Segments Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 115,346 $ 66,055 $ — $ 181,401 Monitoring Fees 47,713 — — 47,713 Transaction Fees 40,321 3,873 48,757 92,951 Fee Credits (1) (53,286 ) (3,172 ) — (56,458 ) Total Management, Monitoring and Transaction Fees, Net 150,094 66,756 48,757 265,607 Performance Income Realized Carried Interest 243,274 8,953 — 252,227 Incentive Fees — 5,893 — 5,893 Unrealized Carried Interest 312,379 27,987 — 340,366 Total Performance Income 555,653 42,833 — 598,486 Investment Income (Loss) Net Realized Gains (Losses) 145,817 31,192 (749 ) 176,260 Net Unrealized Gains (Losses) 145,094 (11,988 ) (1,122 ) 131,984 Total Realized and Unrealized 290,911 19,204 (1,871 ) 308,244 Net Interest and Dividends 8,234 59,390 7,782 75,406 Total Investment Income (Loss) 299,145 78,594 5,911 383,650 Total Segment Revenues 1,004,892 188,183 54,668 1,247,743 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 65,939 22,785 10,147 98,871 Realized Allocation to Carry Pool (2) 97,310 3,581 — 100,891 Unrealized Allocation to Carry Pool (2) 125,371 11,195 — 136,566 Total Compensation and Benefits 288,620 37,561 10,147 336,328 Occupancy and Related Charges 11,832 2,977 666 15,475 Other Operating Expenses 38,125 10,617 2,871 51,613 Total Segment Expenses 338,577 51,155 13,684 403,416 Income (Loss) attributable to noncontrolling interests (3) 143 478 3,762 4,383 Economic Net Income (Loss) $ 666,172 $ 136,550 $ 37,222 $ 839,944 Total Assets $ 8,395,916 $ 4,245,520 $ 1,733,437 $ 14,374,873 (1) KKR’s agreements with the fund investors of certain of its investment funds require KKR to share with these fund investors an agreed upon percentage of certain fees, including monitoring and transaction fees received from portfolio companies (“Fee Credits”). Fund investors receive Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund’s investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain fund-related expenses and generally amount to 80% or 100% of allocable monitoring and transaction fees after fund-related expenses are recovered, although the actual percentage may vary from fund to fund as well as among different classes of investors within a fund. (2) With respect to KKR’s active and future investment funds and co-investment vehicles that provide for carried interest, KKR allocates to its principals, other professionals and selected other individuals a portion of the carried interest earned in relation to these funds as part of its carry pool. (3) Represents economic interests that (i) allocate to third parties an aggregate of 1% of profits and losses of KKR’s management companies until a future date and (ii) allocate to third party investors certain profits and losses in KKR’s Capital Markets segment. As of and for the Three Months Ended June 30, 2014 Private Markets Public Markets Capital Markets Total Reportable Segments Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 111,542 $ 67,132 $ — $ 178,674 Monitoring Fees 29,610 — — 29,610 Transaction Fees 45,340 7,350 31,615 84,305 Fee Credits (1) (43,478 ) (6,352 ) — (49,830 ) Total Management, Monitoring and Transaction Fees, Net 143,014 68,130 31,615 242,759 Performance Income Realized Carried Interest 555,488 — — 555,488 Incentive Fees — 11,478 — 11,478 Unrealized Carried Interest (163,564 ) 25,738 — (137,826 ) Total Performance Income 391,924 37,216 — 429,140 Investment Income (Loss) Net Realized Gains (Losses) 207,892 14,284 (515 ) 221,661 Net Unrealized Gains (Losses) (122,729 ) 3,751 (957 ) (119,935 ) Total Realized and Unrealized 85,163 18,035 (1,472 ) 101,726 Net Interest and Dividends 22,760 33,822 3,850 60,432 Total Investment Income (Loss) 107,923 51,857 2,378 162,158 Total Segment Revenues 642,861 157,203 33,993 834,057 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 56,522 26,904 8,018 91,444 Realized Allocation to Carry Pool (2) 222,195 — — 222,195 Unrealized Allocation to Carry Pool (2) (63,730 ) 10,295 — (53,435 ) Total Compensation and Benefits 214,987 37,199 8,018 260,204 Occupancy and Related Charges 11,764 2,544 449 14,757 Other Operating Expenses 39,589 11,474 3,248 54,311 Total Segment Expenses 266,340 51,217 11,715 329,272 Income (Loss) attributable to noncontrolling interests (3) 335 385 2,486 3,206 Economic Net Income (Loss) $ 376,186 $ 105,601 $ 19,792 $ 501,579 Total Assets $ 7,628,969 $ 4,387,413 $ 1,437,824 $ 13,454,206 (1) KKR’s agreements with the fund investors of certain of its investment funds require KKR to share with these fund investors an agreed upon percentage of certain fees, including monitoring and transaction fees received from portfolio companies (“Fee Credits”). Fund investors receive Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund’s investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain fund-related expenses and generally amount to 80% or 100% of allocable monitoring and transaction fees after fund-related expenses are recovered, although the actual percentage may vary from fund to fund as well as among different classes of investors within a fund. (2) With respect to KKR’s active and future investment funds and co-investment vehicles that provide for carried interest, KKR allocates to its principals, other professionals and selected other individuals a portion of the carried interest earned in relation to these funds as part of its carry pool. (3) Represents economic interests that (i) allocate to third parties an aggregate of 1% of profits and losses of KKR’s management companies until a future date and (ii) allocate to third party investors certain profits and losses in KKR’s Capital Markets segment. As of and for the Six Months Ended June 30, 2015 Private Markets Public Markets Capital Markets Total Reportable Segments Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 224,622 $ 130,559 $ — $ 355,181 Monitoring Fees 145,551 — — 145,551 Transaction Fees 86,920 17,303 92,014 196,237 Fee Credits (1) (123,192 ) (13,760 ) — (136,952 ) Total Management, Monitoring and Transaction Fees, Net 333,901 134,102 92,014 560,017 Performance Income Realized Carried Interest 545,699 8,953 — 554,652 Incentive Fees — 11,558 — 11,558 Unrealized Carried Interest 439,316 40,334 — 479,650 Total Performance Income 985,015 60,845 — 1,045,860 Investment Income (Loss) Net Realized Gains (Losses) 329,081 31,876 (4,030 ) 356,927 Net Unrealized Gains (Losses) 224,457 (99,865 ) (3,329 ) 121,263 Total Realized and Unrealized 553,538 (67,989 ) (7,359 ) 478,190 Net Interest and Dividends 403 111,262 14,416 126,081 Total Investment Income (Loss) 553,941 43,273 7,057 604,271 Total Segment Revenues 1,872,857 238,220 99,071 2,210,148 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 139,906 46,790 19,202 205,898 Realized Allocation to Carry Pool (2) 218,280 3,581 — 221,861 Unrealized Allocation to Carry Pool (2) 176,064 16,133 — 192,197 Total Compensation and Benefits 534,250 66,504 19,202 619,956 Occupancy and Related Charges 22,848 6,099 1,324 30,271 Other Operating Expenses 80,241 25,571 6,747 112,559 Total Segment Expenses 637,339 98,174 27,273 762,786 Income (Loss) attributable to noncontrolling interests (3) 862 653 6,490 8,005 Economic Net Income (Loss) $ 1,234,656 $ 139,393 $ 65,308 $ 1,439,357 Total Assets $ 8,395,916 $ 4,245,520 $ 1,733,437 $ 14,374,873 (1) KKR’s agreements with the fund investors of certain of its investment funds require KKR to share with these fund investors an agreed upon percentage of certain fees, including monitoring and transaction fees received from portfolio companies (“Fee Credits”). Fund investors receive Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund’s investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain fund-related expenses and generally amount to 80% or 100% of allocable monitoring and transaction fees after fund-related expenses are recovered, although the actual percentage may vary from fund to fund as well as among different classes of investors within a fund. (2) With respect to KKR’s active and future investment funds and co-investment vehicles that provide for carried interest, KKR allocates to its principals, other professionals and selected other individuals a portion of the carried interest earned in relation to these funds as part of its carry pool. (3) Represents economic interests that (i) allocate to third parties an aggregate of 1% of profits and losses of KKR’s management companies until a future date and (ii) allocate to third party investors certain profits and losses in KKR’s Capital Markets segment. As of and for the Six Months Ended June 30, 2014 Private Markets Public Markets Capital Markets Total Reportable Segments Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 234,581 $ 139,486 $ — $ 374,067 Monitoring Fees 65,973 — — 65,973 Transaction Fees 138,360 13,372 96,089 247,821 Fee Credits (1) (123,816 ) (10,682 ) — (134,498 ) Total Management, Monitoring and Transaction Fees, Net 315,098 142,176 96,089 553,363 Performance Income Realized Carried Interest 724,288 24,750 — 749,038 Incentive Fees — 28,497 — 28,497 Unrealized Carried Interest (17,788 ) 25,609 — 7,821 Total Performance Income 706,500 78,856 — 785,356 Investment Income (Loss) Net Realized Gains (Losses) 384,090 19,763 (464 ) 403,389 Net Unrealized Gains (Losses) (52,056 ) 18,565 (685 ) (34,176 ) Total Realized and Unrealized 332,034 38,328 (1,149 ) 369,213 Net Interest and Dividends 19,952 43,399 8,245 71,596 Total Investment Income (Loss) 351,986 81,727 7,096 440,809 Total Segment Revenues 1,373,584 302,759 103,185 1,779,528 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 123,420 53,649 23,290 200,359 Realized Allocation to Carry Pool (2) 289,715 9,900 — 299,615 Unrealized Allocation to Carry Pool (2) (4,987 ) 10,242 — 5,255 Total Compensation and Benefits 408,148 73,791 23,290 505,229 Occupancy and Related Charges 23,324 4,716 906 28,946 Other Operating Expenses 79,648 19,981 7,483 107,112 Total Segment Expenses 511,120 98,488 31,679 641,287 Income (Loss) attributable to noncontrolling interests (3) 850 907 4,651 6,408 Economic Net Income (Loss) $ 861,614 $ 203,364 $ 66,855 $ 1,131,833 Total Assets $ 7,628,969 $ 4,387,413 $ 1,437,824 $ 13,454,206 (1) KKR’s agreements with the fund investors of certain of its investment funds require KKR to share with these fund investors an agreed upon percentage of certain fees, including monitoring and transaction fees received from portfolio companies (“Fee Credits”). Fund investors receive Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund’s investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain fund-related expenses and generally amount to 80% or 100% of allocable monitoring and transaction fees after fund-related expenses are recovered, although the actual percentage may vary from fund to fund as well as among different classes of investors within a fund. (2) With respect to KKR’s active and future investment funds and co-investment vehicles that provide for carried interest, KKR allocates to its principals, other professionals and selected other individuals a portion of the carried interest earned in relation to these funds as part of its carry pool. (3) Represents economic interests that (i) allocate to third parties an aggregate of 1% of profits and losses of KKR’s management companies until a future date and (ii) allocate to third party investors certain profits and losses in KKR’s Capital Markets segment. The following tables reconcile KKR’s total reportable segments to the most directly comparable financial measures calculated and presented in accordance with GAAP: Fees Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Total Segment Revenues $ 1,247,743 $ 834,057 $ 2,210,148 $ 1,779,528 Management fees relating to consolidated funds and other entities (129,864 ) (119,991 ) (255,439 ) (265,199 ) Fee credits relating to consolidated funds 53,738 45,367 126,687 125,459 Net realized and unrealized carried interest (592,593 ) (417,662 ) (1,034,302 ) (756,859 ) Total investment income (loss) (383,650 ) (162,158 ) (604,271 ) (440,809 ) Revenue earned by oil & gas producing entities 35,700 56,208 60,644 73,989 Reimbursable expenses 17,542 9,454 27,320 25,440 Other 7,258 4,095 16,432 10,747 Fees and Other $ 255,874 $ 249,370 $ 547,219 $ 552,296 Expenses Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Total Segment Expenses $ 403,416 $ 329,272 $ 762,786 $ 641,287 Equity based compensation 69,478 92,957 146,028 170,485 Reimbursable expenses 26,547 13,580 46,406 32,492 Operating expenses relating to consolidated funds and other entities 11,082 25,654 22,052 53,317 Expenses incurred by oil & gas producing entities 26,053 39,187 47,131 50,171 Intangible amortization, acquisition, litigation and certain non- recurring costs 6,051 71,608 21,522 85,497 Other 11,550 13,067 23,285 25,247 Total Expenses $ 554,177 $ 585,325 $ 1,069,210 $ 1,058,496 Income (Loss) Before Taxes Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Economic net income $ 839,944 $ 501,579 $ 1,439,357 $ 1,131,833 Income taxes (30,547 ) (6,176 ) (46,685 ) (27,878 ) Amortization of intangibles and other, net (37,910 ) (37,455 ) (35,120 ) (57,624 ) Equity based compensation (69,478 ) (92,957 ) (146,028 ) (170,485 ) Net income (loss) attributable to noncontrolling interests held by KKR Holdings (325,703 ) (186,776 ) (564,711 ) (487,590 ) Net income (loss) attributable to KKR & Co. L.P. $ 376,306 $ 178,215 $ 646,813 $ 388,256 Net income (loss) attributable to noncontrolling interests and appropriated capital 2,930,453 1,881,090 4,601,022 3,664,578 Net income (loss) attributable to redeemable noncontrolling interests (891 ) (6,809 ) 1,042 3,828 Income taxes 30,547 6,176 46,685 27,878 Income (loss) before taxes $ 3,336,415 $ 2,058,672 $ 5,295,562 $ 4,084,540 The items that reconcile KKR’s total reportable segments to the corresponding condensed consolidated amounts calculated and presented in accordance with GAAP for net income (loss) attributable to redeemable noncontrolling interests and income (loss) attributable to noncontrolling interests and appropriated capital are primarily attributable to the impact of the consolidation of KKR's funds and certain other entities. Assets As of June 30, 2015 As of June 30, 2014 Total Segment Assets $ 14,374,873 $ 13,454,206 Consolidation of KKR Funds, CFEs and other entities 57,260,481 51,973,127 Accounting basis difference for oil & natural gas properties 58,343 206,984 Total Assets $ 71,693,697 $ 65,634,317

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS Acquisition of KFN On April 30, 2014, KKR completed its acquisition of KFN by merger (the “Merger”) contemplated by an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which KFN became a subsidiary of KKR. KFN is a specialty finance company with expertise in a range of asset classes in which it invests, consisting primarily of corporate loans, also known as leveraged loans, high yield debt securities, interests in joint ventures and partnerships, and royalty interest in oil and gas properties. The addition of KFN provided KKR with over $2 billion of permanent equity capital to support the continued growth of its business. The total consideration paid was approximately $2.4 billion consisting entirely of the issuance of 104.3 million KKR common units as follows (amounts in thousands except unit data): Number of KKR common units issued 104,340,028 KKR common unit price on April 30, 2014 $ 22.71 Estimated fair value of KKR common units issued $ 2,369,559 The following is a summary of the estimated fair values of the assets acquired and liabilities as of April 30, 2014, the date they were assumed (amounts in thousands): Cash and cash equivalents $ 210,413 Cash and cash equivalents held at consolidated entities 614,929 Restricted cash and cash equivalents 35,038 Investments 1,235,813 Investments of consolidated CLOs 6,742,768 Other assets 642,721 Other assets of consolidated CLOs 133,036 Total assets 9,614,718 Debt obligations 724,509 Debt obligations of consolidated CLOs 5,663,666 Accounts payable, accrued expenses and other liabilities 118,427 Other liabilities of consolidated CLOs 344,660 Total liabilities 6,851,262 Noncontrolling interests 378,983 Fair value of Net Assets Acquired 2,384,473 Less: Fair value of consideration transferred 2,369,559 Gain on acquisition $ 14,914 As of April 30, 2014, the fair value of the net assets acquired exceeded the fair value of consideration transferred by approximately $14.9 million and relates primarily to the difference between the fair value of the assets and liabilities of CLOs consolidated by KFN. This amount has been recorded in net gains (losses) from investment activities in the condensed consolidated statements of operations. On a segment basis, the financial results of KFN are included within each of the Private Markets segment, Public Markets segment and Capital Markets segment, based on the character of each asset of KFN. KKR incurred $8.3 million of acquisition related costs through the date of closing, which were expensed as incurred and are reflected within General, Administrative and Other. Acquisition of Avoca Capital On February 19, 2014, KKR closed its acquisition of 100% of the equity interests of Avoca Capital and its affiliates (“Avoca”). Avoca, now renamed KKR Credit Advisors (Ireland), was a European credit investment manager with approximately $8.2 billion in assets under management at the time of acquisition. The addition of Avoca provided KKR with a greater presence in the European leveraged credit markets. The total consideration included $83.3 million in cash and $56.5 million in securities of a subsidiary of a KKR Group Partnership and of KKR & Co. L.P. that are exchangeable into approximately 2.4 million KKR & Co. L.P. common units, at any time, at the election of the holders of the securities. In connection with this transaction, there is no contingent consideration payable in the future. The following is a summary of the estimated fair values of the assets acquired and liabilities as of February 19, 2014, the date they were assumed: Cash and cash equivalents $ 24,381 Investments 20,905 Investments of consolidated CLOs 1,226,174 Other assets of consolidated CLOs 186,609 Other assets 7,370 Intangible assets 65,880 Total assets 1,531,319 Liabilities 13,584 Debt obligations of consolidated CLOs 1,150,551 Other liabilities of consolidated CLOs 140,308 Total liabilities 1,304,443 Fair Value of Net Assets Acquired 226,876 Less: Fair value of subordinated notes of consolidated CLOs held by KKR prior to acquisition (a) 74,029 Less: Fair value of consideration transferred 139,798 Gain on acquisition $ 13,049 (a) Represents subordinated notes in one of the consolidated CLOs held by KKR prior to the acquisition of Avoca. Upon acquisition of Avoca, KKR’s investment in the subordinated notes was offset against the corresponding debt obligations of the consolidated CLO in purchase accounting. As of February 19, 2014, the fair value of the net assets acquired exceeded the fair value of consideration transferred by approximately $13.0 million and relates primarily to the difference between the fair value of the assets and liabilities of CLOs required to be consolidated in connection with the Avoca transaction. This amount has been recorded in net gains (losses) from investment activities in the condensed consolidated statements of operations. On a segment basis, the financial results of Avoca are included within the Public Markets segment. KKR incurred $4.4 million of acquisition related costs through the date of closing, which were expensed as incurred and are reflected within General, Administrative and Other.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill Goodwill from the acquisition of Prisma represents the excess of acquisition costs over the fair value of net tangible and intangible assets acquired and is primarily attributed to synergies expected to arise after the acquisition of Prisma. The carrying value of goodwill was $89.0 million as of June 30, 2015 and December 31, 2014 , and is recorded within Other Assets on the condensed consolidated statements of financial condition. Goodwill has been allocated entirely to the Public Markets segment. As of June 30, 2015 , the fair value of KKR’s reporting units substantially exceeded their respective carrying values. All of the goodwill is currently expected to be deductible for tax purposes. See Note 7 “Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities.” Intangible Assets Intangible Assets, Net consists of the following: As of June 30, 2015 December 31, 2014 Finite-Lived Intangible Assets $ 284,766 $ 284,766 Accumulated Amortization (includes foreign exchange) (93,387 ) (75,564 ) Intangible Assets, Net $ 191,379 $ 209,202 Changes in Intangible Assets, Net consists of the following: Six Months Ended Balance, Beginning of Period $ 209,202 Amortization Expense (13,511 ) Foreign Exchange (4,312 ) Balance, End of Period $ 191,379

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Debt Covenants Borrowings of KKR contain various debt covenants. These covenants do not, in management’s opinion, materially restrict KKR’s operating business or investment strategies. KKR is in compliance with its debt covenants in all material respects as of June 30, 2015 . Investment Commitments As of June 30, 2015 , KKR had unfunded commitments consisting of (i) $1,267.5 million to its active private equity and other investment vehicles and (ii) $185.0 million in connection with commitments by KKR’s capital markets business, (iii) $128.6 million relating to Merchant Capital Solutions LLC and (iv) other investment commitments of $156.4 million . Whether these amounts are actually funded, in whole or in part depends on the terms of such commitments, including the satisfaction or waiver of any conditions to funding. Contingent Repayment Guarantees The partnership documents governing KKR’s carry—paying funds, including funds relating to private equity, mezzanine, infrastructure, energy, real estate, direct lending and special situations investments, generally include a “clawback” provision that, if triggered, may give rise to a contingent obligation requiring the general partner to return amounts to the fund for distribution to the fund investors at the end of the life of the fund. Under a clawback obligation, upon the liquidation of a fund, the general partner is required to return, typically on an after-tax basis, previously distributed carry to the extent that, due to the diminished performance of later investments, the aggregate amount of carry distributions received by the general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled, including the effects of any performance thresholds. Excluding carried interest received by the general partners of funds that were not contributed to KKR in the acquisition of the assets and liabilities of KKR & Co. (Guernsey) L.P. (formerly known as KKR Private Equity Investors, L.P.) on October 1, 2009 (the “KPE Transaction”), as of June 30, 2015 , no carried interest was subject to this clawback obligation, assuming that all applicable carry paying funds were liquidated at their June 30, 2015 fair values. Had the investments in such funds been liquidated at zero value, the clawback obligation would have been $2,432.9 million . Carried interest is recognized in the statement of operations based on the contractual conditions set forth in the agreements governing the fund as if the fund were terminated and liquidated at the reporting date and the fund’s investments were realized at the then estimated fair values. Amounts earned pursuant to carried interest are earned by the general partner of those funds to the extent that cumulative investment returns are positive and where applicable, preferred return thresholds have been met. If these investment amounts earned decrease or turn negative in subsequent periods, recognized carried interest will be reversed and to the extent that the aggregate amount of carry distributions received by the general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled, a clawback obligation would be recorded. For funds that are consolidated, this clawback obligation, if any, is reflected as an increase in noncontrolling interests in the condensed consolidated statements of financial condition. For funds that are not consolidated, this clawback obligation, if any, is reflected as a reduction of KKR’s investment balance as this is where carried interest is initially recorded. Certain private equity funds that were contributed to KKR in the KPE Transaction in 2009 also include a “net loss sharing provision.” Upon the liquidation of an investment vehicle to which a net loss sharing obligation applies, the general partner is required to contribute capital to the vehicle, to fund 20% of the net losses on investments. In these vehicles, such losses would be required to be paid by KKR to the fund investors in those vehicles in the event of a liquidation of the fund regardless of whether any carried interest had previously been distributed, and a greater share of investment losses would be allocable to KKR relative to the capital that KKR contributed to it as general partner. Based on the fair market values as of June 30, 2015 , there would have been no net loss sharing obligation. If the vehicles were liquidated at zero value, the net loss sharing obligation would have been approximately $92.4 million as of June 30, 2015 . Prior to the KPE Transaction in 2009, certain principals who received carried interest distributions with respect to certain private equity funds contributed to KKR had personally guaranteed, on a several basis and subject to a cap, the contingent obligations of the general partners of such private equity funds to repay amounts to fund investors pursuant to the general partners’ clawback obligations. The terms of the KPE Transaction require that principals remain responsible for any clawback obligations relating to carry distributions received prior to the KPE Transaction, up to a maximum of $223.6 million . Through investment realizations, KKR's potential exposure has been reduced to $172.1 million as of June 30, 2015 . Using valuations as of June 30, 2015 , no amounts are due with respect to the clawback obligation required to be funded by principals. Carry distributions arising subsequent to the KPE Transaction may give rise to clawback obligations that may be allocated generally to KKR and persons who participate in the carry pool. Unlike the clawback obligation, KKR will be responsible for all amounts due under a net loss sharing obligation and will indemnify principals for any personal guarantees that they have provided with respect to such amounts. In addition, guarantees of or similar arrangements relating to clawback or net loss sharing obligations in favor of third party investors in an individual investment partnership by entities KKR owns may limit distributions of carried interest more generally. Indemnifications In the normal course of business, KKR enters into contracts that contain a variety of representations and warranties that provide general indemnifications and other indemnities relating to contractual performance. In addition, certain of KKR’s consolidated funds and KFN have provided certain indemnities relating to environmental and other matters and has provided nonrecourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, each in connection with the financing of certain real estate investments that KKR has made. KKR’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against KKR that have not yet occurred. However, based on experience, KKR expects the risk of material loss to be low. Litigation From time to time, KKR is involved in various legal proceedings, lawsuits and claims incidental to the conduct of KKR’s business. KKR’s business is also subject to extensive regulation, which may result in regulatory proceedings against it. On May 23, 2011, KKR, certain KKR affiliates and the board of directors of Primedia Inc. (a former KKR portfolio company whose directors at that time included certain KKR personnel) were named as defendants, along with others, in two shareholder class action complaints filed in the Court of Chancery of the State of Delaware challenging the sale of Primedia in a merger transaction that was completed on July 13, 2011. These actions allege, among other things, that Primedia board members, KKR, and certain KKR affiliates, breached their fiduciary duties by entering into the merger agreement at an unfair price and failing to disclose all material information about the merger. Plaintiffs also allege that the merger price was unfair in light of the value of certain shareholder derivative claims, which were dismissed on August 8, 2011, based on a stipulation by the parties that the derivative plaintiffs and any other former Primedia shareholders lost standing to prosecute the derivative claims on behalf of Primedia when the Primedia merger was completed. The dismissed shareholder derivative claims included allegations concerning open market purchases of certain shares of Primedia’s preferred stock by KKR affiliates in 2002 and allegations concerning Primedia’s redemption of certain shares of Primedia’s preferred stock in 2004 and 2005, some of which were owned by KKR affiliates. With respect to the pending shareholder class actions challenging the Primedia merger, on June 7, 2011, the Court of Chancery denied a motion to preliminarily enjoin the merger. On July 18, 2011, the Court of Chancery consolidated the two pending shareholder class actions and appointed lead counsel for plaintiffs. On October 7, 2011, defendants moved to dismiss the operative complaint in the consolidated shareholder class action. The operative complaint seeks, in relevant part, unspecified monetary damages and rescission of the merger. On December 2, 2011, plaintiffs filed a consolidated amended complaint, which similarly alleges that the Primedia board members, KKR, and certain KKR affiliates breached their respective fiduciary duties by entering into the merger agreement at an unfair price in light of the value of the dismissed shareholder derivative claims. That amended complaint seeks an unspecified amount of monetary damages. On January 31, 2012, defendants moved to dismiss the amended complaint. On May 10, 2013, the Court of Chancery denied the motion to dismiss the complaint as it relates to the Primedia board members, KKR and certain KKR affiliates. On July 1, 2013, KKR and other defendants filed a motion for judgment on the pleadings on the grounds that plaintiff’s claims were barred by the statute of limitations. On December 20, 2013, the Court of Chancery granted the motion in part and denied the motion in part. On March 6, 2015, KKR entered into a definitive agreement to settle all claims without the admission of wrongdoing, which was approved by the Court of Chancery on May 26, 2015. The settlement also operates to release all claims in the two shareholder class actions filed in Georgia state courts that are discussed below. The amount paid pursuant to the settlement did not have a material effect on KKR's financial results. Additionally, in May 2011, two shareholder class actions challenging the Primedia merger were filed in Georgia state courts, asserting similar allegations and seeking similar relief as initially sought by the Delaware shareholder class actions above. Both Georgia actions have been stayed in favor of the Delaware action. From December 19, 2013 to January 31, 2014, multiple putative class action lawsuits were filed in the Superior Court of California, County of San Francisco, the United States District Court of the District of Northern California, and the Court of Chancery of the State of Delaware by KFN shareholders against KFN, individual members of KFN’s board of directors, KKR, and certain of KKR’s affiliates in connection with KFN’s entry into a merger agreement pursuant to which it would become a subsidiary of KKR. The merger transaction was completed on April 30, 2014. The actions filed in California state court were consolidated, and prior to the filing or designation of an operative complaint for the consolidated action, the consolidated action was voluntarily dismissed without prejudice on December 1, 2014. The complaint filed in the California federal court action, which was never served on the defendants, was voluntarily dismissed without prejudice on May 6, 2014. Two of the Delaware actions were voluntarily dismissed without prejudice, and the remaining Delaware actions were consolidated. On February 21, 2014, a consolidated complaint was filed in the consolidated Delaware action which all defendants moved to dismiss on March 7, 2014. On October 14, 2014, the Delaware Court of Chancery granted defendants’ motions to dismiss with prejudice. On November 13, 2014, plaintiffs filed a notice of appeal in the Supreme Court of the State of Delaware, the oral argument for which is scheduled for September 16, 2015. The consolidated complaint in the Delaware action alleges that the members of the KFN board of directors breached fiduciary duties owed to KFN shareholders by approving the proposed transaction for inadequate consideration; approving the proposed transaction in order to obtain benefits not equally shared by other KFN shareholders; entering into the merger agreement containing preclusive deal protection devices; and failing to take steps to maximize the value to be paid to the KFN shareholders. The Delaware action also alleges that KKR, and certain of KKR’s affiliates, aided and abetted the alleged breaches of fiduciary duties and that KKR is a controlling shareholder of KFN by means of a management agreement between KFN and KKR Financial Advisors LLC, a subsidiary of KKR, and KKR breached a fiduciary duty it allegedly owed to KFN shareholders by causing KFN to enter into the merger agreement. The relief sought in the Delaware action includes, among other things, declaratory relief concerning the alleged breaches of fiduciary duties, compensatory damages, attorneys’ fees and costs, and other relief. KKR currently is and expects to continue to become, from time to time, subject to examinations, inquiries and investigations by various U.S. and non U.S. governmental and regulatory agencies, including but not limited to the U.S. Securities and Exchange Commission, or SEC, Department of Justice, state attorney generals, Financial Industry Regulatory Authority, or FINRA, and the U.K. Financial Conduct Authority. Such examinations, inquiries and investigations may result in the commencement of civil, criminal or administrative proceedings against KKR or its personnel. On June 29, 2015, KKR settled the previously disclosed inquiry by the SEC relating to the allocation of certain categories of expenses between KKR's flagship private equity funds and co-investment and employee vehicles that invested alongside those private equity funds during the period 2006 to 2011. The amounts paid and to be paid pursuant to the settlement are not expected to have a material effect on KKR's financial results. Moreover, in the ordinary course of business, KKR is and can be both the defendant and the plaintiff in numerous lawsuits with respect to acquisitions, bankruptcy, insolvency and other types of proceedings. Such lawsuits may involve claims that adversely affect the value of certain investments owned by KKR’s funds. KKR establishes an accrued liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. No loss contingency is recorded for matters where such losses are either not probable or reasonably estimable (or both) at the time of determination. Such matters are subject to many uncertainties, including among others (i) the proceedings are in early stages; (ii) damages sought are unspecified, unsupportable, unexplained or uncertain; (iii) discovery has not been started or is incomplete; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; or (vi) there are novel legal issues or unsettled legal theories to be presented or a large number of parties. Consequently, management is unable to estimate a range of potential loss, if any, related to these matters. In addition, loss contingencies may be, in part or in whole, subject to insurance or other payments such as contributions and/or indemnity, which may reduce any ultimate loss. For these matters described above for which a loss is both probable and reasonably estimable, KKR has estimated the aggregate amount of losses attributable to KKR to be approximately $25.0 million . This estimate is subject to significant judgment and a variety of assumptions and uncertainties. Actual outcomes may vary significantly from this estimate. It is not possible to predict the ultimate outcome of all pending legal proceedings, and some of the matters discussed above seek or may seek potentially large and/or indeterminate amounts. As of such date, based on information known by management, management has not concluded that the final resolutions of the matters above will have a material effect upon the consolidated financial statements. However, given the potentially large and/or indeterminate amounts sought or may be sought in certain of these matters and the inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on KKR’s financial results in any particular period.

REGULATORY CAPITAL REQUIREMENTS

REGULATORY CAPITAL REQUIREMENTS	6 Months Ended
	Jun. 30, 2015
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS	REGULATORY CAPITAL REQUIREMENTS KKR has a registered broker-dealer subsidiary which is subject to the minimum net capital requirements of the SEC and the FINRA. Additionally, KKR entities based in London and Ireland are subject to the regulatory capital requirements of the U.K. Financial Conduct Authority and the Central Bank of Ireland, respectively. In addition, KKR has an entity based in Hong Kong which is subject to the capital requirements of the Hong Kong Securities and Futures Ordinance, an entity based in Japan subject to the capital requirements of Financial Services Authority of Japan, and two entities based in Mumbai which are subject to capital requirements of the Reserve Bank of India or RBI and the Securities and Exchange Board of India or SEBI. All of these entities have continuously operated in excess of their respective minimum regulatory capital requirements. The regulatory capital requirements referred to above may restrict KKR’s ability to withdraw capital from its registered broker-dealer entities. At June 30, 2015 , approximately $57.1 million of cash at KKR’s registered broker-dealer entities may be restricted as to the payment of cash dividends and advances to KKR.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Distribution A distribution of $0.42 per KKR & Co. L.P. common unit was announced on July 23, 2015 , and will be paid on August 18, 2015 to unitholders of record as of the close of business on August 3, 2015 . KKR Holdings will receive its pro rata share of the distribution from the KKR Group Partnerships.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of KKR & Co. L.P. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements (referred to hereafter as the “financial statements”), including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The December 31, 2014 condensed consolidated balance sheet data was derived from audited consolidated financial statements included in KKR’s Annual Report on Form 10-K for the year ended December 31, 2014 , which include all disclosures required by GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in KKR & Co. L.P.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). KKR & Co. L.P. consolidates the financial results of the KKR Group Partnerships and their consolidated subsidiaries, which include (i) the accounts of KKR’s investment management and capital markets companies, (ii) the general partners of certain unconsolidated funds and vehicles, (iii) general partners of consolidated funds and their respective consolidated funds and (iv) certain other entities including CFEs. References in the accompanying financial statements to “principals” are to KKR’s senior employees and non-employee operating consultants who hold interests in KKR’s business through KKR Holdings, and references to “Senior Principals” are to KKR’s senior employees who hold interests in the Managing Partner entitling them to vote for the election of the Managing Partner’s directors.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of fees, expenses and investment income (loss) during the reporting periods. Such estimates include but are not limited to the valuation of investments and financial instruments. Actual results could differ from those estimates, and such differences could be material to the financial statements.
Principles of Consolidation	Principles of Consolidation The types of entities KKR assesses for consolidation include (i) subsidiaries, including management companies, broker-dealers and general partners of investment funds that KKR manages, (ii) entities that have all the attributes of an investment company, like investment funds, (iii) CFEs and (iv) other entities, including entities that employ non-employee operating consultants. Each of these entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that entity. Pursuant to its consolidation policy, KKR first considers whether an entity is considered a VIE and therefore whether to apply the consolidation guidance under the VIE model. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. The consolidation rules were revised effective January 1, 2010 which had the effect of changing the criteria for determining whether a reporting entity is the primary beneficiary of a VIE. However, the adoption of these new consolidation rules was indefinitely deferred (the “Deferral”) for a reporting entity’s interests in certain entities. In particular, entities that have all the attributes of an investment company such as investment funds generally meet the conditions necessary for the Deferral. Entities that are securitization or asset-backed financing entities such as CFEs would generally not qualify for the Deferral. Accordingly, when making the assessment of whether an entity is a VIE, KKR considers whether the entity being assessed meets the conditions for the Deferral and therefore would be subject to the rules that existed prior to January 1, 2010. Under both sets of rules, VIEs for which KKR is determined to be the primary beneficiary are consolidated and such VIEs generally include certain CFEs and entities that employ non-employee operating consultants. An entity in which KKR holds a variable interest is a VIE if any one of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk (as a group) lack either the direct or indirect ability through voting rights or similar rights to make decisions about a legal entity’s activities that have a significant effect on the success of the legal entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the legal entity, their rights to receive the expected residual returns of the legal entity, or both and substantially all of the legal entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. With respect to VIEs such as KKR’s investment funds that qualify for the Deferral and therefore apply the previous consolidation rules, KKR is determined to be the primary beneficiary if its involvement, through holding interests directly or indirectly in the VIE or contractually through other variable interests (e.g., carried interest), would be expected to absorb a majority of the VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both. In cases where two or more KKR related parties hold a variable interest in a VIE, and the aggregate variable interest held by those parties would, if held by a single party, identify that party as the primary beneficiary, then KKR is determined to be the primary beneficiary to the extent it is the party within the related party group that is most closely associated with the VIE. Under the voting interest model, KKR consolidates those entities it controls through a majority voting interest or through other means, including those VOEs in which the general partner is presumed to have control. KKR does not consolidate those VOEs in which the presumption of control by the general partner has been overcome through either the granting of substantive rights to the unaffiliated fund investors to either dissolve the fund or remove the general partner (“kick-out rights”) or the granting of substantive participating rights. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE depends on the facts and circumstances surrounding each entity and therefore certain of KKR’s investment funds may qualify as VIEs whereas others may qualify as VOEs. With respect to KKR’s consolidated funds that are not CFEs, KKR meets the criteria for the Deferral and therefore applies the consolidation rules that existed prior to January 1, 2010. For these funds, KKR generally has operational discretion and control, and fund investors have no substantive rights to impact ongoing governance and operating activities of the fund, including the ability to remove the general partner, also known as kick-out rights. As a result, a fund should be consolidated unless KKR has a nominal level of equity at risk. To the extent that KKR commits a nominal amount of equity to a given fund and has no obligation to fund any future losses, the equity at risk to KKR is not considered substantive and the fund is typically considered a VIE. In these cases, the fund investors are generally deemed to be the primary beneficiaries, and KKR does not consolidate the fund. In cases when KKR’s equity at risk is deemed to be substantive, the fund is generally considered to be a VOE and KKR generally consolidates the fund under the VOE model. With respect to CFEs, which are generally VIEs, the criteria for the Deferral are not met and therefore KKR applies the consolidation rules issued on January 1, 2010. With respect to CLOs, in its role as collateral manager, KKR generally has the power to direct the activities of the CLO entities that most significantly impact the economic performance of the entity. In some, but not all cases, KKR, through both its residual interest in the CLO and the potential to earn an incentive fee, may have variable interests that represent an obligation to absorb losses of, or a right to receive benefits from, the CLO that could potentially be significant to the CLO. In cases where KKR has both (a) the power to direct the activities of the CLO that most significantly impact the CLOs economic performance and (b) the obligation to absorb losses of the CLO or the right to receive benefits from the CLO that could potentially be significant to the CLO, KKR consolidates the CLO. With respect to CMBS vehicles, KKR holds the residual interest in the CMBS and generally has the right to unilaterally name and remove the special servicer for the CMBS. These rights give KKR the ability to direct activities that could most significantly impact the economic performance of the CMBS. In some, but not all cases, KKR through its interest in the CMBS, may have a variable interest that represents an obligation to absorb losses of, or a right to receive benefits from, the CMBS that could potentially be significant to the CMBS. In cases where KKR has both (a) the power to direct the activities of the CMBS that most significantly impact the economic performance of the CMBS and (b) the obligation to absorb losses of the CMBS or the right to receive benefits from the CMBS that could potentially be significant to the CMBS, KKR consolidates the CMBS. Certain of KKR’s funds and CFEs are consolidated by KKR notwithstanding the fact that KKR has only a minority economic interest in those funds and CFEs. KKR’s financial statements reflect the assets, liabilities, fees, expenses, investment income (loss) and cash flows of the consolidated KKR funds and CFEs on a gross basis. With respect to KKR's consolidated funds, the majority of the economic interests in those funds, which are held by fund investors or other third parties, are attributed to noncontrolling interests in the accompanying financial statements. All of the management fees and certain other amounts earned by KKR from those funds are eliminated in consolidation. However, because the eliminated amounts are earned from and funded by noncontrolling interests, KKR’s attributable share of the net income (loss) from those funds is increased by the amounts eliminated. Accordingly, the elimination in consolidation of such amounts has no effect on net income (loss) attributable to KKR or KKR partners’ capital. With respect to consolidated CFEs, interests held by third party investors are recorded in debt obligations. KKR’s funds are, for GAAP purposes, investment companies and therefore are not required to consolidate their investments in portfolio companies even if majority-owned and controlled. Rather, the consolidated funds and vehicles reflect their investments at fair value as described below in “Fair Value Measurements”. All intercompany transactions and balances have been eliminated.
Business Combinations	Business Combinations Acquisitions are accounted for using the acquisition method of accounting. The purchase price of an acquisition is allocated to the assets acquired and liabilities assumed using the estimated fair values at the acquisition date. Transaction costs are expensed as incurred.
Intangible Assets	Intangible Assets Intangible assets consist primarily of contractual rights to earn future fee income, including management and incentive fees, and are recorded in Other Assets in the accompanying condensed consolidated statements of financial condition. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives and amortization expense is included within General, Administrative and Other in the accompanying condensed consolidated statements of operations. Intangible assets are reviewed for impairment when circumstances indicate impairment may exist. KKR does not have any indefinite-lived intangible assets.
Goodwill	Goodwill Goodwill represents the excess of acquisition cost over the fair value of net tangible and intangible assets acquired in connection with an acquisition. Goodwill is assessed for impairment annually or more frequently if circumstances indicate impairment may have occurred. Goodwill is recorded in Other Assets in the accompanying condensed consolidated statements of financial condition.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests represent noncontrolling interests of certain investment vehicles and funds that are subject to periodic redemption by fund investors following the expiration of a specified period of time (typically between one and three years ), or may be withdrawn subject to a redemption fee during the period when capital may not be otherwise withdrawn. Fund investors interests subject to redemption as described above are presented as Redeemable Noncontrolling Interests in the accompanying condensed consolidated statements of financial condition and presented as Net Income (Loss) Attributable to Redeemable Noncontrolling Interests in the accompanying condensed consolidated statements of operations. When redeemable amounts become legally payable to fund investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the accompanying condensed consolidated statements of financial condition. For all consolidated investment vehicles and funds in which redemption rights have not been granted, noncontrolling interests are presented within Equity in the accompanying condensed consolidated statements of financial condition as noncontrolling interests.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests represent (i) noncontrolling interests in consolidated entities and (ii) noncontrolling interests held by KKR Holdings. Noncontrolling Interests in Consolidated Entities Noncontrolling interests in consolidated entities represent the non-redeemable ownership interests in KKR that are held primarily by: (i) third party fund investors in KKR’s funds; (ii) third parties holding an aggregate of 1% of the carried interest received by the general partners of KKR’s funds and 1% of KKR’s other profits (losses) until a future date; (iii) certain former principals and their designees representing a portion of the carried interest received by the general partners of KKR’s private equity funds that was allocated to them with respect to private equity investments made during such former principals’ tenure with KKR prior to October 1, 2009; (iv) certain principals and former principals representing all of the capital invested by or on behalf of the general partners of KKR’s private equity funds prior to October 1, 2009 and any returns thereon; (v) third parties in KKR’s capital markets business; (vi) holders of exchangeable equity securities representing ownership interests in a subsidiary of a KKR Group Partnership issued in connection with the acquisition of Avoca; and (vii) holders of the 7.375% Series A LLC Preferred Shares of KFN whose rights are limited to the assets of KFN. Noncontrolling Interests held by KKR Holdings Noncontrolling interests held by KKR Holdings include economic interests held by principals in the KKR Group Partnerships. Such principals receive financial benefits from KKR’s business in the form of distributions received from KKR Holdings and through their direct and indirect participation in the value of KKR Group Partnership Units held by KKR Holdings. These financial benefits are not paid by KKR and are borne by KKR Holdings. The following table presents the calculation of noncontrolling interests held by KKR Holdings: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Balance at the beginning of the period $ 4,719,963 $ 5,118,491 $ 4,661,679 $ 5,116,761 Net income (loss) attributable to noncontrolling interests held by KKR Holdings (a) 325,703 186,776 564,711 487,590 Other comprehensive income (loss), net of tax(b) 3,545 872 (7,532 ) 3,341 Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units (c) (67,413 ) (100,001 ) (125,553 ) (244,522 ) Equity based compensation 17,117 45,161 37,634 80,312 Capital contributions 300 388 550 848 Capital distributions (171,831 ) (169,032 ) (304,105 ) (361,675 ) Balance at the end of the period $ 4,827,384 $ 5,082,655 $ 4,827,384 $ 5,082,655 (a) Refer to the table below for calculation of Net income (loss) attributable to noncontrolling interests held by KKR Holdings. (b) Calculated on a pro rata basis based on the weighted average KKR Group Partnership Units held by KKR Holdings during the reporting period. (c) Calculated based on the proportion of KKR Holdings units exchanged for KKR & Co. L.P. common units pursuant to the exchange agreement during the reporting period. The exchange agreement provides for the exchange of KKR Group Partnership Units held by KKR Holdings for KKR & Co. L.P. common units. Net income (loss) attributable to KKR & Co. L.P. after allocation to noncontrolling interests held by KKR Holdings, with the exception of certain tax assets and liabilities that are directly allocable to KKR Management Holdings Corp., is attributed based on the percentage of the weighted average KKR Group Partnership Units held by KKR and KKR Holdings, each of which hold equity of the KKR Group Partnerships. However, primarily because of the (i) contribution of certain expenses borne entirely by KKR Holdings, (ii) the periodic exchange of KKR Holdings units for KKR & Co. L.P. common units pursuant to the exchange agreement and (iii) the contribution of certain expenses borne entirely by KKR associated with the KKR & Co. L.P. 2010 Equity Plan (“Equity Incentive Plan”), equity allocations shown in the condensed consolidated statement of changes in equity differ from their respective pro-rata ownership interests in KKR’s net assets. The following table presents net income (loss) attributable to noncontrolling interests held by KKR Holdings: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Net income (loss) $ 3,305,868 $ 2,052,496 $ 5,248,877 $ 4,056,662 Less: Net income (loss) attributable to Redeemable Noncontrolling Interests (891 ) (6,809 ) 1,042 3,828 Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities and appropriated capital 2,604,750 1,694,314 4,036,311 3,176,988 Plus: Income taxes attributable to KKR Management Holdings Corp. 17,558 688 23,611 11,635 Net income (loss) attributable to KKR & Co. L.P. and KKR Holdings $ 719,567 $ 365,679 $ 1,235,135 $ 887,481 Net income (loss) attributable to noncontrolling interests held by KKR Holdings $ 325,703 $ 186,776 $ 564,711 $ 487,590
Investments	Investments Investments consist primarily of private equity, real assets, credit, investments of consolidated CFEs, and other investments. Investments are carried at their estimated fair values, with unrealized gains or losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. Investments denominated in currencies other than the U.S. dollar are valued based on the spot rate of the respective currency at the end of the reporting period with changes related to exchange rate movements reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. Security and loan transactions are recorded on a trade date basis. Further disclosure on investments is presented in Note 4, “Investments.” The following describes the types of securities held within each investment class. Private Equity — Consists primarily of equity investments in operating businesses. Real Assets — Consists primarily of investments in (i) energy related assets, principally oil and natural gas producing properties held through consolidated investment vehicles, (ii) infrastructure assets, and (iii) real estate, principally residential and commercial real estate assets and businesses. Credit — Consists primarily of investments in below investment grade corporate debt securities (primarily high yield bonds and syndicated bank loans), distressed and opportunistic debt and interests in unconsolidated CLOs. Investments of Consolidated CFEs — Consists primarily of (i) investments in below investment grade corporate debt securities (primarily high yield bonds and syndicated bank loans) held directly by the consolidated CLOs and (ii) investments in newly originated, fixed-rate mortgage loans held directly by the consolidated CMBS vehicles. Other — Consists primarily of (i) investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit or investments of consolidated CFEs and (ii) equity method investments. Energy Investments Held Through Consolidated Investment Vehicles Certain energy investments are made through KKR’s consolidated investment funds, including investments in working and royalty interests in oil and natural gas producing properties as well as investments in operating companies that operate in the energy industry. Since these investments are held through investment funds, such investments are reflected at fair value as of the end of the reporting period. Investments in operating companies that are held through KKR’s investment funds are generally classified within private equity investments and investments in working and royalty interests in oil and natural gas producing properties are generally classified as real asset investments. See also "Energy Investments held directly by KKR" within this footnote.
Equity Method	Equity Method Equity method investments include (i) certain investments in private equity funds, real assets funds and credit funds, which are not consolidated, and (ii) certain investments in operating companies in which KKR is deemed to exert significant influence. Under the equity method of accounting, KKR’s share of earnings (losses) from equity method investments is reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. Because the underlying investments of unconsolidated investment funds are reported at fair value, the carrying value of these equity method investments representing KKR’s interests in unconsolidated funds approximates fair value. The carrying value of equity method investments in certain operating companies, which KKR is determined to exert significant influence, is determined based on the amounts invested by KKR, adjusted for the equity in earnings or losses of the investee allocated based on KKR’s respective ownership percentage, less distributions. In some cases, KKR has elected the fair value option to account for certain of these equity method investments.
Fair Value Measurements	Fair Value Measurements Investments and other financial instruments are measured and carried at fair value. The majority of investments and other financial instruments are held by the consolidated funds and vehicles. KKR’s funds are, for GAAP purposes, investment companies and reflect their investments and other financial instruments at fair value. KKR has retained the specialized accounting for the consolidated funds and vehicles in consolidation. Accordingly, the unrealized gains and losses resulting from changes in fair value of the investments held by KKR’s funds are reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. For investments and other financial instruments that are not held in a consolidated fund or vehicle, KKR has elected the fair value option since these investments and other financial instruments are similar to those in the consolidated funds and vehicles. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Unrealized gains and losses resulting from changes in fair value are reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. The methodology for measuring the fair value of such investments and other financial instruments is consistent with the methodologies applied to investments and other financial instruments that are held in consolidated funds and vehicles. In addition, KKR has elected the fair value option for the investments of consolidated CFEs. The carrying amounts of Other Assets, Accounts Payable, Accrued Expenses and Other Liabilities recognized on the condensed consolidated statements of financial condition (excluding fixed assets, goodwill, intangible assets, oil & gas assets, net, contingent consideration and certain debt obligations) approximate fair value due to their short term maturities. Further information on KKR’s debt obligations are presented in Note 9, “Debt Obligations.” Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation techniques are applied. These valuation techniques involve varying levels of management estimation and judgment, the degree of which is dependent on a variety of factors. See Note 5, “Fair Value Measurements” for further information on KKR’s valuation techniques that involve unobservable inputs. Assets and liabilities recorded at fair value in the statements of financial condition are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets and liabilities. The hierarchical levels defined under GAAP are as follows: Level I Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The type of investments and other financial instruments included in this category are publicly-listed equities, debt and securities sold short. Level II Inputs are other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level II inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. The type of investments and other financial instruments included in this category are credit investments, investments and debt obligations of consolidated CMBS vehicles and consolidated CLO entities (beginning on January 1, 2015), convertible debt securities indexed to publicly-listed securities, less liquid and restricted equity securities and certain over-the-counter derivatives such as foreign currency option and forward contracts. Level III Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The types of assets and liabilities generally included in this category are private portfolio companies, real assets investments, credit investments and debt obligations of consolidated CLOs (prior to January 1, 2015) for which a sufficiently liquid trading market does not exist. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. KKR’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset. A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and a significant adjustment to the transactions or quoted prices may be necessary to estimate fair value. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by KKR in determining fair value is greatest for instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may cause transfers between Levels I, II, and III, which KKR recognizes at the beginning of the reporting period. Investments and other financial instruments that have readily observable market prices (such as those traded on a securities exchange) are stated at the last quoted sales price as of the reporting date. KKR does not adjust the quoted price for these investments, even in situations where KKR holds a large position and a sale could reasonably affect the quoted price. Management’s determination of fair value is based upon the best information available for a given circumstance and may incorporate assumptions that are management’s best estimates after consideration of a variety of internal and external factors. Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity As of January 1, 2015, KKR has adopted the measurement alternative included in ASU 2014-13, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (“ASU 2014-13”), and has applied the amendments using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of January 1, 2015. Refer to the condensed consolidated statements of changes in equity for the impact of this adjustment. Pursuant to ASU 2014-13, KKR measures both the financial assets and financial liabilities of the consolidated CFEs in its condensed consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. Prior to the adoption of ASU 2014-13, KKR elected the fair value option for the assets and liabilities of the consolidated CLO vehicles. As of January 1, 2015, KKR did not hold any beneficial interests in any CMBS vehicle, and consequently did not consolidate any CMBS vehicles. KKR accounted for the difference between the fair value of the assets and the fair value of the liabilities of the consolidated CLOs in Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. This amount was attributed to KKR and third party beneficial interest holders based on each beneficial holder’s residual interest in the consolidated CLOs. The amount attributed to third party beneficial interest holders was reflected in the condensed consolidated statements of operations in Net Income (Loss) Attributable to Noncontrolling Interests and Appropriated Capital and in the condensed consolidated statements of financial condition in Appropriated Capital within Equity. The amount was recorded as Appropriated Capital since the other holders of the CLOs’ beneficial interests, not KKR, received the benefits or absorbed the losses associated with their proportionate share of the CLOs’ assets and liabilities. Pursuant to the adoption of ASU 2014-13, KKR is required to determine whether the fair value of the financial assets or financial liabilities are more observable. For the consolidated CLO entities, KKR has determined that the fair value of the financial assets of the consolidated CLOs, which are Level II assets within the GAAP hierarchical levels, are more observable than the fair value of the financial liabilities of the consolidated CLOs, which are Level III liabilities. As a result, the financial assets of the consolidated CLOs are being measured at fair value and the financial liabilities are being measured in consolidation as: (1) the sum of the fair value of the financial assets and the carrying value of any nonfinancial assets that are incidental to the operations of the CLOs less (2) the sum of the fair value of any beneficial interests retained by KKR (other than those that represent compensation for services) and KKR’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by KKR). For the consolidated CMBS vehicles, KKR has determined that the fair value of the financial liabilities of the consolidated CMBS vehicles, which are Level II liabilities within the GAAP hierarchical levels, are more observable than the fair value of the financial assets of the consolidated CMBS vehicles, which are Level III assets. As a result, the financial liabilities of the consolidated CMBS vehicles are being measured at fair value and the financial assets are being measured in consolidation as: (1) the sum of the fair value of the financial liabilities (other than the beneficial interests retained by KKR), the fair value of the beneficial interests retained by KKR and the carrying value of any nonfinancial liabilities that are incidental to the operations of the CMBS vehicles less (2) the carrying value of any nonfinancial assets that are incidental to the operations of the CMBS vehicles. The resulting amount is allocated to the individual financial assets. Under the measurement alternative pursuant to ASU 2014-13, KKR’s condensed consolidated net income (loss) reflects KKR’s own economic interests in the consolidated CFEs including (i) changes in the fair value of the beneficial interests retained by KKR and (ii) beneficial interests that represent compensation for services rendered. Level II Valuation Methodologies Financial assets and liabilities categorized as Level II consist primarily of credit investments, investments and debt obligations of consolidated CFEs, convertible debt securities indexed to publicly-listed securities, less liquid and restricted equity securities and certain over-the-counter derivatives such as foreign currency option and forward contracts. Credit investments, investments of consolidated CLOs and CMBS debt obligations: These instruments generally have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that KKR and others are willing to pay for an instrument. Ask prices represent the lowest price that KKR and others are willing to accept for an instrument. For financial assets and liabilities whose inputs are based on bid-ask prices obtained from third party pricing services, fair value may not always be a predetermined point in the bid-ask range. KKR’s policy is generally to allow for mid-market pricing and adjusting to the point within the bid-ask range that meets KKR’s best estimate of fair value. Securities indexed to publicly listed securities: The securities are typically valued using standard convertible security pricing models. The key inputs into these models that require some amount of judgment are the credit spreads utilized and the volatility assumed. To the extent the company being valued has other outstanding debt securities that are publicly-traded, the implied credit spread on the company’s other outstanding debt securities would be utilized in the valuation. To the extent the company being valued does not have other outstanding debt securities that are publicly-traded, the credit spread will be estimated based on the implied credit spreads observed in comparable publicly-traded debt securities. In certain cases, an additional spread will be added to reflect an illiquidity discount due to the fact that the security being valued is not publicly-traded. The volatility assumption is based upon the historically observed volatility of the underlying equity security into which the convertible debt security is convertible and/or the volatility implied by the prices of options on the underlying equity security. Restricted Equity Securities: The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. Derivatives: The valuation incorporates observable inputs comprising yield curves, foreign currency rates and credit spreads. CLO Debt Obligations: Beginning on January 1, 2015 with the adoption of ASU 2014-13, KKR measures CLO debt obligations on the basis of the fair value of the financial assets of the CLO. Investments of consolidated CMBS vehicles: KKR measures the investments of CMBS vehicles on the basis of the fair value of the financial liabilities of the CMBS. Level III Valuation Methodologies Financial assets and liabilities categorized as Level III consist primarily of the following: Private Equity Investments: KKR generally employs two valuation methodologies when determining the fair value of a private equity investment. The first methodology is typically a market comparables analysis that considers key financial inputs and recent public and private transactions and other available measures. The second methodology utilized is typically a discounted cash flow analysis, which incorporates significant assumptions and judgments. Estimates of key inputs used in this methodology include the weighted average cost of capital for the investment and assumed inputs used to calculate terminal values, such as exit EBITDA multiples. Other inputs are also used in both methodologies. However, when a definitive agreement has been executed to sell an investment, KKR generally considers a significant determinant of fair value to be the consideration to be received by KKR pursuant to the executed definitive agreement. Upon completion of the valuations conducted using these methodologies, a weighting is ascribed to each method, and an illiquidity discount is typically applied where appropriate. The ultimate fair value recorded for a particular investment will generally be within a range suggested by the two methodologies, except that the value may be higher or lower than such range in the case of investments being sold pursuant to an executed definitive agreement. When determining the weighting ascribed to each valuation methodology, KKR considers, among other factors, the availability of direct market comparables, the applicability of a discounted cash flow analysis, the expected hold period and manner of realization for the investment, and in the case of investments being sold pursuant to an executed definitive agreement, the probability of such sale being completed. These factors can result in different weightings among investments in the portfolio and in certain instances may result in up to a 100% weighting to a single methodology. Across the Level III private equity investment portfolio, approximately 76.7% of the fair value is derived from investments that are valued based exactly 50% on market comparables and 50% on a discounted cash flow analysis. Less than 5% of the fair value of the Level III private equity investment portfolio is derived from investments that are valued either based 100% on market comparables or 100% on a discounted cash flow analysis. When an illiquidity discount is to be applied, KKR seeks to take a uniform approach across its portfolio and generally applies a minimum 5% discount to all private equity investments. KKR then evaluates such private equity investments to determine if factors exist that could make it more challenging to monetize the investment and, therefore, justify applying a higher illiquidity discount. These factors generally include (i) whether KKR is unable to sell the portfolio company or conduct an initial public offering of the portfolio company due to the consent rights of a third party or similar factors, (ii) whether the portfolio company is undergoing significant restructuring activity or similar factors and (iii) characteristics about the portfolio company regarding its size and/or whether the portfolio company is experiencing, or expected to experience, a significant decline in earnings. These factors generally make it less likely that a portfolio company would be sold or publicly offered in the near term at a price indicated by using just a market multiples and/or discounted cash flow analysis, and these factors tend to reduce the number of opportunities to sell an investment and/or increase the time horizon over which an investment may be monetized. Depending on the applicability of these factors, KKR determines the amount of any incremental illiquidity discount to be applied above the 5% minimum, and during the time KKR holds the investment, the illiquidity discount may be increased or decreased, from time to time, based on changes to these factors. The amount of illiquidity discount applied at any time requires considerable judgment about what a market participant would consider and is based on the facts and circumstances of each individual investment. Accordingly, the illiquidity discount ultimately considered by a market participant upon the realization of any investment may be higher or lower than that estimated by KKR in its valuations. Real Assets Investments: Real asset investments in infrastructure, energy and real estate are valued using one or more of the discounted cash flow analysis, market comparables analysis and direct income capitalization, which in each case incorporates significant assumptions and judgments. Infrastructure investments are generally valued using the discounted cash flow analysis. Key inputs used in this methodology include the weighted average cost of capital and assumed inputs used to calculate terminal values, such as exit EBITDA multiples. Energy investments are generally valued using a discounted cash flow analysis. Key inputs used in this methodology that require estimates include the weighted average cost of capital. In addition, the valuations of energy investments generally incorporate both commodity prices as quoted on indices and long-term commodity price forecasts, which may be substantially different from, and are currently higher than, commodity prices on certain indices for equivalent future dates. Certain energy investments do not include an illiquidity discount. Long-term commodity price forecasts are utilized to capture the value of the investments across a range of commodity prices within the energy investment portfolio associated with future development and to reflect a range of price expectations. Real estate investments are generally valued using a combination of direct income capitalization and discounted cash flow analysis. Key inputs used in such methodologies that require estimates include an unlevered discount rate and current capitalization rate, and certain real estate investments do not include a minimum illiquidity discount. The valuations of real assets investments also use other inputs. Credit Investments: Credit investments are valued using values obtained from dealers or market makers, and where these values are not available, credit investments are valued by KKR based on ranges of valuations determined by an independent valuation firm. Valuation models are based on discounted cash flow analyses, for which the key inputs are determined based on market comparables, which incorporate similar instruments from similar issuers. Other Investments: With respect to other investments including equity method investments for which the fair value election has been made, KKR generally employs the same valuation methodologies as described above for private equity investments when valuing these other investments. CLO Debt Obligations: Prior to January 1, 2015 and the adoption of ASU 2014-13, collateralized loan obligation senior secured and subordinated notes were initially valued at the transaction price and were subsequently valued using a third party valuation service. The approach used to estimate the fair values was the discounted cash flow method, which includes consideration of the cash flows of the debt obligation based on projected quarterly interest payments and quarterly amortization. The debt obligations were discounted based on the appropriate yield curve given the debt obligation's respective maturity and credit rating. The most significant inputs to the valuation of these financial instruments were default and loss expectations and discount margins. As described above in Fair Value Measurements - Summary of Significant Accounting Policies - Level II Valuation Methodologies, beginning on January 1, 2015, with the adoption of ASU 2014-13, KKR measures CLO debt obligations on the basis of the fair value of the financial assets of the CLO. Key unobservable inputs that have a significant impact on KKR’s Level III investment valuations as described above are included in Note 5 “Fair Value Measurements.” KKR utilizes several unobservable pricing inputs and assumptions in determining the fair value of its Level III investments. These unobservable pricing inputs and assumptions may differ by investment and in the application of KKR’s valuation methodologies. KKR’s reported fair value estimates could vary materially if KKR had chosen to incorporate different unobservable pricing inputs and other assumptions or, for applicable investments, if KKR only used either the discounted cash flow methodology or the market comparables methodology instead of assigning a weighting to both methodologies. Level III Valuation Process The valuation process involved for Level III measurements is completed on a quarterly basis and is designed to subject the valuation of Level III investments to an appropriate level of consistency, oversight, and review. KKR has a Private Markets valuation committee for private equity and real assets investments and a valuation committee for credit and credit-related investments. The Private Markets valuation committee is assisted by subcommittees in the valuation of real asset investments, and is also assisted by a valuation team. Except as noted below, the Private Markets valuation committee is comprised only of employees who are not investment professionals responsible for preparing preliminary valuations or for oversight of the investments being valued. The valuation teams and subcommittees for real asset investments, however, include investment professionals who participate in the preparation of preliminary valuations or are responsible for oversight for those investments. The credit valuation committee is also assisted by a valuation team. The credit valuation teams include investment professionals responsible for preparing preliminary valuations or for oversight of the investments being valued. The credit valuation committee is comprised of investment professionals with no responsibility for preparing preliminary valuations, but certain committee members are responsible for oversight of the investments being valued. The valuation committees and teams are responsible for coordinating and consistently implementing KKR’s quarterly valuation policies, guidelines and processes. For Private Markets investments classified as Level III, investment professionals prepare preliminary valuations based on their evaluation of financial and operating data, company specific developments, market valuations of comparable companies and other factors. These preliminary valuations are reviewed with the investment professionals by the applicable valuation team and are also reviewed by an independent valuation firm engaged by KKR to perform certain procedures in order to assess the reasonableness of KKR’s valuations annually for all Level III investments in Private Markets and quarterly for investments other than certain investments, which are less than pre-set value thresholds and which in the aggregate comprise less than 5% of the total value of KKR’s Level III Private Markets investments. For most investments classified as Level III in credit, in general, an independent valuation firm is engaged by KKR to provide third party valuations, or ranges of valuations from which KKR’s investment professionals select a point in the range to determine the preliminary valuation, or an independent valuation firm is engaged by KKR to perform certain procedures in order to assess the reasonableness and provide positive assurance of KKR’s valuations. These preliminary valuations are reviewed by senior investment professionals for each credit strategy. All preliminary valuations in Private Markets and Public Markets are then reviewed by the applicable valuation committee, and after reflecting any input by their respective valuation committees, the preliminary valuations are presented to the firm’s management committee. When these valuations are approved by this committee after reflecting any input from it, the valuations of Level III investments, as well as the valuations of Level I and Level II investments, are presented to the audit committee of KKR’s board of directors and are then reported on to the board of directors.
Energy Investments Held Directly by KKR	Energy Investments Held Directly by KKR KKR makes certain energy investments directly in working and royalty interests in oil and natural gas producing properties outside its investment funds, which as a result of the acquisition of KKR Financial Holdings LLC ("KFN") on April 30, 2014 became more significant. Oil and natural gas producing activities are accounted for under the successful efforts method of accounting and such working interests are consolidated based on the proportion of the working interests held by KKR. Accordingly, KKR reflects its proportionate share of the underlying statements of financial condition and statements of operations of the consolidated working interests on a gross basis and changes in the value of these working interests are not reflected as unrealized gains and losses in the condensed consolidated statements of operations. Under the successful efforts method, exploration costs, other than the costs of drilling exploratory wells, are charged to expense as incurred. Costs that are associated with the drilling of successful exploration wells are capitalized if proved reserves are found. Lease acquisition costs are capitalized when incurred. Costs associated with the drilling of exploratory wells that do not find proved reserves, geological and geophysical costs and costs of certain nonproducing leasehold costs are charged to expense as incurred. Expenditures for repairs and maintenance, including workovers, are charged to expense as incurred. The capitalized costs of producing oil and natural gas properties are depleted on a field-by-field basis using the units-of production method based on the ratio of current production to estimated total net proved oil, natural gas and natural gas liquid reserves. Proved developed reserves are used in computing depletion rates for drilling and development costs and total proved reserves are used for depletion rates of leasehold costs. Estimated dismantlement and abandonment costs for oil and natural gas properties, net of salvage value, are capitalized at their estimated net present value and amortized on a unit-of-production basis over the remaining life of the related proved developed reserves. Whenever events or changes in circumstances indicate that the carrying amounts of oil and natural gas properties may not be recoverable, KKR evaluates the proved oil and natural gas properties and related equipment and facilities for impairment on a field-by-field basis. The determination of recoverability is made based upon estimated undiscounted future net cash flows. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flow analysis, with the carrying value of the related asset. Unproved oil and natural gas properties are assessed periodically and, at a minimum, annually on a property-by-property basis, and any impairment in value is recognized when incurred and is recorded in General, Administrative, and Other expense in the condensed consolidated statements of operations.
Fees and Other	Fees and Other Fees and other consist primarily of (i) transaction fees earned in connection with successful investment transactions and from capital markets activities, (ii) management and incentive fees from providing investment management services to unconsolidated funds, CLOs, other vehicles, and separately managed accounts, (iii) monitoring fees from providing services to portfolio companies, (iv) revenue earned by oil and gas-producing entities that are consolidated and (v) consulting fees earned by entities that employ non-employee operating consultants. For the three and six months ended June 30, 2015 and 2014 , respectively, fees and other consisted of the following: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Transaction Fees $ 88,070 $ 71,822 $ 180,675 $ 226,976 Monitoring Fees 65,887 39,064 177,412 91,413 Management Fees 51,537 58,683 99,742 108,868 Oil and Gas Revenue 35,700 56,208 60,644 73,989 Consulting Fees 8,853 12,134 17,280 22,485 Incentive Fees 5,827 11,459 11,466 28,565 Total Fees and Other $ 255,874 $ 249,370 $ 547,219 $ 552,296 All fees presented in the table above, except for oil and gas revenue, are earned from KKR investment funds, vehicles and portfolio companies. Consulting fees are earned by certain consolidated entities that employ non-employee operating consultants from providing advisory and other services to portfolio companies and other companies and are recognized as the services are rendered. These fees are separately negotiated with each company for which services are provided and are not shared with KKR. Transaction, Monitoring, Management, Consulting, and Incentive Fees Recognition Transaction, monitoring, management, consulting and incentive fees are recognized when earned based on the contractual terms of the governing agreements and coincides with the period during which the related services are performed. In the case of transaction fees, the fees are recognized upon closing of the transaction. Monitoring fees may provide for a termination payment following an initial public offering or change of control. These termination payments are recognized in the period when the related transaction closes. Oil and Gas Revenue Recognition Oil and gas revenues are recognized when production is sold to a purchaser at fixed or determinable prices, when delivery has occurred and title has transferred and collectability of the revenue is reasonably assured. The oil and gas producing entities consolidated by KKR follow the sales method of accounting for natural gas revenues. Under this method of accounting, revenues are recognized based on volumes sold, which may differ from the volume to which the entity is entitled based on KKR’s working interest. An imbalance is recognized as a liability only when the estimated remaining reserves will not be sufficient to enable the under-produced owners to recoup their entitled share through future production. Under the sales method, no receivables are recorded when these entities have taken less than their share of production and no payables are recorded when it has taken more than its share of production unless reserves are not sufficient.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014 -09 , Revenue from Contracts with Customers Topic 606 (“ASU 2014 -09 ”) which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Revenue recorded under ASU 2014 -09 will depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014 -09 to annual reporting periods beginning after December 15, 2017. Early adoption will be permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within those annual periods. A full retrospective or modified retrospective approach is required. KKR is currently evaluating the impact the adoption of this guidance may have on its financial statements, including with respect to the timing of the recognition of carried interest. Measurement of Financial Assets and Liabilities - Consolidated Collateralized Financing Entities In August 2014, the FASB issued ASU 2014‑13, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (“CFE”), such as CLO and CMBS vehicles. ASU 2014‑13 provides an entity with an election to measure the financial assets and financial liabilities of a consolidated CFE on the basis of either the fair value of the CFE’s financial assets or financial liabilities, whichever is more observable. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted and this guidance was early adopted by KKR on January 1, 2015 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the annual period. Refer above to Variable Interest Entities - Collateralized Loan Obligations . Going Concern In August 2014, the FASB issued ASU No. 2014 -15 , Presentation of Financial Statements — Going Concern (Subtopic 205 -40 ) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014 -15 ”). The guidance in ASU 2014 -15 sets forth management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern as well as required disclosures. ASU 2014 -15 indicates that, when preparing interim and annual financial statements, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management’s plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014 -15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early adoption is permitted, and a prospective approach is required. The adoption of this guidance is not expected to have a material impact on KKR’s financial statements. Derivatives and Hedging In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity ("ASU 2014-16"). The guidance in ASU 2014-16 states that implied substantive terms and features of a hybrid financial instrument issued in the form of a stock should weigh each term and feature on the basis of relevant facts and circumstances. An entity should determine the nature of the host contract by considering the economic characteristics and risks of the entire hybrid financial instrument, including the embedded derivative feature that is being evaluated for separate accounting from the host contract. ASU 2014-16 is effective for reporting periods starting after December 15, 2015 and for interim periods within the fiscal year. Early adoption is permitted, and a retrospective approach is permitted but not required. The adoption of this guidance is not expected to have a material impact on KKR's financial statements. Consolidation In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance in ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership and also eliminates the consolidation model specific to limited partnerships. The amendments also clarify how to treat fees paid to an asset manager or other entity that makes the decisions for the investment vehicle and whether such fees should be considered in determining when a variable interest entity should be reported on an asset manager's balance sheet. ASU 2015-02 is effective for reporting periods starting after December 15, 2015 and for interim periods within the fiscal year. Early adoption is permitted, and a full retrospective or modified retrospective approach is required. KKR is evaluating the impact on its financial statements and expects to deconsolidate a significant number of investment funds, vehicles and entities upon adoption of this guidance. Interest - Imputation of Interest In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The guidance in ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted, and a retrospective approach is required. The adoption of this guidance is not expected to have a material impact on KKR’s financial statements. Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share In May 2015, the FASB issued amended guidance on the disclosures for investments in certain entities that calculate net asset value per share (or its equivalent). The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those years. The guidance shall be applied retrospectively for all periods presented. Early application is permitted. The guidance is not expected to have a material impact on KKR’s financial statements.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of calculation of noncontrolling interests held by KKR Holdings	The following table presents the calculation of noncontrolling interests held by KKR Holdings: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Balance at the beginning of the period $ 4,719,963 $ 5,118,491 $ 4,661,679 $ 5,116,761 Net income (loss) attributable to noncontrolling interests held by KKR Holdings (a) 325,703 186,776 564,711 487,590 Other comprehensive income (loss), net of tax(b) 3,545 872 (7,532 ) 3,341 Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units (c) (67,413 ) (100,001 ) (125,553 ) (244,522 ) Equity based compensation 17,117 45,161 37,634 80,312 Capital contributions 300 388 550 848 Capital distributions (171,831 ) (169,032 ) (304,105 ) (361,675 ) Balance at the end of the period $ 4,827,384 $ 5,082,655 $ 4,827,384 $ 5,082,655 (a) Refer to the table below for calculation of Net income (loss) attributable to noncontrolling interests held by KKR Holdings. (b) Calculated on a pro rata basis based on the weighted average KKR Group Partnership Units held by KKR Holdings during the reporting period. (c) Calculated based on the proportion of KKR Holdings units exchanged for KKR & Co. L.P. common units pursuant to the exchange agreement during the reporting period. The exchange agreement provides for the exchange of KKR Group Partnership Units held by KKR Holdings for KKR & Co. L.P. common units.
Schedule of net income (loss) attributable to noncontrolling interests held by KKR Holdings	The following table presents net income (loss) attributable to noncontrolling interests held by KKR Holdings: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Net income (loss) $ 3,305,868 $ 2,052,496 $ 5,248,877 $ 4,056,662 Less: Net income (loss) attributable to Redeemable Noncontrolling Interests (891 ) (6,809 ) 1,042 3,828 Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities and appropriated capital 2,604,750 1,694,314 4,036,311 3,176,988 Plus: Income taxes attributable to KKR Management Holdings Corp. 17,558 688 23,611 11,635 Net income (loss) attributable to KKR & Co. L.P. and KKR Holdings $ 719,567 $ 365,679 $ 1,235,135 $ 887,481 Net income (loss) attributable to noncontrolling interests held by KKR Holdings $ 325,703 $ 186,776 $ 564,711 $ 487,590
Schedule of fees	For the three and six months ended June 30, 2015 and 2014 , respectively, fees and other consisted of the following: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Transaction Fees $ 88,070 $ 71,822 $ 180,675 $ 226,976 Monitoring Fees 65,887 39,064 177,412 91,413 Management Fees 51,537 58,683 99,742 108,868 Oil and Gas Revenue 35,700 56,208 60,644 73,989 Consulting Fees 8,853 12,134 17,280 22,485 Incentive Fees 5,827 11,459 11,466 28,565 Total Fees and Other $ 255,874 $ 249,370 $ 547,219 $ 552,296

NET GAINS (LOSSES) FROM INVES28

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of total net gains (losses) from investment activities	The following table summarizes total Net Gains (Losses) from Investment Activities for the three and six months ended June 30, 2015 and 2014, respectively: Three Months Ended Three Months Ended Six Months Ended Six Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Net Unrealized Net Realized Net Unrealized Private Equity (a) $ 1,357,037 $ 1,479,057 $ 2,906,053 $ (1,015,495 ) $ 2,976,913 $ 1,750,335 $ 3,541,122 $ 29,964 Credit and Other (a) 51,473 241,550 42,965 129,980 94,299 (34,425 ) 202,745 264,825 Investments of Consolidated CFEs (a) (8,882 ) (15,509 ) 6,605 22,620 (26,153 ) 77,394 6,380 39,070 Real Assets (a) 7,505 164,012 200,699 (293,145 ) 7,505 63,900 203,354 (303,498 ) Foreign Exchange Forward Contracts and Options (b) 73,419 (284,187 ) (3,356 ) 33,567 207,350 39,123 (11,795 ) 42,850 Securities Sold Short (b) (7,582 ) 34,000 (6,774 ) (12,929 ) (9,219 ) 12,198 (22,787 ) 11,060 Other Derivatives 19,202 12,282 1,080 (5,655 ) 11,523 21,721 (16,929 ) (494 ) Foreign Exchange Gains (Losses) on Debt Obligations (c) — (30,054 ) (1,070 ) (5,437 ) 11,017 (138,565 ) (3,306 ) (8,319 ) Foreign Exchange Gains (Losses) and Other (d) 13,968 3,313 (8,646 ) (19,212 ) 38,692 (73,179 ) (10,601 ) (19,611 ) Total Net Gains (Losses) from Investment Activities $ 1,506,140 $ 1,604,464 $ 3,137,556 $ (1,165,706 ) $ 3,311,927 $ 1,718,502 $ 3,888,183 $ 55,847 (a) See Note 4 “Investments.” (b) See Note 7 “Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities.” (c) See Note 9 "Debt Obligations." (d) Foreign Exchange Gains (Losses) primarily includes foreign exchange gains (losses) on cash and cash equivalents and cash and cash equivalents held at consolidated entities.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Summary of investments	Investments consist of the following: Fair Value Cost June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Private Equity $ 38,159,906 $ 38,222,255 $ 27,505,178 $ 29,317,314 Credit 6,592,674 6,702,740 6,976,175 6,906,583 Investments of Consolidated CFEs 10,810,954 8,559,967 10,981,157 8,815,286 Real Assets 4,058,717 3,130,404 6,215,465 5,354,191 Other 4,892,927 3,552,260 4,351,650 3,182,917 Total Investments $ 64,515,178 $ 60,167,626 $ 56,029,625 $ 53,576,291
Schedule of information about the private equity investments balance, categorized by industry	The following table represents private equity investments by industry as of June 30, 2015 and December 31, 2014: Fair Value June 30, 2015 December 31, 2014 Health Care $ 9,931,606 $ 10,269,605 Financial Services 6,582,399 5,691,815 Technology 4,535,766 4,262,800 Retail 4,178,767 4,141,276 Manufacturing 4,150,658 4,227,859 Other 8,780,710 9,628,900 $ 38,159,906 $ 38,222,255

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities at fair value	The following tables summarize the valuation of KKR’s assets and liabilities reported at fair value by the fair value hierarchy levels described in Note 2 “Summary of Significant Accounting Policies” as of June 30, 2015 and December 31, 2014 including those investments, other financial instruments and debt obligations of consolidated CFEs for which the fair value option has been elected. Equity Method Investments for which the fair value option has not been elected have been excluded from the tables below. Assets, at fair value: June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Total Private Equity $ 8,384,536 $ 4,661,928 $ 25,113,442 $ 38,159,906 Credit — 1,886,828 4,705,846 6,592,674 Investments of Consolidated CFEs — 10,810,954 — 10,810,954 Real Assets — — 4,058,717 4,058,717 Other 888,983 468,523 2,961,039 4,318,545 Total 9,273,519 17,828,233 36,839,044 63,940,796 Foreign Exchange Contracts and Options — 601,805 — 601,805 Other Derivatives — 9,992 — 9,992 Total Assets $ 9,273,519 $ 18,440,030 $ 36,839,044 $ 64,552,593 December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Total Private Equity $ 5,940,470 $ 6,005,764 $ 26,276,021 $ 38,222,255 Credit — 2,510,038 4,192,702 6,702,740 Investments of Consolidated CFEs — 8,467,472 92,495 8,559,967 Real Assets — — 3,130,404 3,130,404 Other 573,983 276,051 2,133,001 2,983,035 Total 6,514,453 17,259,325 35,824,623 59,598,401 Foreign Exchange Contracts and Options — 517,088 — 517,088 Other Derivatives 2,246 9,651 — 11,897 Total Assets $ 6,516,699 $ 17,786,064 $ 35,824,623 $ 60,127,386 Liabilities, at fair value: June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Total Securities Sold Short $ 424,400 $ — $ — $ 424,400 Foreign Exchange Contracts and Options — 119,882 — 119,882 Unfunded Revolver Commitments — 6,909 — 6,909 Other Derivatives — 45,292 — 45,292 Debt Obligations of Consolidated CFEs — 10,410,812 — 10,410,812 Total Liabilities $ 424,400 $ 10,582,895 $ — $ 11,007,295 December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Total Securities Sold Short $ 630,794 $ 2,338 $ — $ 633,132 Foreign Exchange Contracts and Options — 71,956 — 71,956 Unfunded Revolver Commitments — 3,858 — 3,858 Other Derivatives — 75,150 — 75,150 Debt Obligations of Consolidated CFEs — — 7,615,340 7,615,340 Total Liabilities $ 630,794 $ 153,302 $ 7,615,340 $ 8,399,436
Summary of changes in assets and liabilities reported at fair value for which Level III inputs have been used to determine fair value	The following tables summarize changes in assets and liabilities reported at fair value for which Level III inputs have been used to determine fair value for the three and six months ended June 30, 2015 , and 2014, respectively: Three Months Ended June 30, 2015 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 26,132,215 $ 4,226,225 $ 153,656 $ 3,874,099 $ 2,381,303 36,767,498 $ — Transfers In (1) — — — — — — — Transfers Out (2) (2,352,752 ) — (153,656 ) — — (2,506,408 ) — Acquisitions — — — — — — — Purchases 462,995 898,886 — 20,606 477,011 1,859,498 — Sales (495,623 ) (526,414 ) — (7,505 ) (49,511 ) (1,079,053 ) — Settlements — 100,348 — — (1,969 ) 98,379 — Net Realized Gains (Losses) 199,600 1,342 — 7,505 2,266 210,713 — Net Unrealized Gains (Losses) 1,167,007 1,765 — 164,012 148,679 1,481,463 — Change in Accounting Principle (3) — — — — — — — Change in Other Comprehensive Income — 3,694 — — 3,260 6,954 — Balance, End of Period $ 25,113,442 $ 4,705,846 $ — $ 4,058,717 $ 2,961,039 36,839,044 $ — Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ 1,297,037 $ (10,766 ) $ — $ 171,016 $ 120,417 $ 1,577,704 $ — Three Months Ended June 30, 2014 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 30,876,329 $ 2,317,366 $ — $ 3,780,928 $ 778,638 $ 37,753,261 $ 1,152,790 Transfers In (1) — — — — — — — Transfers Out (2) — (1,230 ) — — (195,719 ) (196,949 ) — Acquisitions 82,986 539,247 97,996 197,471 52,502 970,202 5,663,666 Purchases 1,030,249 432,396 3,557 202,285 58,880 1,727,367 720,964 Sales (2,841,399 ) (307,561 ) (6,097 ) (286,449 ) (18,662 ) (3,460,168 ) (197,015 ) Settlements — 45,238 (574 ) — — 44,664 3,298 Net Realized Gains (Losses) 2,019,686 (32,766 ) — 198,652 (445 ) 2,185,127 — Net Unrealized Gains (Losses) (253,689 ) 56,709 821 (293,687 ) 37,996 (451,850 ) 12,975 Change in Other Comprehensive Income — (1,987 ) — — — (1,987 ) — Balance, End of Period $ 30,914,162 $ 3,047,412 $ 95,703 $ 3,799,200 $ 713,190 $ 38,569,667 $ 7,356,678 Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ 1,860,197 $ 50,873 $ 205 $ (293,687 ) $ 40,031 $ 1,657,619 $ 12,975 Six Months Ended June 30, 2015 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 26,276,021 $ 4,192,702 $ 92,495 $ 3,130,404 $ 2,133,001 35,824,623 $ 7,615,340 Transfers In (1) — 16,706 108,340 — 1,187 126,233 — Transfers Out (2) (3,564,987 ) (12,860 ) (153,656 ) — (1,710 ) (3,733,213 ) — Acquisitions — — — — — — — Purchases 1,151,771 1,332,082 1,308 874,376 891,373 4,250,910 — Sales (822,677 ) (723,081 ) (3,138 ) (17,468 ) (148,674 ) (1,715,038 ) — Settlements — 157,915 (883 ) — — 157,032 — Net Realized Gains (Losses) 344,684 (5,194 ) — 7,505 3,495 350,490 — Net Unrealized Gains (Losses) 1,728,630 (256,118 ) (44,466 ) 63,900 79,107 1,571,053 — Change in Accounting Principle (3) — — — — — — (7,615,340 ) Change in Other Comprehensive Income — 3,694 — — 3,260 6,954 — Balance, End of Period $ 25,113,442 $ 4,705,846 $ — $ 4,058,717 $ 2,961,039 36,839,044 $ — Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ 2,009,519 $ (300,155 ) $ — $ 70,904 $ 48,986 $ 1,829,254 $ — Six Months Ended June 30, 2014 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 29,082,505 $ 1,944,464 $ — $ 3,300,674 $ 348,486 34,676,129 $ — Transfers In (1) — — — — — — — Transfers Out (2) (1,258,584 ) (1,230 ) — — (195,719 ) (1,455,533 ) — Acquisitions 82,986 539,247 97,996 197,471 52,502 970,202 6,814,217 Purchases 3,152,688 885,601 3,557 698,504 465,345 5,205,695 720,964 Sales (2,865,530 ) (441,727 ) (6,097 ) (291,118 ) (37,869 ) (3,642,341 ) (197,015 ) Settlements — 60,958 (574 ) — — 60,384 3,298 Net Realized Gains (Losses) 1,324,368 (4,032 ) — 201,307 (269 ) 1,521,374 — Net Unrealized Gains (Losses) 1,395,729 66,118 821 (307,638 ) 80,714 1,235,744 15,214 Change in Other Comprehensive Income — (1,987 ) — — — (1,987 ) — Balance, End of Period $ 30,914,162 $ 3,047,412 $ 95,703 $ 3,799,200 $ 713,190 $ 38,569,667 $ 7,356,678 Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date $ 2,814,297 $ 88,905 $ 205 $ (307,638 ) $ 83,696 2,679,465 $ 15,214 (1) The Transfers In noted in the tables above for credit, investments of consolidated CFEs and other investments are principally attributable to certain investments that experienced an insignificant level of market activity during the period and thus were valued in the absence of observable inputs. (2) The Transfers Out noted in the tables above for private equity investments are attributable to portfolio companies that are now valued using their publicly traded market price. The Transfers Out noted above for credit, investments of consolidated CFEs and other investments are principally attributable to certain investments that experienced a higher level of market activity during the period and thus were valued using observable inputs. (3) Upon adoption of ASU 2014-13, the debt obligations of consolidated CLOs are no longer Level III financial liabilities under the GAAP fair value hierarchy. As of June 30, 2015 , the debt obligations of consolidated CLOs are measured on the basis of the fair value of the financial assets of the CLO and are classified as Level II financial liabilities. See Note 2 " Summary of Significant Accounting Policies".
Summary of valuation methodologies used for assets, measured at fair value and categorized within Level III	The following table presents additional information about valuation methodologies and significant unobservable inputs used for investments that are measured at fair value and categorized within Level III as of June 30, 2015 : Fair Value June 30, 2015 Valuation Methodologies Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Private Equity Investments $ 25,113,442 Financial Services $ 6,284,129 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 9.2% 2% - 15% Decrease Weight Ascribed to Market Comparables 47.5% 10% - 100% (4) Weight Ascribed to Discounted Cash Flow 42.2% 0% - 50% (5) Weight Ascribed to Transaction Price 10.3% 0% - 80% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 13.2x 11.8x - 13.6x Increase Enterprise Value/Forward EBITDA Multiple 12.0x 10.7x - 12.4x Increase Discounted cash flow Weighted Average Cost of Capital 11.4% 9.2% - 12.0% Decrease Enterprise Value/LTM EBITDA Exit Multiple 10.4x 10.0x - 10.5x Increase Manufacturing $ 3,855,245 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 6.4% 1% - 15% Decrease Weight Ascribed to Market Comparables 35.6% 5% - 50% (4) Weight Ascribed to Discounted Cash Flow 42.8% 5% - 67% (5) Weight Ascribed to Transaction Price 21.6% 0% - 90% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.4x 7.2x - 25.3x Increase Enterprise Value/Forward EBITDA Multiple 11.1x 7.7x - 15.3x Increase Control Premium 20% 20% - 20% (8) Increase Discounted cash flow Weighted Average Cost of Capital 14.0% 9.8% - 20.6% Decrease Enterprise Value/LTM EBITDA Exit Multiple 9.6x 7.0x - 10.5x Increase Technology $ 3,475,967 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 10.8% 10% - 20% Decrease Weight Ascribed to Market Comparables 43.6% 13% - 100% (4) Weight Ascribed to Discounted Cash Flow 43.5% 0% - 50% (5) Weight Ascribed to Transaction Price 12.9% 0% - 75% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.9x 3.7x - 16.8x Increase Enterprise Value/Forward EBITDA Multiple 11.6x 4.3x - 14.5x Increase Discounted cash flow Weighted Average Cost of Capital 11.7% 8.0% - 23.9% Decrease Enterprise Value/LTM EBITDA Exit Multiple 9.3x 5.5x - 11.0x Increase Retail $ 3,468,866 Inputs to market comparable, discounted cash flow and transaction Illiquidity Discount 8.0% 5% - 20% Decrease Weight Ascribed to Market Comparables 49.3% 0% - 50% (4) Weight Ascribed to Discounted Cash Flow 49.4% 0% - 100% (5) Weight Ascribed to Transaction Price 1.3% 0% - 100% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 10.6x 7.0x - 13.8x (7) Increase Enterprise Value/Forward EBITDA Multiple 9.7x 6.7x - 10.7x (7) Increase Discounted cash flow Weighted Average Cost of Capital 10.4% 9.0% - 23.8% Decrease Enterprise Value/LTM EBITDA Exit Multiple 8.1x 6.0x - 11.2x Increase Other $ 8,029,235 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 10.9% 5% - 20% Decrease Weight Ascribed to Market Comparables 44.1% 0% - 100% (4) Weight Ascribed to Discounted Cash Flow 54.0% 0% - 100% (5) Weight Ascribed to Transaction Price 1.9% 0% - 33% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.5x 6.2x - 39.4x Increase Enterprise Value/Forward EBITDA Multiple 11.0x 6.8x - 15.9x Increase Control Premium 15.4% 10% - 20% (8) Increase Discounted cash flow Weighted Average Cost of Capital 12.1% 8.0% - 25.9% Decrease Enterprise Value/LTM EBITDA Exit Multiple 9.7x 6.5x - 12.0x Increase Real Assets $ 4,058,717 Energy $ 1,581,077 Discounted cash flow Weighted Average Cost of Capital 12.4% 8.8% - 23.0% Decrease Average Price Per BOE (11) $40.04 $34.01- $45.59 Increase Infrastructure $ 1,242,251 Discounted cash flow Weighted Average Cost of Capital 7.6% 5.7% - 12.5% Decrease Enterprise Value/LTM EBITDA Exit Multiple 8.6x 7.8x - 10.0x Increase Real Estate $ 1,235,389 Inputs to direct income capitalization and discounted cash flow Weight Ascribed to Direct Income Capitalization 50.8% 0% - 100% (10) Weight Ascribed to Discounted Cash Flow 49.2% 0% - 100% (5) Direct Income Capitalization Current Capitalization Rate 6.8% 5.5% - 11.9% Decrease Discounted cash flow Unlevered Discount Rate 9.1% 6.7% - 20.0% Decrease Credit $ 4,705,846 (9 ) Yield Analysis Yield 10.9% 5.5% - 27.7% Decrease Net Leverage 5.4x 1.0x - 12.7x Decrease EBITDA Multiple 8.1x 0.6x - 16.3x Increase In the table above, Other Investments, within private equity investments, represents the following industries: Health Care, Consumer Products, Education, Energy, Forestry, Media, Services, Telecommunications, Transportation, Hotels/Leisure, Packaging, Mining, Agriculture and Recycling. None of these industries represents more than 10% of total Level III private equity investments as of June 30, 2015 . (1) In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the investments. LTM means Last Twelve Months and EBITDA means Earnings Before Interest Taxes Depreciation and Amortization. (2) Inputs were weighted based on the fair value of the investments included in the range. (3) Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. (4) The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price. (5) The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach, transaction price and direct income capitalization approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach and transaction price. (6) The directional change from an increase in the weight ascribed to the transaction price would increase the fair value of the Level III investments if the transaction price results in a higher valuation than the market comparables and discounted cash flow approach. The opposite would be true if the transaction price results in a lower valuation than the market comparables approach and discounted cash flow approach. (7) Ranges shown exclude inputs relating to a single portfolio company that was determined to lack comparability with other investments in KKR’s private equity portfolio. This portfolio company had a fair value representing less than 0.5% of the total fair value of Private Equity Investments and had an Enterprise Value/LTM EBITDA Multiple and Enterprise Value/Forward EBITDA Multiple of 28.1x and 20.2x , respectively. The exclusion of this investment does not impact the weighted average. (8) Level III private equity investments whose valuations include a control premium represent less than 5% of total Level III private equity investments. The valuations for the remaining investments do not include a control premium. (9) Amounts include $531.8 million of investments that were valued using dealer quotes or third party valuation firms. (10) The directional change from an increase in the weight ascribed to the direct income capitalization approach would increase the fair value of the Level III investments if the direct income capitalization approach results in a higher valuation than the discounted cash flow approach. The opposite would be true if the direct income capitalization approach results in a lower valuation than the discounted cash flow approach. (11) The total Energy fair value amount includes multiple investments (in multiple locations throughout North America) that are held in multiple investment funds and produce varying quantities of oil, condensate, natural gas liquids, and natural gas. Commodity price may be measured using a common volumetric equivalent where one barrel of oil equivalent, or BOE, is determined using the ratio of six thousand cubic feet of natural gas to one barrel of oil, condensate or natural gas liquids. The price per BOE is provided to show the aggregate of all price inputs for the various investments over a common volumetric equivalent although the valuations for specific investments may use price inputs specific to the asset for purposes of our valuations. The discounted cash flows include forecasted production of liquids (oil, condensate, and natural gas liquids) and natural gas with a forecasted revenue ratio of approximately 63% liquids and 37% natural gas.

NET INCOME (LOSS) ATTRIBUTABL31

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of basic and diluted Net Income (Loss) attributable to KKR & Co. earnings per common unit	For the three and six months ended June 30, 2015 and 2014 , basic and diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit were calculated as follows: Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Net Income (Loss) Attributable to KKR & Co. L.P. $ 376,306 $ 178,215 $ 646,813 $ 388,256 Basic Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 446,794,950 377,542,161 440,867,813 335,748,498 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic $ 0.84 $ 0.47 $ 1.47 $ 1.16 Diluted Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 446,794,950 377,542,161 440,867,813 335,748,498 Weighted Average Unvested Common Units and Other Exchangeable Securities 35,856,541 32,637,677 36,599,407 32,128,551 Weighted Average Common Units Outstanding - Diluted 482,651,491 410,179,838 477,467,220 367,877,049 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted $ 0.78 $ 0.43 $ 1.35 $ 1.06
Schedule of KKR Holdings units excluded from the calculation of diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit	Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Weighted Average KKR Holdings Units Outstanding 369,477,271 390,567,690 372,639,228 394,996,735

OTHER ASSETS AND ACCOUNTS PAY32

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2015
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of other assets	Other Assets consist of the following: June 30, 2015 December 31, 2014 Foreign Exchange Contracts and Options (a) $ 601,805 $ 517,088 Interest, Dividend and Notes Receivable (b) 472,907 594,288 Unsettled Investment Sales (c) 466,317 176,622 Oil & Gas Assets, net (d) 436,114 460,658 Deferred Tax Assets, net 247,581 237,982 Due from Broker (e) 245,463 561,554 Intangible Assets, net (f) 191,379 209,202 Goodwill (f) 89,000 89,000 Fixed Assets, net (g) 73,322 76,247 Deferred Financing Costs 67,063 46,058 Receivables 38,284 55,876 Prepaid Taxes 22,755 31,267 Deferred Transaction Related Expenses 16,864 14,981 Prepaid Expenses 13,816 8,812 Derivative Assets 9,992 11,897 Other 8,950 72,685 Total $ 3,001,612 $ 3,164,217 (a) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (b) Represents interest and dividend receivables and promissory notes due from third parties. The promissory notes bear interest at rates ranging from 2.0% - 3.0% per annum and mature between 2016 and 2018. (c) Represents amounts due from third parties for investments sold for which cash settlement has not occurred. (d) Includes proved and unproved oil and natural gas properties under the successful efforts method of accounting, which is net of impairment write-downs, accumulated depreciation, depletion and amortization. (e) Represents amounts held at clearing brokers resulting from securities transactions. (f) See Note 15 “Goodwill and Intangible Assets.” (g) Net of accumulated depreciation and amortization of $130,109 and $122,908 as of June 30, 2015 and December 31, 2014 , respectively. Depreciation and amortization expense of $3,951 and $4,155 for the three months ended June 30, 2015 and 2014 , respectively, and $7,865 and $8,202 for the six months ended June 30, 2015 and 2014 , respectively, is included in General, Administrative and Other in the accompanying condensed consolidated statements of operations.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts Payable, Accrued Expenses and Other Liabilities consist of the following: June 30, 2015 December 31, 2014 Amounts Payable to Carry Pool (a) $ 1,280,854 $ 1,100,943 Unsettled Investment Purchases (b) 987,253 891,649 Securities Sold Short (c) 424,400 633,132 Due to Broker (d) 212,767 72,509 Foreign Exchange Contracts and Options (e) 119,882 71,956 Accrued Compensation and Benefits 113,978 17,799 Accounts Payable and Accrued Expenses 108,622 130,023 Interest Payable 81,069 61,643 Derivative Liabilities 45,292 75,150 Contingent Consideration Obligation (f) 44,600 40,600 Deferred Rent and Income 25,663 26,894 Taxes Payable 9,014 6,362 Other Liabilities 89,889 70,692 Total $ 3,543,283 $ 3,199,352 (a) Represents the amount of carried interest payable to principals, professionals and other individuals with respect to KKR’s active funds and co-investment vehicles that provide for carried interest. (b) Represents amounts owed to third parties for investment purchases for which cash settlement has not occurred. (c) Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. The cost bases for these instruments at June 30, 2015 and December 31, 2014 were $431,536 and $628,071 , respectively. (d) Represents amounts owed for securities transactions initiated at clearing brokers. (e) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (f) Represents the fair value of the contingent consideration related to the acquisition of Prisma.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of maximum exposure to loss, before allocations to the carry pool, if any, for those VIEs in which entity is determined not to be the primary beneficiary but in which it has a variable interest	As of June 30, 2015 and December 31, 2014 , the maximum exposure to loss, before allocations to the carry pool, if any, for those VIEs in which KKR is determined not to be the primary beneficiary but in which it has a variable interest is as follows: June 30, 2015 December 31, 2014 Investments $ 361,477 $ 375,061 Due from Affiliates, net 2,213 3,478 Maximum Exposure to Loss $ 363,690 $ 378,539

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of borrowings	KKR’s borrowings consisted of the following: June 30, 2015 December 31, 2014 Financing Available Borrowing Outstanding Fair Value Financing Available Borrowing Outstanding Fair Value Revolving Credit Facilities: Corporate Credit Agreement $ 1,000,000 $ — $ — $ 1,000,000 $ — $ — KCM Credit Agreement 500,000 — — 473,000 27,000 27,000 (j) Notes Issued: KKR Issued 6.375% Notes Due 2020 (a) — 498,908 583,515 (k) — 498,804 583,692 (k) KKR Issued 5.500% Notes Due 2043 (b) — 494,741 509,125 (k) — 494,644 566,250 (k) KKR Issued 5.125% Notes Due 2044 (c) — 998,564 960,080 (k) — 493,214 539,797 (k) KFN Issued 8.375% Notes Due 2041 (d) — 290,269 278,519 (l) — 290,861 287,359 (l) KFN Issued 7.500% Notes Due 2042 (e) — 123,506 121,023 (l) — 123,663 125,856 (l) KFN Issued Junior Subordinated Notes (f) — 247,738 228,807 — 246,907 228,087 Other Consolidated Debt Obligations: Fund Financing Facilities (g) 2,929,931 2,825,035 2,825,035 (m) 2,150,819 1,047,351 1,047,351 (m) CLO Debt Obligations (h) — 7,970,409 7,970,409 — 7,615,340 7,615,340 CMBS Debt Obligations (i) — 2,440,403 2,440,403 — — — $ 4,429,931 $ 15,889,573 $ 15,916,916 $ 3,623,819 $ 10,837,784 $ 11,020,732 (a) $500 million aggregate principal amount of 6.375% senior notes of KKR due 2020. (b) $500 million aggregate principal amount of 5.500% senior notes of KKR due 2043. (c) $1.0 billion aggregate principal amount of 5.125% senior notes of KKR due 2044. (d) KKR consolidates KFN and thus reports KFN’s outstanding $259 million aggregate principal amount of 8.375% senior notes due 2041. (e) KKR consolidates KFN and thus reports KFN’s outstanding $115 million aggregate principal amount of 7.500% senior notes due 2042. (f) KKR consolidates KFN and thus reports KFN’s outstanding $284 million aggregate principal amount of junior subordinated notes. The weighted average interest rate is 5.4% and the weighted average years to maturity is 21.3 years as of June 30, 2015 . These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR’s Level III credit investments. (g) Certain of KKR’s investment funds have entered into financing arrangements with major financial institutions, generally to enable such investment funds to make investments prior to or without receiving capital from fund limited partners. The weighted average interest rate is 2.7% and 2.9% as of June 30, 2015 and December 31, 2014 , respectively. In addition, the weighted average years to maturity is 2.6 years and 2.9 years as of June 30, 2015 and December 31, 2014 , respectively. (h) CLO debt obligations are carried at fair value and are classified as Level II within the fair value hierarchy. See Note 5 “Fair Value Measurements.” (i) CMBS debt obligations are carried at fair value and are classified as Level II within the fair value hierarchy. See Note 5 “Fair Value Measurements.” (j) Carrying value approximates fair value given the credit facility's interest rate is variable. (k) The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes. (l) The notes are classified as Level I within the fair value hierarchy and fair value is determined by quoted prices in active markets since the debt is publicly listed. (m) Carrying value approximates fair value given the fund financing facilities’ interest rates are variable.
Schedule of debt obligations of consolidated CLOs	As of June 30, 2015 , debt obligations of consolidated CFEs consisted of the following: Borrowing Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Senior Secured Notes of Consolidated CLOs $ 7,657,265 2.0 % 9.2 Debt Obligations of Consolidated CMBS Vehicles 2,440,403 3.8 % 33.4 Subordinated Notes of Consolidated CLOs 313,144 (a) 8.9 $ 10,410,812 (a) The subordinated notes do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any.

EQUITY BASED COMPENSATION (Tabl

EQUITY BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of expense associated with equity based compensation	The following table summarizes the expense associated with equity based compensation for the three and six months ended June 30, 2015 and 2014 , respectively. Three Months Ended Six Months Ended 2015 2014 2015 2014 Equity Incentive Plan Units $ 48,453 $ 40,877 $ 100,718 $ 80,230 KKR Holdings Principal Awards 1,675 7,567 4,193 17,789 Other Exchangeable Securities 3,907 6,919 7,675 9,943 KKR Holdings Restricted Equity Units 21 396 149 506 Discretionary Compensation 15,422 37,198 33,293 62,017 Total $ 69,478 $ 92,957 $ 146,028 $ 170,485
Schedule of unrecognized expense of Equity Incentive Plan awards expected to be recognized	As of June 30, 2015 , there was approximately $310.5 million of estimated unrecognized expense related to unvested awards. That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2015 $ 84.5 2016 130.8 2017 75.8 2018 18.8 2019 0.6 Total $ 310.5
Schedule of awards granted under Equity Incentive Plan	A summary of the status of unvested awards granted under the Equity Incentive Plan from January 1, 2015 through June 30, 2015 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2015 20,488,737 $ 12.33 Granted 15,619,776 17.01 Vested (5,174,042 ) 12.93 Forfeited (1,485,752 ) 14.27 Balance, June 30, 2015 29,448,719 $ 14.61
Schedule of remaining vesting tranches of awards granted under the Equity Incentive Plan	A summary of the remaining vesting tranches of awards granted under the Equity Incentive Plan is presented below: Vesting Date Units October 1, 2015 5,528,873 April 1, 2016 7,384,714 October 1, 2016 4,397,839 April 1, 2017 5,476,479 October 1, 2017 1,403,838 April 1, 2018 4,118,901 October 1, 2018 1,047,478 April 1, 2019 6,947 October 1, 2019 83,650 29,448,719
Schedule of unrecognized expense of principal awards expected to be recognized	As of June 30, 2015 , there was approximately $5.3 million of estimated unrecognized equity-based payment and general administrative and other expense related to unvested Principal Awards. That cost is expected to be recognized as follows: Year Unrecognized Expense (in millions) Remainder of 2015 $ 2.8 2016 2.1 2017 0.4 Total $ 5.3
Schedule of KKR Holdings awards granted to principals and certain non-employee consultant and service providers	A summary of the status of unvested Principal Awards from January 1, 2015 through June 30, 2015 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2015 4,708,434 $ 8.44 Granted 74,247 16.64 Vested (1,090,262 ) 9.50 Forfeited (173,675 ) 8.55 Balance, June 30, 2015 3,518,744 $ 8.28
Schedule of remaining vesting tranches for principals and certain non-employee consultant and service providers	The following table summarizes the remaining vesting tranches of Principal Awards: Vesting Date Units October 1, 2015 2,047,319 April 1, 2016 122,697 October 1, 2016 1,127,413 April 1, 2017 70,271 October 1, 2017 111,293 April 1, 2018 39,751 3,518,744
Schedule of unrecognized expense of other exchangeable securities expected to be recognized	As of June 30, 2015 , there was approximately $16.3 million of estimated unrecognized expense related to unvested Other Exchangeable Securities. That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2015 $ 6.8 2016 9.5 Total $ 16.3
Schedule of KKR Holdings awards granted to other exchangeable securities	A summary of the status of unvested Other Exchangeable Securities from January 1, 2015 through June 30, 2015 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2015 1,695,972 $ 18.45 Granted — — Vested — — Forfeited — — Balance, June 30, 2015 1,695,972 $ 18.45
Schedule of remaining vesting tranches for other exchangeable securities	The following table summarizes the remaining vesting tranches of Other Exchangeable Securities: Vesting Date Units October 1, 2015 847,983 October 1, 2016 847,989 1,695,972

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of due from and to affiliates	Due from Affiliates consists of: June 30, 2015 December 31, 2014 Amounts due from portfolio companies $ 39,756 $ 64,989 Amounts due from unconsolidated investment funds 51,761 47,229 Amounts due from related entities 17,692 34,838 Due from Affiliates $ 109,209 $ 147,056 Due to Affiliates consists of: June 30, 2015 December 31, 2014 Amounts due to KKR Holdings in connection with the tax receivable agreement $ 133,300 $ 121,803 Amounts due to related entities 11,406 9,745 Due to Affiliates $ 144,706 $ 131,548

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of financial data of the entity's reportable segments	The following tables present the financial data for KKR’s reportable segments: As of and for the Three Months Ended June 30, 2015 Private Markets Public Markets Capital Markets Total Reportable Segments Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 115,346 $ 66,055 $ — $ 181,401 Monitoring Fees 47,713 — — 47,713 Transaction Fees 40,321 3,873 48,757 92,951 Fee Credits (1) (53,286 ) (3,172 ) — (56,458 ) Total Management, Monitoring and Transaction Fees, Net 150,094 66,756 48,757 265,607 Performance Income Realized Carried Interest 243,274 8,953 — 252,227 Incentive Fees — 5,893 — 5,893 Unrealized Carried Interest 312,379 27,987 — 340,366 Total Performance Income 555,653 42,833 — 598,486 Investment Income (Loss) Net Realized Gains (Losses) 145,817 31,192 (749 ) 176,260 Net Unrealized Gains (Losses) 145,094 (11,988 ) (1,122 ) 131,984 Total Realized and Unrealized 290,911 19,204 (1,871 ) 308,244 Net Interest and Dividends 8,234 59,390 7,782 75,406 Total Investment Income (Loss) 299,145 78,594 5,911 383,650 Total Segment Revenues 1,004,892 188,183 54,668 1,247,743 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 65,939 22,785 10,147 98,871 Realized Allocation to Carry Pool (2) 97,310 3,581 — 100,891 Unrealized Allocation to Carry Pool (2) 125,371 11,195 — 136,566 Total Compensation and Benefits 288,620 37,561 10,147 336,328 Occupancy and Related Charges 11,832 2,977 666 15,475 Other Operating Expenses 38,125 10,617 2,871 51,613 Total Segment Expenses 338,577 51,155 13,684 403,416 Income (Loss) attributable to noncontrolling interests (3) 143 478 3,762 4,383 Economic Net Income (Loss) $ 666,172 $ 136,550 $ 37,222 $ 839,944 Total Assets $ 8,395,916 $ 4,245,520 $ 1,733,437 $ 14,374,873 (1) KKR’s agreements with the fund investors of certain of its investment funds require KKR to share with these fund investors an agreed upon percentage of certain fees, including monitoring and transaction fees received from portfolio companies (“Fee Credits”). Fund investors receive Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund’s investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain fund-related expenses and generally amount to 80% or 100% of allocable monitoring and transaction fees after fund-related expenses are recovered, although the actual percentage may vary from fund to fund as well as among different classes of investors within a fund. (2) With respect to KKR’s active and future investment funds and co-investment vehicles that provide for carried interest, KKR allocates to its principals, other professionals and selected other individuals a portion of the carried interest earned in relation to these funds as part of its carry pool. (3) Represents economic interests that (i) allocate to third parties an aggregate of 1% of profits and losses of KKR’s management companies until a future date and (ii) allocate to third party investors certain profits and losses in KKR’s Capital Markets segment. As of and for the Three Months Ended June 30, 2014 Private Markets Public Markets Capital Markets Total Reportable Segments Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 111,542 $ 67,132 $ — $ 178,674 Monitoring Fees 29,610 — — 29,610 Transaction Fees 45,340 7,350 31,615 84,305 Fee Credits (1) (43,478 ) (6,352 ) — (49,830 ) Total Management, Monitoring and Transaction Fees, Net 143,014 68,130 31,615 242,759 Performance Income Realized Carried Interest 555,488 — — 555,488 Incentive Fees — 11,478 — 11,478 Unrealized Carried Interest (163,564 ) 25,738 — (137,826 ) Total Performance Income 391,924 37,216 — 429,140 Investment Income (Loss) Net Realized Gains (Losses) 207,892 14,284 (515 ) 221,661 Net Unrealized Gains (Losses) (122,729 ) 3,751 (957 ) (119,935 ) Total Realized and Unrealized 85,163 18,035 (1,472 ) 101,726 Net Interest and Dividends 22,760 33,822 3,850 60,432 Total Investment Income (Loss) 107,923 51,857 2,378 162,158 Total Segment Revenues 642,861 157,203 33,993 834,057 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 56,522 26,904 8,018 91,444 Realized Allocation to Carry Pool (2) 222,195 — — 222,195 Unrealized Allocation to Carry Pool (2) (63,730 ) 10,295 — (53,435 ) Total Compensation and Benefits 214,987 37,199 8,018 260,204 Occupancy and Related Charges 11,764 2,544 449 14,757 Other Operating Expenses 39,589 11,474 3,248 54,311 Total Segment Expenses 266,340 51,217 11,715 329,272 Income (Loss) attributable to noncontrolling interests (3) 335 385 2,486 3,206 Economic Net Income (Loss) $ 376,186 $ 105,601 $ 19,792 $ 501,579 Total Assets $ 7,628,969 $ 4,387,413 $ 1,437,824 $ 13,454,206 (1) KKR’s agreements with the fund investors of certain of its investment funds require KKR to share with these fund investors an agreed upon percentage of certain fees, including monitoring and transaction fees received from portfolio companies (“Fee Credits”). Fund investors receive Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund’s investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain fund-related expenses and generally amount to 80% or 100% of allocable monitoring and transaction fees after fund-related expenses are recovered, although the actual percentage may vary from fund to fund as well as among different classes of investors within a fund. (2) With respect to KKR’s active and future investment funds and co-investment vehicles that provide for carried interest, KKR allocates to its principals, other professionals and selected other individuals a portion of the carried interest earned in relation to these funds as part of its carry pool. (3) Represents economic interests that (i) allocate to third parties an aggregate of 1% of profits and losses of KKR’s management companies until a future date and (ii) allocate to third party investors certain profits and losses in KKR’s Capital Markets segment. As of and for the Six Months Ended June 30, 2015 Private Markets Public Markets Capital Markets Total Reportable Segments Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 224,622 $ 130,559 $ — $ 355,181 Monitoring Fees 145,551 — — 145,551 Transaction Fees 86,920 17,303 92,014 196,237 Fee Credits (1) (123,192 ) (13,760 ) — (136,952 ) Total Management, Monitoring and Transaction Fees, Net 333,901 134,102 92,014 560,017 Performance Income Realized Carried Interest 545,699 8,953 — 554,652 Incentive Fees — 11,558 — 11,558 Unrealized Carried Interest 439,316 40,334 — 479,650 Total Performance Income 985,015 60,845 — 1,045,860 Investment Income (Loss) Net Realized Gains (Losses) 329,081 31,876 (4,030 ) 356,927 Net Unrealized Gains (Losses) 224,457 (99,865 ) (3,329 ) 121,263 Total Realized and Unrealized 553,538 (67,989 ) (7,359 ) 478,190 Net Interest and Dividends 403 111,262 14,416 126,081 Total Investment Income (Loss) 553,941 43,273 7,057 604,271 Total Segment Revenues 1,872,857 238,220 99,071 2,210,148 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 139,906 46,790 19,202 205,898 Realized Allocation to Carry Pool (2) 218,280 3,581 — 221,861 Unrealized Allocation to Carry Pool (2) 176,064 16,133 — 192,197 Total Compensation and Benefits 534,250 66,504 19,202 619,956 Occupancy and Related Charges 22,848 6,099 1,324 30,271 Other Operating Expenses 80,241 25,571 6,747 112,559 Total Segment Expenses 637,339 98,174 27,273 762,786 Income (Loss) attributable to noncontrolling interests (3) 862 653 6,490 8,005 Economic Net Income (Loss) $ 1,234,656 $ 139,393 $ 65,308 $ 1,439,357 Total Assets $ 8,395,916 $ 4,245,520 $ 1,733,437 $ 14,374,873 (1) KKR’s agreements with the fund investors of certain of its investment funds require KKR to share with these fund investors an agreed upon percentage of certain fees, including monitoring and transaction fees received from portfolio companies (“Fee Credits”). Fund investors receive Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund’s investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain fund-related expenses and generally amount to 80% or 100% of allocable monitoring and transaction fees after fund-related expenses are recovered, although the actual percentage may vary from fund to fund as well as among different classes of investors within a fund. (2) With respect to KKR’s active and future investment funds and co-investment vehicles that provide for carried interest, KKR allocates to its principals, other professionals and selected other individuals a portion of the carried interest earned in relation to these funds as part of its carry pool. (3) Represents economic interests that (i) allocate to third parties an aggregate of 1% of profits and losses of KKR’s management companies until a future date and (ii) allocate to third party investors certain profits and losses in KKR’s Capital Markets segment. As of and for the Six Months Ended June 30, 2014 Private Markets Public Markets Capital Markets Total Reportable Segments Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 234,581 $ 139,486 $ — $ 374,067 Monitoring Fees 65,973 — — 65,973 Transaction Fees 138,360 13,372 96,089 247,821 Fee Credits (1) (123,816 ) (10,682 ) — (134,498 ) Total Management, Monitoring and Transaction Fees, Net 315,098 142,176 96,089 553,363 Performance Income Realized Carried Interest 724,288 24,750 — 749,038 Incentive Fees — 28,497 — 28,497 Unrealized Carried Interest (17,788 ) 25,609 — 7,821 Total Performance Income 706,500 78,856 — 785,356 Investment Income (Loss) Net Realized Gains (Losses) 384,090 19,763 (464 ) 403,389 Net Unrealized Gains (Losses) (52,056 ) 18,565 (685 ) (34,176 ) Total Realized and Unrealized 332,034 38,328 (1,149 ) 369,213 Net Interest and Dividends 19,952 43,399 8,245 71,596 Total Investment Income (Loss) 351,986 81,727 7,096 440,809 Total Segment Revenues 1,373,584 302,759 103,185 1,779,528 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 123,420 53,649 23,290 200,359 Realized Allocation to Carry Pool (2) 289,715 9,900 — 299,615 Unrealized Allocation to Carry Pool (2) (4,987 ) 10,242 — 5,255 Total Compensation and Benefits 408,148 73,791 23,290 505,229 Occupancy and Related Charges 23,324 4,716 906 28,946 Other Operating Expenses 79,648 19,981 7,483 107,112 Total Segment Expenses 511,120 98,488 31,679 641,287 Income (Loss) attributable to noncontrolling interests (3) 850 907 4,651 6,408 Economic Net Income (Loss) $ 861,614 $ 203,364 $ 66,855 $ 1,131,833 Total Assets $ 7,628,969 $ 4,387,413 $ 1,437,824 $ 13,454,206 (1) KKR’s agreements with the fund investors of certain of its investment funds require KKR to share with these fund investors an agreed upon percentage of certain fees, including monitoring and transaction fees received from portfolio companies (“Fee Credits”). Fund investors receive Fee Credits only with respect to monitoring and transaction fees that are allocable to the fund’s investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment vehicles. Fee Credits are calculated after deducting certain fund-related expenses and generally amount to 80% or 100% of allocable monitoring and transaction fees after fund-related expenses are recovered, although the actual percentage may vary from fund to fund as well as among different classes of investors within a fund. (2) With respect to KKR’s active and future investment funds and co-investment vehicles that provide for carried interest, KKR allocates to its principals, other professionals and selected other individuals a portion of the carried interest earned in relation to these funds as part of its carry pool. (3) Represents economic interests that (i) allocate to third parties an aggregate of 1% of profits and losses of KKR’s management companies until a future date and (ii) allocate to third party investors certain profits and losses in KKR’s Capital Markets segment.
Schedule of reconciliation of financial information from total reportable segments to the most directly comparable financial measures calculated and presented in accordance with GAAP	The following tables reconcile KKR’s total reportable segments to the most directly comparable financial measures calculated and presented in accordance with GAAP: Fees Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Total Segment Revenues $ 1,247,743 $ 834,057 $ 2,210,148 $ 1,779,528 Management fees relating to consolidated funds and other entities (129,864 ) (119,991 ) (255,439 ) (265,199 ) Fee credits relating to consolidated funds 53,738 45,367 126,687 125,459 Net realized and unrealized carried interest (592,593 ) (417,662 ) (1,034,302 ) (756,859 ) Total investment income (loss) (383,650 ) (162,158 ) (604,271 ) (440,809 ) Revenue earned by oil & gas producing entities 35,700 56,208 60,644 73,989 Reimbursable expenses 17,542 9,454 27,320 25,440 Other 7,258 4,095 16,432 10,747 Fees and Other $ 255,874 $ 249,370 $ 547,219 $ 552,296 Expenses Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Total Segment Expenses $ 403,416 $ 329,272 $ 762,786 $ 641,287 Equity based compensation 69,478 92,957 146,028 170,485 Reimbursable expenses 26,547 13,580 46,406 32,492 Operating expenses relating to consolidated funds and other entities 11,082 25,654 22,052 53,317 Expenses incurred by oil & gas producing entities 26,053 39,187 47,131 50,171 Intangible amortization, acquisition, litigation and certain non- recurring costs 6,051 71,608 21,522 85,497 Other 11,550 13,067 23,285 25,247 Total Expenses $ 554,177 $ 585,325 $ 1,069,210 $ 1,058,496 Income (Loss) Before Taxes Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Economic net income $ 839,944 $ 501,579 $ 1,439,357 $ 1,131,833 Income taxes (30,547 ) (6,176 ) (46,685 ) (27,878 ) Amortization of intangibles and other, net (37,910 ) (37,455 ) (35,120 ) (57,624 ) Equity based compensation (69,478 ) (92,957 ) (146,028 ) (170,485 ) Net income (loss) attributable to noncontrolling interests held by KKR Holdings (325,703 ) (186,776 ) (564,711 ) (487,590 ) Net income (loss) attributable to KKR & Co. L.P. $ 376,306 $ 178,215 $ 646,813 $ 388,256 Net income (loss) attributable to noncontrolling interests and appropriated capital 2,930,453 1,881,090 4,601,022 3,664,578 Net income (loss) attributable to redeemable noncontrolling interests (891 ) (6,809 ) 1,042 3,828 Income taxes 30,547 6,176 46,685 27,878 Income (loss) before taxes $ 3,336,415 $ 2,058,672 $ 5,295,562 $ 4,084,540
Reconciliation of assets from segment to consolidated	The items that reconcile KKR’s total reportable segments to the corresponding condensed consolidated amounts calculated and presented in accordance with GAAP for net income (loss) attributable to redeemable noncontrolling interests and income (loss) attributable to noncontrolling interests and appropriated capital are primarily attributable to the impact of the consolidation of KKR's funds and certain other entities. Assets As of June 30, 2015 As of June 30, 2014 Total Segment Assets $ 14,374,873 $ 13,454,206 Consolidation of KKR Funds, CFEs and other entities 57,260,481 51,973,127 Accounting basis difference for oil & natural gas properties 58,343 206,984 Total Assets $ 71,693,697 $ 65,634,317

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2015
KFN
Acquisitions
Schedule of consideration paid	The total consideration paid was approximately $2.4 billion consisting entirely of the issuance of 104.3 million KKR common units as follows (amounts in thousands except unit data): Number of KKR common units issued 104,340,028 KKR common unit price on April 30, 2014 $ 22.71 Estimated fair value of KKR common units issued $ 2,369,559
Summary of the estimated fair values of the assets acquired and liabilities assumed	The following is a summary of the estimated fair values of the assets acquired and liabilities as of April 30, 2014, the date they were assumed (amounts in thousands): Cash and cash equivalents $ 210,413 Cash and cash equivalents held at consolidated entities 614,929 Restricted cash and cash equivalents 35,038 Investments 1,235,813 Investments of consolidated CLOs 6,742,768 Other assets 642,721 Other assets of consolidated CLOs 133,036 Total assets 9,614,718 Debt obligations 724,509 Debt obligations of consolidated CLOs 5,663,666 Accounts payable, accrued expenses and other liabilities 118,427 Other liabilities of consolidated CLOs 344,660 Total liabilities 6,851,262 Noncontrolling interests 378,983 Fair value of Net Assets Acquired 2,384,473 Less: Fair value of consideration transferred 2,369,559 Gain on acquisition $ 14,914
Avoca Capital and its affiliates
Acquisitions
Summary of the estimated fair values of the assets acquired and liabilities assumed	The following is a summary of the estimated fair values of the assets acquired and liabilities as of February 19, 2014, the date they were assumed: Cash and cash equivalents $ 24,381 Investments 20,905 Investments of consolidated CLOs 1,226,174 Other assets of consolidated CLOs 186,609 Other assets 7,370 Intangible assets 65,880 Total assets 1,531,319 Liabilities 13,584 Debt obligations of consolidated CLOs 1,150,551 Other liabilities of consolidated CLOs 140,308 Total liabilities 1,304,443 Fair Value of Net Assets Acquired 226,876 Less: Fair value of subordinated notes of consolidated CLOs held by KKR prior to acquisition (a) 74,029 Less: Fair value of consideration transferred 139,798 Gain on acquisition $ 13,049 (a) Represents subordinated notes in one of the consolidated CLOs held by KKR prior to the acquisition of Avoca. Upon acquisition of Avoca, KKR’s investment in the subordinated notes was offset against the corresponding debt obligations of the consolidated CLO in purchase accounting.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets, net	Intangible Assets, Net consists of the following: As of June 30, 2015 December 31, 2014 Finite-Lived Intangible Assets $ 284,766 $ 284,766 Accumulated Amortization (includes foreign exchange) (93,387 ) (75,564 ) Intangible Assets, Net $ 191,379 $ 209,202
Schedule of changes in intangible assets, net	Changes in Intangible Assets, Net consists of the following: Six Months Ended Balance, Beginning of Period $ 209,202 Amortization Expense (13,511 ) Foreign Exchange (4,312 ) Balance, End of Period $ 191,379

ORGANIZATION (Details)

ORGANIZATION (Details)	6 Months Ended
	Jun. 30, 2015
Group Holdings
ORGANIZATION AND BASIS OF PRESENTATION
Percentage owned by KKR Holdings	99.00%
Management Holdings Corp
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of economic interest held by KKR & Co. L.P.	1.00%
KKR Group Partnerships
ORGANIZATION AND BASIS OF PRESENTATION
Percentage owned by KKR Holdings	45.00%
Percentage of economic interest held by KKR & Co. L.P.	55.00%

SUMMARY OF SIGNIFICANT ACCOUN41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Principles of Consolidation) (Details)	6 Months Ended
	Jun. 30, 2015USD ($)
Accounting Policies [Abstract]
Effect on net income (loss) as a result of the elimination in consolidation of management fees earned from noncontrolling interests	$ 0

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Redeemable Noncontrolling Interests) (Details)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Expiration period of redeemable noncontrolling interests, low end of range (in years)	1 year
Expiration period of redeemable noncontrolling interests, high end of range (in years)	3 years

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Noncontrolling Interests in Consolidated Entities) (Details)	6 Months Ended
	Jun. 30, 2015
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of carried interest received by general partners	1.00%
Percentage of other profits (losses) received by general partners	1.00%
Series A LLC Preferred Shares | KFN
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred Shares dividend rate (as a percent)	7.375%

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Noncontrolling Interests Held by KKR Holdings) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Calculation of Noncontrolling Interest [Abstract]
Equity based compensation			$ 146,028	$ 170,485
Capital contributions			2,668,360	7,145,096
Capital distributions			(7,488,217)	(8,675,376)
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract]
Net Income (Loss)	$ 3,305,868	$ 2,052,496	5,248,877	4,056,662
Less: Net income (loss) attributable to Redeemable Noncontrolling Interests	(891)	(6,809)	1,042	3,828
Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities and appropriated capital	2,604,750	1,694,314	4,036,311	3,176,988
Plus: Income taxes attributable to KKR Management Holdings Corp.	17,558	688	23,611	11,635
Net income (loss) attributable to KKR & Co. L.P. and KKR Holdings	719,567	365,679	1,235,135	887,481
Noncontrolling Interests held by KKR Holdings
Calculation of Noncontrolling Interest [Abstract]
Balance at the beginning of the period	4,719,963	5,118,491	4,661,679	5,116,761
Net income (loss) attributable to noncontrolling interests held by KKR Holdings (a)	325,703	186,776	564,711	487,590
Other comprehensive income (loss), net of tax(b)	3,545	872	(7,532)	3,341
Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units (c)	(67,413)	(100,001)	(125,553)	(244,522)
Equity based compensation	17,117	45,161	37,634	80,312
Capital contributions	300	388	550	848
Capital distributions	(171,831)	(169,032)	(304,105)	(361,675)
Balance at the end of the period	$ 4,827,384	$ 5,082,655	$ 4,827,384	$ 5,082,655

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value Measurement) (Details) - Jun. 30, 2015 - Methodology	Total
Fair Value Measurements
Number of valuation methodologies used to determine fair value of investments	2
Maximum
Fair Value Measurements
Weighting percentage of methodology used to determine fair value of investments	100.00%
Minimum
Fair Value Measurements
Illiquidity Discount (as a percent)	5.00%
Private equity investment portfolio with more than one methodology | Significant Unobservable Inputs (Level III) | Market comparables
Fair Value Measurements
Weighting percentage of methodology used to determine fair value of investments	50.00%
Private equity investment portfolio with more than one methodology | Significant Unobservable Inputs (Level III) | Discounted cash flow analysis
Fair Value Measurements
Weighting percentage of methodology used to determine fair value of investments	50.00%
Private equity investment portfolio with single methodology | Significant Unobservable Inputs (Level III)
Fair Value Measurements
Percentage of fair value of investments which are valued on certain methodologies	76.70%
Private equity investment portfolio with single methodology | Significant Unobservable Inputs (Level III) | Maximum
Fair Value Measurements
Percentage of fair value of investments which are valued on certain methodologies	5.00%
Private equity investment portfolio with single methodology | Significant Unobservable Inputs (Level III) | Market comparables
Fair Value Measurements
Weighting percentage of methodology used to determine fair value of investments	100.00%
Private equity investment portfolio with single methodology | Significant Unobservable Inputs (Level III) | Discounted cash flow analysis
Fair Value Measurements
Weighting percentage of methodology used to determine fair value of investments	100.00%
Private markets investments valuation | Significant Unobservable Inputs (Level III) | Maximum
Fair Value Measurements
Percentage of fair value of investments for which valuations reviewed quarterly	5.00%

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fees and Other) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Transaction Fees	$ 88,070	$ 71,822	$ 180,675	$ 226,976
Monitoring Fees	65,887	39,064	177,412	91,413
Management Fees	51,537	58,683	99,742	108,868
Oil and Gas Revenue	35,700	56,208	60,644	73,989
Consulting Fees	8,853	12,134	17,280	22,485
Incentive Fees	5,827	11,459	11,466	28,565
Fees and Other	$ 255,874	$ 249,370	$ 547,219	$ 552,296

NET GAINS (LOSSES) FROM INVES47

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES (Summary of Net Gains (Losses) from Investment Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Total Net Gains (Losses) from Investment Activities
Net Realized Gains (Losses)	$ 1,506,140	$ 3,137,556	$ 3,311,927	$ 3,888,183
Net Unrealized Gains (Losses)	1,604,464	(1,165,706)	1,718,502	55,847
Private Equity
Total Net Gains (Losses) from Investment Activities
Net Realized Gains (Losses)	1,357,037	2,906,053	2,976,913	3,541,122
Net Unrealized Gains (Losses)	1,479,057	(1,015,495)	1,750,335	29,964
Credit and Other
Total Net Gains (Losses) from Investment Activities
Net Realized Gains (Losses)	51,473	42,965	94,299	202,745
Net Unrealized Gains (Losses)	241,550	129,980	(34,425)	264,825
Investments of Consolidated CFEs
Total Net Gains (Losses) from Investment Activities
Net Realized Gains (Losses)	(8,882)	6,605	(26,153)	6,380
Net Unrealized Gains (Losses)	(15,509)	22,620	77,394	39,070
Real Assets
Total Net Gains (Losses) from Investment Activities
Net Realized Gains (Losses)	7,505	200,699	7,505	203,354
Net Unrealized Gains (Losses)	164,012	(293,145)	63,900	(303,498)
Foreign Exchange Forward Contracts and Options
Total Net Gains (Losses) from Investment Activities
Net Realized Gains (Losses)	73,419	(3,356)	207,350	(11,795)
Net Unrealized Gains (Losses)	(284,187)	33,567	39,123	42,850
Securities Sold Short
Total Net Gains (Losses) from Investment Activities
Net Realized Gains (Losses)	(7,582)	(6,774)	(9,219)	(22,787)
Net Unrealized Gains (Losses)	34,000	(12,929)	12,198	11,060
Other Derivatives
Total Net Gains (Losses) from Investment Activities
Net Realized Gains (Losses)	19,202	1,080	11,523	(16,929)
Net Unrealized Gains (Losses)	12,282	(5,655)	21,721	(494)
Foreign Exchange Gains (Losses) on Debt Obligations
Total Net Gains (Losses) from Investment Activities
Net Realized Gains (Losses)	0	(1,070)	11,017	(3,306)
Net Unrealized Gains (Losses)	(30,054)	(5,437)	(138,565)	(8,319)
Foreign Exchange Gains (Losses) and Other
Total Net Gains (Losses) from Investment Activities
Net Realized Gains (Losses)	13,968	(8,646)	38,692	(10,601)
Net Unrealized Gains (Losses)	$ 3,313	$ (19,212)	$ (73,179)	$ (19,611)

INVESTMENTS (Summary of Investm

INVESTMENTS (Summary of Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments
Fair Value	$ 64,515,178	$ 60,167,626
Cost	56,029,625	53,576,291
Private Equity
Investments
Fair Value	38,159,906	38,222,255
Cost	27,505,178	29,317,314
Credit
Investments
Fair Value	6,592,674	6,702,740
Cost	6,976,175	6,906,583
Investments of Consolidated CFEs
Investments
Fair Value	10,810,954	8,559,967
Cost	10,981,157	8,815,286
Real Assets
Investments
Fair Value	4,058,717	3,130,404
Cost	6,215,465	5,354,191
Other
Investments
Fair Value	4,892,927	3,552,260
Cost	$ 4,351,650	$ 3,182,917

INVESTMENTS (Private Equity Inv

INVESTMENTS (Private Equity Investments by Industry) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments
Fair Value	$ 64,515,178	$ 60,167,626
Private Equity
Investments
Fair Value	38,159,906	38,222,255
Private Equity | Health Care
Investments
Fair Value	9,931,606	10,269,605
Private Equity | Financial Services
Investments
Fair Value	6,582,399	5,691,815
Private Equity | Technology
Investments
Fair Value	4,535,766	4,262,800
Private Equity | Retail
Investments
Fair Value	4,178,767	4,141,276
Private Equity | Manufacturing
Investments
Fair Value	4,150,658	4,227,859
Private Equity | Other
Investments
Fair Value	$ 8,780,710	$ 9,628,900

INVESTMENTS (Narrative) (Detail

INVESTMENTS (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Investments
Fair value of investment with greater than 5% of total investments	$ 64,515,178	$ 60,167,626
Private equity investments	$ 147,100	$ 577,000
Investment Concentration Risk | Investments
Investments
Minimum percentage of total investments	5.00%	5.00%
Alliance Boots | Investment Concentration Risk | Investments
Investments
Fair value of investment with greater than 5% of total investments	$ 4,600,000	$ 5,500,000
First Data | Investment Concentration Risk | Investments
Investments
Fair value of investment with greater than 5% of total investments	4,500,000	3,800,000
Investment Type
Investments
Pledged assets	$ 13,100,000	$ 11,400,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Significant Unobservable Inputs (Level III) | Private Equity
Assets, at fair value:
Total Assets	$ 25,113,442
Significant Unobservable Inputs (Level III) | Credit
Assets, at fair value:
Total Assets	4,705,846
Significant Unobservable Inputs (Level III) | Real Assets
Assets, at fair value:
Total Assets	4,058,717
Fair value measured on recurring basis
Assets, at fair value:
Total Investments	63,940,796	$ 59,598,401
Total Assets	64,552,593	60,127,386
Liabilities, at fair value:
Securities Sold Short	424,400	633,132
Unfunded Revolver Commitments	6,909	3,858
Total Liabilities	11,007,295	8,399,436
Fair value measured on recurring basis | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	10,410,812	7,615,340
Fair value measured on recurring basis | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	601,805	517,088
Liabilities, at fair value:
Total Liabilities	119,882	71,956
Fair value measured on recurring basis | Other Derivatives
Assets, at fair value:
Total Assets	9,992	11,897
Liabilities, at fair value:
Total Liabilities	45,292	75,150
Fair value measured on recurring basis | Private Equity
Assets, at fair value:
Total Investments	38,159,906	38,222,255
Fair value measured on recurring basis | Credit
Assets, at fair value:
Total Investments	6,592,674	6,702,740
Fair value measured on recurring basis | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	10,810,954	8,559,967
Fair value measured on recurring basis | Real Assets
Assets, at fair value:
Total Investments	4,058,717	3,130,404
Fair value measured on recurring basis | Other
Assets, at fair value:
Total Investments	4,318,545	2,983,035
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level I)
Assets, at fair value:
Total Investments	9,273,519	6,514,453
Total Assets	9,273,519	6,516,699
Liabilities, at fair value:
Securities Sold Short	424,400	630,794
Unfunded Revolver Commitments	0	0
Total Liabilities	424,400	630,794
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level I) | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	0	0
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level I) | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	0	0
Liabilities, at fair value:
Total Liabilities	0	0
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level I) | Other Derivatives
Assets, at fair value:
Total Assets	0	2,246
Liabilities, at fair value:
Total Liabilities	0	0
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level I) | Private Equity
Assets, at fair value:
Total Investments	8,384,536	5,940,470
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level I) | Credit
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level I) | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level I) | Real Assets
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level I) | Other
Assets, at fair value:
Total Investments	888,983	573,983
Fair value measured on recurring basis | Significant Other Observable Inputs (Level II)
Assets, at fair value:
Total Investments	17,828,233	17,259,325
Total Assets	18,440,030	17,786,064
Liabilities, at fair value:
Securities Sold Short	0	2,338
Unfunded Revolver Commitments	6,909	3,858
Total Liabilities	10,582,895	153,302
Fair value measured on recurring basis | Significant Other Observable Inputs (Level II) | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	10,410,812	0
Fair value measured on recurring basis | Significant Other Observable Inputs (Level II) | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	601,805	517,088
Liabilities, at fair value:
Total Liabilities	119,882	71,956
Fair value measured on recurring basis | Significant Other Observable Inputs (Level II) | Other Derivatives
Assets, at fair value:
Total Assets	9,992	9,651
Liabilities, at fair value:
Total Liabilities	45,292	75,150
Fair value measured on recurring basis | Significant Other Observable Inputs (Level II) | Private Equity
Assets, at fair value:
Total Investments	4,661,928	6,005,764
Fair value measured on recurring basis | Significant Other Observable Inputs (Level II) | Credit
Assets, at fair value:
Total Investments	1,886,828	2,510,038
Fair value measured on recurring basis | Significant Other Observable Inputs (Level II) | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	10,810,954	8,467,472
Fair value measured on recurring basis | Significant Other Observable Inputs (Level II) | Real Assets
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Significant Other Observable Inputs (Level II) | Other
Assets, at fair value:
Total Investments	468,523	276,051
Fair value measured on recurring basis | Significant Unobservable Inputs (Level III)
Assets, at fair value:
Total Investments	36,839,044	35,824,623
Total Assets	36,839,044	35,824,623
Liabilities, at fair value:
Securities Sold Short	0	0
Unfunded Revolver Commitments	0	0
Total Liabilities	0	7,615,340
Fair value measured on recurring basis | Significant Unobservable Inputs (Level III) | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	0	7,615,340
Fair value measured on recurring basis | Significant Unobservable Inputs (Level III) | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	0	0
Liabilities, at fair value:
Total Liabilities	0	0
Fair value measured on recurring basis | Significant Unobservable Inputs (Level III) | Other Derivatives
Assets, at fair value:
Total Assets	0	0
Liabilities, at fair value:
Total Liabilities	0	0
Fair value measured on recurring basis | Significant Unobservable Inputs (Level III) | Private Equity
Assets, at fair value:
Total Investments	25,113,442	26,276,021
Fair value measured on recurring basis | Significant Unobservable Inputs (Level III) | Credit
Assets, at fair value:
Total Investments	4,705,846	4,192,702
Fair value measured on recurring basis | Significant Unobservable Inputs (Level III) | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	0	92,495
Fair value measured on recurring basis | Significant Unobservable Inputs (Level III) | Real Assets
Assets, at fair value:
Total Investments	4,058,717	3,130,404
Fair value measured on recurring basis | Significant Unobservable Inputs (Level III) | Other
Assets, at fair value:
Total Investments	$ 2,961,039	$ 2,133,001

FAIR VALUE MEASUREMENTS (Deta52

FAIR VALUE MEASUREMENTS (Details 2) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)transfer	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)transfer	Jun. 30, 2014USD ($)transfer
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Number of transfers between Level I and Level II | transfer	1		1	1
Transfers between Level I and Level II	$ 467,800		$ 467,800	$ 318,900
Private Equity | Significant Unobservable Inputs (Level III)
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	26,132,215	$ 30,876,329	26,276,021	29,082,505
Transfers In	0	0	0	0
Transfers Out	(2,352,752)	0	(3,564,987)	(1,258,584)
Acquisitions	0	82,986	0	82,986
Purchases	462,995	1,030,249	1,151,771	3,152,688
Sales	(495,623)	(2,841,399)	(822,677)	(2,865,530)
Settlements	0	0	0	0
Net Realized Gains (Losses)	199,600	2,019,686	344,684	1,324,368
Net Unrealized Gains (Losses)	1,167,007	(253,689)	1,728,630	1,395,729
Change in accounting principle	0		0
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	25,113,442	30,914,162	25,113,442	30,914,162
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	1,297,037	1,860,197	2,009,519	2,814,297
Credit | Significant Unobservable Inputs (Level III)
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	4,226,225	2,317,366	4,192,702	1,944,464
Transfers In	0	0	16,706	0
Transfers Out	0	(1,230)	(12,860)	(1,230)
Acquisitions	0	539,247	0	539,247
Purchases	898,886	432,396	1,332,082	885,601
Sales	(526,414)	(307,561)	(723,081)	(441,727)
Settlements	100,348	45,238	157,915	60,958
Net Realized Gains (Losses)	1,342	(32,766)	(5,194)	(4,032)
Net Unrealized Gains (Losses)	1,765	56,709	(256,118)	66,118
Change in accounting principle	0		0
Change in Other Comprehensive Income	3,694	(1,987)	3,694	(1,987)
Balance, End of Period	4,705,846	3,047,412	4,705,846	3,047,412
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	(10,766)	50,873	(300,155)	88,905
Investments of Consolidated CFEs | Significant Unobservable Inputs (Level III)
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	153,656	0	92,495	0
Transfers In	0	0	108,340	0
Transfers Out	(153,656)	0	(153,656)	0
Acquisitions	0	97,996	0	97,996
Purchases	0	3,557	1,308	3,557
Sales	0	(6,097)	(3,138)	(6,097)
Settlements	0	(574)	(883)	(574)
Net Realized Gains (Losses)	0	0	0	0
Net Unrealized Gains (Losses)	0	821	(44,466)	821
Change in accounting principle	0		0
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	0	95,703	0	95,703
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	0	205	0	205
Real Assets | Significant Unobservable Inputs (Level III)
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	3,874,099	3,780,928	3,130,404	3,300,674
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Acquisitions	0	197,471	0	197,471
Purchases	20,606	202,285	874,376	698,504
Sales	(7,505)	(286,449)	(17,468)	(291,118)
Settlements	0	0	0	0
Net Realized Gains (Losses)	7,505	198,652	7,505	201,307
Net Unrealized Gains (Losses)	164,012	(293,687)	63,900	(307,638)
Change in accounting principle	0		0
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	4,058,717	3,799,200	4,058,717	3,799,200
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	171,016	(293,687)	70,904	(307,638)
Other | Significant Unobservable Inputs (Level III)
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	2,381,303	778,638	2,133,001	348,486
Transfers In	0	0	1,187	0
Transfers Out	0	(195,719)	(1,710)	(195,719)
Acquisitions	0	52,502	0	52,502
Purchases	477,011	58,880	891,373	465,345
Sales	(49,511)	(18,662)	(148,674)	(37,869)
Settlements	(1,969)	0	0	0
Net Realized Gains (Losses)	2,266	(445)	3,495	(269)
Net Unrealized Gains (Losses)	148,679	37,996	79,107	80,714
Change in accounting principle	0		0
Change in Other Comprehensive Income	3,260	0	3,260	0
Balance, End of Period	2,961,039	713,190	2,961,039	713,190
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	120,417	40,031	48,986	83,696
Investments | Significant Unobservable Inputs (Level III)
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	36,767,498	37,753,261	35,824,623	34,676,129
Transfers In	0	0	126,233	0
Transfers Out	(2,506,408)	(196,949)	(3,733,213)	(1,455,533)
Acquisitions	0	970,202	0	970,202
Purchases	1,859,498	1,727,367	4,250,910	5,205,695
Sales	(1,079,053)	(3,460,168)	(1,715,038)	(3,642,341)
Settlements	98,379	44,664	157,032	60,384
Net Realized Gains (Losses)	210,713	2,185,127	350,490	1,521,374
Net Unrealized Gains (Losses)	1,481,463	(451,850)	1,571,053	1,235,744
Change in accounting principle	0		0
Change in Other Comprehensive Income	6,954	(1,987)	6,954	(1,987)
Balance, End of Period	36,839,044	38,569,667	36,839,044	38,569,667
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	$ 1,577,704	$ 1,657,619	$ 1,829,254	$ 2,679,465

FAIR VALUE MEASUREMENTS (Deta53

FAIR VALUE MEASUREMENTS (Details 3) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)transfer	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)transfer	Jun. 30, 2014USD ($)transfer
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation
Number of transfers between Level I and Level II | transfer	1		1	1
Transfers between Level I and Level II	$ 467,800		$ 467,800	$ 318,900
Significant Unobservable Inputs (Level III) | Debt Obligations of Consolidated CFEs
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	0	$ 1,152,790	7,615,340	0
Transfers in	0	0	0	0
Transfers out	0	0	0	0
Acquisitions	0	5,663,666	0	6,814,217
Purchases	0	720,964	0	720,964
Sales	0	(197,015)	0	(197,015)
Settlements	0	3,298	0	3,298
Net realized gains (losses)	0	0	0	0
Net Unrealized Gains (Losses)	0	12,975	0	15,214
Change in accounting principle	0		(7,615,340)
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	0	7,356,678	0	7,356,678
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	$ 0	$ 12,975	$ 0	$ 15,214

FAIR VALUE MEASUREMENTS (Deta54

FAIR VALUE MEASUREMENTS (Details 4) - Jun. 30, 2015 $ in Thousands	USD ($)$ / barrel
Level III investments and other financial instruments by valuation methodologies
Revenue Ratio of Natural Gas (percent)	37.00%
Energy
Level III investments and other financial instruments by valuation methodologies
Revenue Ratio of Liquids (percent)	63.00%
Minimum
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	5.00%
Significant Unobservable Inputs (Level III) | Private Equity
Level III investments and other financial instruments by valuation methodologies
Fair Value	$ 25,113,442
Significant Unobservable Inputs (Level III) | Private Equity | Financial Services
Level III investments and other financial instruments by valuation methodologies
Fair Value	6,284,129
Significant Unobservable Inputs (Level III) | Private Equity | Technology
Level III investments and other financial instruments by valuation methodologies
Fair Value	3,475,967
Significant Unobservable Inputs (Level III) | Private Equity | Retail
Level III investments and other financial instruments by valuation methodologies
Fair Value	3,468,866
Significant Unobservable Inputs (Level III) | Private Equity | Manufacturing
Level III investments and other financial instruments by valuation methodologies
Fair Value	3,855,245
Significant Unobservable Inputs (Level III) | Private Equity | Other
Level III investments and other financial instruments by valuation methodologies
Fair Value	8,029,235
Significant Unobservable Inputs (Level III) | Real Assets
Level III investments and other financial instruments by valuation methodologies
Fair Value	4,058,717
Significant Unobservable Inputs (Level III) | Real Assets | Energy
Level III investments and other financial instruments by valuation methodologies
Fair Value	1,581,077
Significant Unobservable Inputs (Level III) | Real Assets | Infrastructure
Level III investments and other financial instruments by valuation methodologies
Fair Value	1,242,251
Significant Unobservable Inputs (Level III) | Real Assets | Real Estate
Level III investments and other financial instruments by valuation methodologies
Fair Value	1,235,389
Significant Unobservable Inputs (Level III) | Credit
Level III investments and other financial instruments by valuation methodologies
Fair Value	$ 4,705,846
Significant Unobservable Inputs (Level III) | Other
Level III investments and other financial instruments by valuation methodologies
Portfolio company's investments as a percentage of total investments, at fair value	10.00%
Value of investments in real assets whose valuation inputs are not comparable to other private equity investments	$ 3,000,000
Significant Unobservable Inputs (Level III) | Market Comparables and Discounted Cash Flows | Private Equity | Minimum | Manufacturing
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	1.00%
Weight Ascribed to Market Comparables (as a percent)	5.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	5.00%
Weight Ascribed to Transaction Price (as a percent)	0.00%
Significant Unobservable Inputs (Level III) | Market Comparables and Discounted Cash Flows | Private Equity | Maximum | Manufacturing
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	15.00%
Weight Ascribed to Market Comparables (as a percent)	50.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	67.00%
Weight Ascribed to Transaction Price (as a percent)	90.00%
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Retail
Level III investments and other financial instruments by valuation methodologies
Enterprise Value / LTM EBITDA Multiple, excluded investment	28.1
Enterprise Value / Forward EBITDA Multiple, excluded investment	20.2
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Manufacturing
Level III investments and other financial instruments by valuation methodologies
Maximum percentage of investments that utilize some control premium as a percent of the total investments	5.00%
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Other
Level III investments and other financial instruments by valuation methodologies
Maximum percentage of investments that utilize some control premium as a percent of the total investments	5.00%
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Minimum | Financial Services
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	11.8
Enterprise Value/Forward EBITDA Multiple	10.7
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Minimum | Technology
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	3.7
Enterprise Value/Forward EBITDA Multiple	4.3
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Minimum | Retail
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	7
Enterprise Value/Forward EBITDA Multiple	6.7
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Minimum | Manufacturing
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	7.2
Enterprise Value/Forward EBITDA Multiple	7.7
Control Premium (as a percent)	20.00%
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Minimum | Other
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	6.2
Enterprise Value/Forward EBITDA Multiple	6.8
Control Premium (as a percent)	10.00%
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Maximum | Financial Services
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	13.6
Enterprise Value/Forward EBITDA Multiple	12.4
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Maximum | Technology
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	16.8
Enterprise Value/Forward EBITDA Multiple	14.5
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Maximum | Retail
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	13.8
Enterprise Value/Forward EBITDA Multiple	10.7
Portfolio company's investments as a percentage of total investments, at fair value	0.50%
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Maximum | Manufacturing
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	25.3
Enterprise Value/Forward EBITDA Multiple	15.3
Control Premium (as a percent)	20.00%
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Maximum | Other
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	39.4
Enterprise Value/Forward EBITDA Multiple	15.9
Control Premium (as a percent)	20.00%
Portfolio company's investments as a percentage of total investments, at fair value	5.00%
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Weighted Average | Financial Services
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	13.2
Enterprise Value/Forward EBITDA Multiple	12
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Weighted Average | Technology
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	12.9
Enterprise Value/Forward EBITDA Multiple	11.6
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Weighted Average | Retail
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	10.6
Enterprise Value/Forward EBITDA Multiple	9.7
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Weighted Average | Manufacturing
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	12.4
Enterprise Value/Forward EBITDA Multiple	11.1
Control Premium (as a percent)	20.00%
Significant Unobservable Inputs (Level III) | Market Comparables | Private Equity | Weighted Average | Other
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	12.5
Enterprise Value/Forward EBITDA Multiple	11
Control Premium (as a percent)	15.40%
Significant Unobservable Inputs (Level III) | Direct Income Capitalization And Discounted Cash Flow | Real Assets | Minimum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Weight Ascribed to Discounted Cash Flow (as a percent)	0.00%
Weight Ascribed to Direct Income Capitalization (as a percent)	0.00%
Significant Unobservable Inputs (Level III) | Direct Income Capitalization And Discounted Cash Flow | Real Assets | Maximum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Weight Ascribed to Discounted Cash Flow (as a percent)	100.00%
Weight Ascribed to Direct Income Capitalization (as a percent)	100.00%
Significant Unobservable Inputs (Level III) | Direct Income Capitalization And Discounted Cash Flow | Real Assets | Weighted Average | Real Estate
Level III investments and other financial instruments by valuation methodologies
Weight Ascribed to Discounted Cash Flow (as a percent)	49.20%
Weight Ascribed to Direct Income Capitalization (as a percent)	50.80%
Significant Unobservable Inputs (Level III) | Direct income capitalization | Real Assets | Minimum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Current Capitalization Rate (as a percent)	5.50%
Significant Unobservable Inputs (Level III) | Direct income capitalization | Real Assets | Maximum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Current Capitalization Rate (as a percent)	11.90%
Significant Unobservable Inputs (Level III) | Direct income capitalization | Real Assets | Weighted Average | Real Estate
Level III investments and other financial instruments by valuation methodologies
Current Capitalization Rate (as a percent)	6.80%
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Minimum | Financial Services
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	9.20%
Enterprise Value/LTM EBITDA Exit Multiple	10
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Minimum | Technology
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	8.00%
Enterprise Value/LTM EBITDA Exit Multiple	5.5
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Minimum | Retail
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	9.00%
Enterprise Value/LTM EBITDA Exit Multiple	6
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Minimum | Manufacturing
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	9.80%
Enterprise Value/LTM EBITDA Exit Multiple	7
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Minimum | Other
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	8.00%
Enterprise Value/LTM EBITDA Exit Multiple	6.5
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Maximum | Financial Services
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	12.00%
Enterprise Value/LTM EBITDA Exit Multiple	10.5
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Maximum | Technology
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	23.90%
Enterprise Value/LTM EBITDA Exit Multiple	11
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Maximum | Retail
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	23.80%
Enterprise Value/LTM EBITDA Exit Multiple	11.2
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Maximum | Manufacturing
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	20.60%
Enterprise Value/LTM EBITDA Exit Multiple	10.5
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Maximum | Other
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	25.90%
Enterprise Value/LTM EBITDA Exit Multiple	12
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Weighted Average | Financial Services
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	11.40%
Enterprise Value/LTM EBITDA Exit Multiple	10.4
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Weighted Average | Technology
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	11.70%
Enterprise Value/LTM EBITDA Exit Multiple	9.3
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Weighted Average | Retail
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	10.40%
Enterprise Value/LTM EBITDA Exit Multiple	8.1
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Weighted Average | Manufacturing
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	14.00%
Enterprise Value/LTM EBITDA Exit Multiple	9.6
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Private Equity | Weighted Average | Other
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	12.10%
Enterprise Value/LTM EBITDA Exit Multiple	9.7
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Real Assets | Minimum | Energy
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	8.80%
Average Price Per Barrel of Oil Equivalents (usd per barrel of oil equivalent) | $ / barrel	34.01
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Real Assets | Minimum | Infrastructure
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	5.70%
Enterprise Value/LTM EBITDA Exit Multiple	7.8
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Real Assets | Minimum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Unlevered Discount Rate (as a percent)	6.70%
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Real Assets | Maximum | Energy
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	23.00%
Average Price Per Barrel of Oil Equivalents (usd per barrel of oil equivalent) | $ / barrel	45.59
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Real Assets | Maximum | Infrastructure
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	12.50%
Enterprise Value/LTM EBITDA Exit Multiple	10
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Real Assets | Maximum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Unlevered Discount Rate (as a percent)	20.00%
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Real Assets | Weighted Average | Energy
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	12.40%
Average Price Per Barrel of Oil Equivalents (usd per barrel of oil equivalent) | $ / barrel	40.04
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Real Assets | Weighted Average | Infrastructure
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital (as a percent)	7.60%
Enterprise Value/LTM EBITDA Exit Multiple	8.6
Significant Unobservable Inputs (Level III) | Discounted Cash Flows | Real Assets | Weighted Average | Real Estate
Level III investments and other financial instruments by valuation methodologies
Unlevered Discount Rate (as a percent)	9.10%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Minimum | Financial Services
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	2.00%
Weight Ascribed to Market Comparables (as a percent)	10.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	0.00%
Weight Ascribed to Transaction Price (as a percent)	0.00%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Minimum | Technology
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	10.00%
Weight Ascribed to Market Comparables (as a percent)	13.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	0.00%
Weight Ascribed to Transaction Price (as a percent)	0.00%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Minimum | Retail
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	5.00%
Weight Ascribed to Market Comparables (as a percent)	0.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	0.00%
Weight Ascribed to Transaction Price (as a percent)	0.00%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Minimum | Other
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	5.00%
Weight Ascribed to Market Comparables (as a percent)	0.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	0.00%
Weight Ascribed to Transaction Price (as a percent)	0.00%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Maximum | Financial Services
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	15.00%
Weight Ascribed to Market Comparables (as a percent)	100.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	50.00%
Weight Ascribed to Transaction Price (as a percent)	80.00%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Maximum | Technology
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	20.00%
Weight Ascribed to Market Comparables (as a percent)	100.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	50.00%
Weight Ascribed to Transaction Price (as a percent)	75.00%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Maximum | Retail
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	20.00%
Weight Ascribed to Market Comparables (as a percent)	50.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	100.00%
Weight Ascribed to Transaction Price (as a percent)	100.00%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Maximum | Other
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	20.00%
Weight Ascribed to Market Comparables (as a percent)	100.00%
Weight Ascribed to Discounted Cash Flow (as a percent)	100.00%
Weight Ascribed to Transaction Price (as a percent)	33.00%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Weighted Average | Financial Services
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	9.20%
Weight Ascribed to Market Comparables (as a percent)	47.50%
Weight Ascribed to Discounted Cash Flow (as a percent)	42.20%
Weight Ascribed to Transaction Price (as a percent)	10.30%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Weighted Average | Technology
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	10.80%
Weight Ascribed to Market Comparables (as a percent)	43.60%
Weight Ascribed to Discounted Cash Flow (as a percent)	43.50%
Weight Ascribed to Transaction Price (as a percent)	12.90%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Weighted Average | Retail
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	8.00%
Weight Ascribed to Market Comparables (as a percent)	49.30%
Weight Ascribed to Discounted Cash Flow (as a percent)	49.40%
Weight Ascribed to Transaction Price (as a percent)	1.30%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Weighted Average | Manufacturing
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	6.40%
Weight Ascribed to Market Comparables (as a percent)	35.60%
Weight Ascribed to Discounted Cash Flow (as a percent)	42.80%
Weight Ascribed to Transaction Price (as a percent)	21.60%
Significant Unobservable Inputs (Level III) | Company Comparables Discounted Cash Flow And Transaction Cost Method | Private Equity | Weighted Average | Other
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount (as a percent)	10.90%
Weight Ascribed to Market Comparables (as a percent)	44.10%
Weight Ascribed to Discounted Cash Flow (as a percent)	54.00%
Weight Ascribed to Transaction Price (as a percent)	1.90%
Significant Unobservable Inputs (Level III) | Yield analysis | Credit | Minimum
Level III investments and other financial instruments by valuation methodologies
Yield (as a percent)	5.50%
Net Leverage	1
EBITDA Multiple	0.6
Significant Unobservable Inputs (Level III) | Yield analysis | Credit | Maximum
Level III investments and other financial instruments by valuation methodologies
Yield (as a percent)	27.70%
Net Leverage	12.7
EBITDA Multiple	16.3
Significant Unobservable Inputs (Level III) | Yield analysis | Credit | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Yield (as a percent)	10.90%
Net Leverage	5.4
EBITDA Multiple	8.1
Significant Unobservable Inputs (Level III) | Dealer quotes or third party fund managers | Credit
Level III investments and other financial instruments by valuation methodologies
Fair Value	$ 531,800

NET INCOME (LOSS) ATTRIBUTABL55

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT
Net Income (Loss) Attributable to KKR & Co. L.P.	$ 376,306	$ 178,215	$ 646,813	$ 388,256
Basic Net Income (Loss) Per Common Unit
Weighted Average Common Units Outstanding - Basic	446,794,950	377,542,161	440,867,813	335,748,498
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic	$ 0.84	$ 0.47	$ 1.47	$ 1.16
Diluted Net Income (Loss) Per Common Unit
Weighted Average Common Units Outstanding - Basic	446,794,950	377,542,161	440,867,813	335,748,498
Weighted Average Unvested Common Units and Other Exchangeable Securities	35,856,541	32,637,677	36,599,407	32,128,551
Weighted Average Common Units Outstanding - Diluted	482,651,491	410,179,838	477,467,220	367,877,049
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted	$ 0.78	$ 0.43	$ 1.35	$ 1.06
Weighted Average KKR Holdings Units Outstanding	369,477,271	390,567,690	372,639,228	394,996,735

OTHER ASSETS AND ACCOUNTS PAY56

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Other Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Foreign Exchange Contracts and Options	$ 601,805		$ 601,805		$ 517,088
Interest, Dividend and Notes Receivable	472,907		472,907		594,288
Unsettled Investment Sales	466,317		466,317		176,622
Oil & Gas Assets, net	436,114		436,114		460,658
Deferred Tax Assets, net	247,581		247,581		237,982
Due from Broker	245,463		245,463		561,554
Intangible Assets, net	191,379		191,379		209,202
Goodwill	89,000		89,000		89,000
Fixed Assets, net	73,322		73,322		76,247
Deferred Financing Costs	67,063		67,063		46,058
Receivables	38,284		38,284		55,876
Prepaid Taxes	22,755		22,755		31,267
Deferred Transaction Related Expenses	16,864		16,864		14,981
Prepaid Expenses	13,816		13,816		8,812
Derivative Assets	9,992		9,992		11,897
Other	8,950		8,950		72,685
Other Assets	3,001,612		$ 3,001,612		3,164,217
Interest rate on promissory notes, low end of range (as a percent)			2.00%
Interest rate on promissory notes, high end of range (as a percent)			3.00%
Accumulated depreciation and amortization	130,109		$ 130,109		$ 122,908
Depreciation and amortization expense	$ 3,951	$ 4,155	$ 7,865	$ 8,202

(Accounts Payable, Accrued Expe

(Accounts Payable, Accrued Expenses and Other Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Amounts Payable to Carry Pool	$ 1,280,854	$ 1,100,943
Unsettled Investment Purchases	987,253	891,649
Securities Sold Short	424,400	633,132
Due to Broker	212,767	72,509
Foreign Exchange Contracts and Options	119,882	71,956
Accrued Compensation and Benefits	113,978	17,799
Accounts Payable and Accrued Expenses	108,622	130,023
Interest Payable	81,069	61,643
Derivative Liabilities	45,292	75,150
Contingent Consideration Obligation	44,600	40,600
Deferred Rent and Income	25,663	26,894
Taxes Payable	9,014	6,362
Other Liabilities	89,889	70,692
Total	3,543,283	3,199,352
Securities sold, not yet purchased, cost basis	$ 431,536	$ 628,071

VARIABLE INTEREST ENTITIES (Max

VARIABLE INTEREST ENTITIES (Maximum Exposure to Loss) (Details) - Investments in Unconsolidated CLO Vehicles - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Investments	$ 361,477	$ 375,061
Due from Affiliates, net	2,213	3,478
Maximum Exposure to Loss	$ 363,690	$ 378,539

VARIABLE INTEREST ENTITIES (Nar

VARIABLE INTEREST ENTITIES (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Investments in Unconsolidated Investment Funds
Variable Interest Entity [Line Items]
Investments	$ 360,700
Commitment to unconsolidated investment funds	11,100
Investments in Unconsolidated CLO Vehicles
Variable Interest Entity [Line Items]
Investments	361,477	$ 375,061
Combined assets under management	1,900,000
Maximum exposure to loss as a result of investments in the residual interests	$ 800

DEBT OBLIGATIONS (KKR's Borrowi

DEBT OBLIGATIONS (KKR's Borrowings) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Mar. 18, 2015
Debt Instrument [Line Items]
Financing Available	$ 4,429,931,000	$ 3,623,819,000
Borrowing Outstanding	15,889,573,000	10,837,784,000
Fair Value	15,916,916,000	11,020,732,000
Investment Financing Facilities
Debt Instrument [Line Items]
Financing Available	2,929,931,000	2,150,819,000
Borrowing Outstanding	2,825,035,000	1,047,351,000
Fair Value	$ 2,825,035,000	$ 1,047,351,000
Weighted average interest rate	2.70%	2.90%
Weighted Average Remaining Maturity in Years	2 years 7 months 6 days	2 years 10 months 24 days
Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 7,970,409,000	$ 7,615,340,000
Fair Value	7,970,409,000	7,615,340,000
Revolving Credit Facility | Corporate Credit Agreement
Debt Instrument [Line Items]
Financing Available	1,000,000,000	1,000,000,000
Revolving Credit Facility | KCM Credit Agreement
Debt Instrument [Line Items]
Financing Available	500,000,000	473,000,000
Borrowing Outstanding	0	27,000,000
Fair Value	0	27,000,000
Senior Notes | 2020 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	498,908,000	498,804,000
Fair Value	583,515,000	$ 583,692,000
Aggregate principal amount	$ 500,000,000
Interest rate, stated percentage	6.375%	6.375%
Senior Notes | 2043 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 494,741,000	$ 494,644,000
Fair Value	509,125,000	$ 566,250,000
Aggregate principal amount	$ 500,000,000
Interest rate, stated percentage	5.50%	5.50%
Senior Notes | 2044 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 998,564,000	$ 493,214,000
Fair Value	960,080,000	$ 539,797,000
Aggregate principal amount	$ 1,000,000,000		$ 500,000,000
Interest rate, stated percentage	5.125%	5.125%	5.125%
Senior Notes | 2041 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 290,269,000	$ 290,861,000
Fair Value	278,519,000	$ 287,359,000
Aggregate principal amount	$ 259,000,000
Interest rate, stated percentage	8.375%	8.375%
Senior Notes | 2042 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 123,506,000	$ 123,663,000
Fair Value	121,023,000	$ 125,856,000
Aggregate principal amount	$ 115,000,000
Interest rate, stated percentage	7.50%	7.50%
Senior Notes | Junior Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 247,738,000	$ 246,907,000
Fair Value	228,807,000	$ 228,087,000
KFN | Junior Subordinated Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 284,000,000
Weighted average interest rate	5.40%
Weighted Average Remaining Maturity in Years	21 years 3 months 18 days
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Borrowing Outstanding	$ 2,440,403,000
Fair Value	$ 2,440,403,000

DEBT OBLIGATIONS (Obligations o

DEBT OBLIGATIONS (Obligations of Consolidated CLOs) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Borrowing Outstanding	$ 15,889,573	$ 10,837,784
Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 7,970,409	$ 7,615,340
Senior Secured Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.00%
Weighted Average Remaining Maturity in Years	9 years 2 months 12 days
Subordinated Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Weighted Average Remaining Maturity in Years	8 years 10 months 24 days
Significant Other Observable Inputs (Level II) | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 10,410,812
Significant Other Observable Inputs (Level II) | Senior Secured Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	7,657,265
Significant Other Observable Inputs (Level II) | Subordinated Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 313,144
Commercial Mortgage Backed Securities | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.80%
Weighted Average Remaining Maturity in Years	33 years 4 months 24 days
Commercial Mortgage Backed Securities | Significant Other Observable Inputs (Level II) | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 2,440,403

DEBT OBLIGATIONS (Narrative) (D

DEBT OBLIGATIONS (Narrative) (Details) - USD ($)	Jun. 30, 2015	Mar. 18, 2015	Dec. 31, 2014
Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Fair value of consolidated CLO assets	$ 12,600,000,000
Senior Notes | 2044 Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,000,000,000	$ 500,000,000
Interest rate, stated percentage	5.125%	5.125%	5.125%
Debt Instrument Issuance as Percentage of Par Value		101.062%

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	0.92%	0.30%	0.88%	0.68%
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 0		$ 0
Amount of change in unrecognized tax benefits that is reasonably possible	$ 0		$ 0

EQUITY BASED COMPENSATION (Deta

EQUITY BASED COMPENSATION (Details) - Compensation and Benefits - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Expense associated with equity based compensation
Equity based expenses	$ 69,478	$ 92,957	$ 146,028	$ 170,485
Equity Incentive Plan Units
Expense associated with equity based compensation
Equity based expenses	48,453	40,877	100,718	80,230
Principal's equity based awards
Expense associated with equity based compensation
Equity based expenses	1,675	7,567	4,193	17,789
Other Exchangeable Securities
Expense associated with equity based compensation
Equity based expenses	3,907	6,919	7,675	9,943
Restricted Equity Units
Expense associated with equity based compensation
Equity based expenses	21	396	149	506
Discretionary Compensation
Expense associated with equity based compensation
Equity based expenses	$ 15,422	$ 37,198	$ 33,293	$ 62,017

EQUITY BASED COMPENSATION (De65

EQUITY BASED COMPENSATION (Details 2) $ / shares in Units, $ in Millions	Feb. 19, 2014shares	Jun. 30, 2015USD ($)$ / sharesshares
Equity Incentive Plan Units
Equity Based Payments
Total awards issuable as a percentage of diluted common units outstanding		15.00%
Minimum transfer restriction period with respect to one-half awards vested		1 year
Portion of awards vested having one-year transfer restriction period		50.00%
Minimum transfer restriction period with respect to remaining one-half awards vested		2 years
Portion of awards vested having two-year transfer restriction period		0.5
Minimum retained ownership required to continuously hold common unit equivalents to as percentage of cumulatively vested interests		15.00%
Maximum forfeiture rate assumed (as a percent)		8.00%
Weighted average remaining vesting period over which unvested units are expected to vest (in years) (less than)		1 year 4 months 24 days
Estimated unrecognized equity-based payment expense | $		$ 310.5
Units
Balance at the beginning of the period (in units)		20,488,737
Granted (in units)		15,619,776
Vested (in units)		(5,174,042)
Forfeited (in units)		(1,485,752)
Balance at the end of the period (in units)		29,448,719
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit) | $ / shares		$ 12.33
Granted (in dollars per unit) | $ / shares		17.01
Vested (in dollars per unit) | $ / shares		12.93
Forfeited (in dollars per unit) | $ / shares		14.27
Balance at the end of the period (in dollars per unit) | $ / shares		$ 14.61
Equity Incentive Plan Units | Remainder of 2015
Equity Based Payments
Estimated unrecognized equity-based payment expense | $		$ 84.5
Equity Incentive Plan Units | 2016
Equity Based Payments
Estimated unrecognized equity-based payment expense | $		130.8
Equity Incentive Plan Units | 2017
Equity Based Payments
Estimated unrecognized equity-based payment expense | $		75.8
Equity Incentive Plan Units | 2018
Equity Based Payments
Estimated unrecognized equity-based payment expense | $		18.8
Equity Incentive Plan Units | 2019
Equity Based Payments
Estimated unrecognized equity-based payment expense | $		$ 0.6
Equity Incentive Plan Units | Minimum
Equity Based Payments
Vesting period (in years)		3 years
Discount rate (as a percent)		8.00%
Equity Incentive Plan Units | Maximum
Equity Based Payments
Vesting period (in years)		5 years
Discount rate (as a percent)		56.00%
Principal's equity based awards
Units
Balance at the end of the period (in units)		3,518,744
Other Exchangeable Securities
Equity Based Payments
Vesting period (in years)		3 years
Maximum forfeiture rate assumed (as a percent)		8.00%
Weighted average remaining vesting period over which unvested units are expected to vest (in years) (less than)		1 year
Common units conversion basis		1
Estimated unrecognized equity-based payment expense | $		$ 16.3
Units
Balance at the beginning of the period (in units)		1,695,972
Granted (in units)	2,545,602	0
Vested (in units)		0
Forfeited (in units)		0
Balance at the end of the period (in units)		1,695,972
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit) | $ / shares		$ 18.45
Granted (in dollars per unit) | $ / shares		0
Vested (in dollars per unit) | $ / shares		0
Forfeited (in dollars per unit) | $ / shares		0
Balance at the end of the period (in dollars per unit) | $ / shares		$ 18.45
Other Exchangeable Securities | Remainder of 2015
Equity Based Payments
Estimated unrecognized equity-based payment expense | $		$ 6.8
Other Exchangeable Securities | 2016
Equity Based Payments
Estimated unrecognized equity-based payment expense | $		$ 9.5
Other Exchangeable Securities | Minimum
Equity Based Payments
Discount rate (as a percent)		8.00%
Other Exchangeable Securities | Maximum
Equity Based Payments
Discount rate (as a percent)		56.00%
KKR Holdings | Principal's equity based awards
Equity Based Payments
Minimum transfer restriction period with respect to one-half awards vested		1 year
Portion of awards vested having one-year transfer restriction period		50.00%
Minimum transfer restriction period with respect to remaining one-half awards vested		2 years
Portion of awards vested having two-year transfer restriction period		0.5
Maximum forfeiture rate assumed (as a percent)		8.00%
Weighted average remaining vesting period over which unvested units are expected to vest (in years) (less than)		1 year
Common units conversion basis		1
Number of common units owned in KKR Group Partnership Units (in units)		367,486,829
Minimum retained ownership requirement (as a percent)		25.00%
Allocation of awards not communicated to principals (in units)		34,985,912
Estimated unrecognized equity-based payment expense | $		$ 5.3
Units
Balance at the beginning of the period (in units)		4,708,434
Granted (in units)		74,247
Vested (in units)		(1,090,262)
Forfeited (in units)		(173,675)
Balance at the end of the period (in units)		3,518,744
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit) | $ / shares		$ 8.44
Granted (in dollars per unit) | $ / shares		16.64
Vested (in dollars per unit) | $ / shares		9.50
Forfeited (in dollars per unit) | $ / shares		8.55
Balance at the end of the period (in dollars per unit) | $ / shares		$ 8.28
KKR Holdings | Principal's equity based awards | Remainder of 2015
Equity Based Payments
Estimated unrecognized equity-based payment expense | $		$ 2.8
KKR Holdings | Principal's equity based awards | 2016
Equity Based Payments
Estimated unrecognized equity-based payment expense | $		2.1
KKR Holdings | Principal's equity based awards | 2017
Equity Based Payments
Estimated unrecognized equity-based payment expense | $		$ 0.4
KKR Holdings | Principal's equity based awards | Minimum
Equity Based Payments
Vesting period (in years)		3 years
Discount rate (as a percent)		8.00%
Percentage of units vested on fulfillment of performance-based vesting conditions		0.00%
KKR Holdings | Principal's equity based awards | Maximum
Equity Based Payments
Vesting period (in years)		5 years
Discount rate (as a percent)		56.00%
Percentage of units vested on fulfillment of performance-based vesting conditions		100.00%
October 1, 2015 | Equity Incentive Plan Units
Units
Balance at the end of the period (in units)		5,528,873
October 1, 2015 | Principal's equity based awards
Units
Balance at the end of the period (in units)		2,047,319
October 1, 2015 | Other Exchangeable Securities
Units
Balance at the end of the period (in units)		847,983
April 1, 2016 | Equity Incentive Plan Units
Units
Balance at the end of the period (in units)		7,384,714
April 1, 2016 | Principal's equity based awards
Units
Balance at the end of the period (in units)		122,697
October 1, 2016 | Equity Incentive Plan Units
Units
Balance at the end of the period (in units)		4,397,839
October 1, 2016 | Principal's equity based awards
Units
Balance at the end of the period (in units)		1,127,413
October 1, 2016 | Other Exchangeable Securities
Units
Balance at the end of the period (in units)		847,989
April 1, 2017 | Equity Incentive Plan Units
Units
Balance at the end of the period (in units)		5,476,479
April 1, 2017 | Principal's equity based awards
Units
Balance at the end of the period (in units)		70,271
October 1, 2017 | Equity Incentive Plan Units
Units
Balance at the end of the period (in units)		1,403,838
October 1, 2017 | Principal's equity based awards
Units
Balance at the end of the period (in units)		111,293
April 1, 2018 | Equity Incentive Plan Units
Units
Balance at the end of the period (in units)		4,118,901
April 1, 2018 | Principal's equity based awards
Units
Balance at the end of the period (in units)		39,751
October 1, 2018 | Equity Incentive Plan Units
Units
Balance at the end of the period (in units)		1,047,478
April 1, 2019 | Equity Incentive Plan Units
Units
Balance at the end of the period (in units)		6,947
October 1, 2019 | Equity Incentive Plan Units
Units
Balance at the end of the period (in units)		83,650
KKR Group Partnerships
Equity Based Payments
Percentage owned by KKR Holdings		45.00%

EQUITY BASED COMPENSATION (De66

EQUITY BASED COMPENSATION (Details 3) - shares	Jun. 30, 2015	Dec. 31, 2014
Equity Incentive Plan Units
Remaining vesting tranches for principals
Principal Units (in units)	29,448,719	20,488,737
Principal's equity based awards
Remaining vesting tranches for principals
Principal Units (in units)	3,518,744
Other Exchangeable Securities
Remaining vesting tranches for principals
Principal Units (in units)	1,695,972	1,695,972
KKR Holdings | Principal's equity based awards
Remaining vesting tranches for principals
Principal Units (in units)	3,518,744	4,708,434
October 1, 2015 | Equity Incentive Plan Units
Remaining vesting tranches for principals
Principal Units (in units)	5,528,873
October 1, 2015 | Principal's equity based awards
Remaining vesting tranches for principals
Principal Units (in units)	2,047,319
October 1, 2015 | Other Exchangeable Securities
Remaining vesting tranches for principals
Principal Units (in units)	847,983
April 1, 2016 | Equity Incentive Plan Units
Remaining vesting tranches for principals
Principal Units (in units)	7,384,714
April 1, 2016 | Principal's equity based awards
Remaining vesting tranches for principals
Principal Units (in units)	122,697
October 1, 2016 | Equity Incentive Plan Units
Remaining vesting tranches for principals
Principal Units (in units)	4,397,839
October 1, 2016 | Principal's equity based awards
Remaining vesting tranches for principals
Principal Units (in units)	1,127,413
October 1, 2016 | Other Exchangeable Securities
Remaining vesting tranches for principals
Principal Units (in units)	847,989
April 1, 2017 | Equity Incentive Plan Units
Remaining vesting tranches for principals
Principal Units (in units)	5,476,479
April 1, 2017 | Principal's equity based awards
Remaining vesting tranches for principals
Principal Units (in units)	70,271
October 1, 2017 | Equity Incentive Plan Units
Remaining vesting tranches for principals
Principal Units (in units)	1,403,838
October 1, 2017 | Principal's equity based awards
Remaining vesting tranches for principals
Principal Units (in units)	111,293
April 1, 2018 | Equity Incentive Plan Units
Remaining vesting tranches for principals
Principal Units (in units)	4,118,901
April 1, 2018 | Principal's equity based awards
Remaining vesting tranches for principals
Principal Units (in units)	39,751
October 1, 2018 | Equity Incentive Plan Units
Remaining vesting tranches for principals
Principal Units (in units)	1,047,478
October 1, 2019 | Equity Incentive Plan Units
Remaining vesting tranches for principals
Principal Units (in units)	83,650
April 1, 2019 | Equity Incentive Plan Units
Remaining vesting tranches for principals
Principal Units (in units)	6,947

RELATED PARTY TRANSACTIONS (Sum

RELATED PARTY TRANSACTIONS (Summary of Due From and Due To Affiliates) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Related Party Transactions
Due from Affiliates	$ 109,209	$ 147,056
Due to Affiliates	144,706	131,548
Portfolio Companies
Related Party Transactions
Due from Affiliates	39,756	64,989
Unconsolidated Investment Funds
Related Party Transactions
Due from Affiliates	51,761	47,229
Related Entities
Related Party Transactions
Due from Affiliates	17,692	34,838
Due to Affiliates	11,406	9,745
Due to KKR Holdings in connection with the tax receivable agreement
Related Party Transactions
Due to Affiliates	$ 133,300	$ 121,803

SEGMENT REPORTING (Financial Da

SEGMENT REPORTING (Financial Data for KKR's Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Management, Monitoring and Transaction Fees, Net
Fees and Other	$ 255,874	$ 249,370	$ 547,219	$ 552,296
Performance Income
Incentive Fees	5,827	11,459	11,466	28,565
Investment Income (Loss)
Total Investment Income (Loss)	3,634,718	2,394,627	5,817,553	4,590,740
Segment Expenses
Total Compensation and Benefits	411,691	358,730	776,690	689,768
Occupancy and Related Charges	16,172	16,059	31,904	31,467
Total Expenses	554,177	585,325	1,069,210	1,058,496
Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities and appropriated capital	2,604,750	1,694,314	4,036,311	3,176,988
Total Assets	71,693,697	65,634,317	71,693,697	65,634,317	$ 65,872,745
Reportable segments
Management, Monitoring and Transaction Fees, Net
Management Fees	181,401	178,674	355,181	374,067
Monitoring Fees	47,713	29,610	145,551	65,973
Transaction Fees	92,951	84,305	196,237	247,821
Fee Credits	(56,458)	(49,830)	(136,952)	(134,498)
Fees and Other	265,607	242,759	560,017	553,363
Performance Income
Realized Carried Interest	252,227	555,488	554,652	749,038
Incentive Fees	5,893	11,478	11,558	28,497
Unrealized Carried Interest	340,366	(137,826)	479,650	7,821
Total Performance Income	598,486	429,140	1,045,860	785,356
Investment Income (Loss)
Net Realized Gains (Losses)	176,260	221,661	356,927	403,389
Net Unrealized Gains (Losses)	131,984	(119,935)	121,263	(34,176)
Total Realized and Unrealized	308,244	101,726	478,190	369,213
Net Interest and Dividends	75,406	60,432	126,081	71,596
Total Investment Income (Loss)	383,650	162,158	604,271	440,809
Total Segment Revenues	1,247,743	834,057	2,210,148	1,779,528
Segment Expenses
Cash Compensation and Benefits	98,871	91,444	205,898	200,359
Realized Allocation to Carry Pool	100,891	222,195	221,861	299,615
Unrealized Allocation to Carry Pool	136,566	(53,435)	192,197	5,255
Total Compensation and Benefits	336,328	260,204	619,956	505,229
Occupancy and Related Charges	15,475	14,757	30,271	28,946
Other Operating Expenses	51,613	54,311	112,559	107,112
Total Expenses	403,416	329,272	762,786	641,287
Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities and appropriated capital	4,383	3,206	8,005	6,408
Economic Net Income (Loss)	839,944	501,579	1,439,357	1,131,833
Total Assets	$ 14,374,873	13,454,206	$ 14,374,873	13,454,206
Equity ownership in the business (as a percent)	1.00%		1.00%
Reportable segments | Private Markets
Management, Monitoring and Transaction Fees, Net
Management Fees	$ 115,346	111,542	$ 224,622	234,581
Monitoring Fees	47,713	29,610	145,551	65,973
Transaction Fees	40,321	45,340	86,920	138,360
Fee Credits	(53,286)	(43,478)	(123,192)	(123,816)
Fees and Other	150,094	143,014	333,901	315,098
Performance Income
Realized Carried Interest	243,274	555,488	545,699	724,288
Incentive Fees			0	0
Unrealized Carried Interest	312,379	(163,564)	439,316	(17,788)
Total Performance Income	555,653	391,924	985,015	706,500
Investment Income (Loss)
Net Realized Gains (Losses)	145,817	207,892	329,081	384,090
Net Unrealized Gains (Losses)	145,094	(122,729)	224,457	(52,056)
Total Realized and Unrealized	290,911	85,163	553,538	332,034
Net Interest and Dividends	8,234	22,760	403	19,952
Total Investment Income (Loss)	299,145	107,923	553,941	351,986
Total Segment Revenues	1,004,892	642,861	1,872,857	1,373,584
Segment Expenses
Cash Compensation and Benefits	65,939	56,522	139,906	123,420
Realized Allocation to Carry Pool	97,310	222,195	218,280	289,715
Unrealized Allocation to Carry Pool	125,371	(63,730)	176,064	(4,987)
Total Compensation and Benefits	288,620	214,987	534,250	408,148
Occupancy and Related Charges	11,832	11,764	22,848	23,324
Other Operating Expenses	38,125	39,589	80,241	79,648
Total Expenses	338,577	266,340	637,339	511,120
Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities and appropriated capital	143	335	862	850
Economic Net Income (Loss)	666,172	376,186	1,234,656	861,614
Total Assets	8,395,916	7,628,969	8,395,916	7,628,969
Reportable segments | Public Markets
Management, Monitoring and Transaction Fees, Net
Management Fees	66,055	67,132	130,559	139,486
Transaction Fees	3,873	7,350	17,303	13,372
Fee Credits	(3,172)	(6,352)	(13,760)	(10,682)
Fees and Other	66,756	68,130	134,102	142,176
Performance Income
Realized Carried Interest	8,953	0	8,953	24,750
Incentive Fees	5,893	11,478	11,558	28,497
Unrealized Carried Interest	27,987	25,738	40,334	25,609
Total Performance Income	42,833	37,216	60,845	78,856
Investment Income (Loss)
Net Realized Gains (Losses)	31,192	14,284	31,876	19,763
Net Unrealized Gains (Losses)	(11,988)	3,751	(99,865)	18,565
Total Realized and Unrealized	19,204	18,035	(67,989)	38,328
Net Interest and Dividends	59,390	33,822	111,262	43,399
Total Investment Income (Loss)	78,594	51,857	43,273	81,727
Total Segment Revenues	188,183	157,203	238,220	302,759
Segment Expenses
Cash Compensation and Benefits	22,785	26,904	46,790	53,649
Realized Allocation to Carry Pool	3,581	0	3,581	9,900
Unrealized Allocation to Carry Pool	11,195	10,295	16,133	10,242
Total Compensation and Benefits	37,561	37,199	66,504	73,791
Occupancy and Related Charges	2,977	2,544	6,099	4,716
Other Operating Expenses	10,617	11,474	25,571	19,981
Total Expenses	51,155	51,217	98,174	98,488
Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities and appropriated capital	478	385	653	907
Economic Net Income (Loss)	136,550	105,601	139,393	203,364
Total Assets	4,245,520	4,387,413	4,245,520	4,387,413
Reportable segments | Capital Markets
Management, Monitoring and Transaction Fees, Net
Transaction Fees	48,757	31,615	92,014	96,089
Fees and Other	48,757	31,615	92,014	96,089
Investment Income (Loss)
Net Realized Gains (Losses)	(749)	(515)	(4,030)	(464)
Net Unrealized Gains (Losses)	(1,122)	(957)	(3,329)	(685)
Total Realized and Unrealized	(1,871)	(1,472)	(7,359)	(1,149)
Net Interest and Dividends	7,782	3,850	14,416	8,245
Total Investment Income (Loss)	5,911	2,378	7,057	7,096
Total Segment Revenues	54,668	33,993	99,071	103,185
Segment Expenses
Cash Compensation and Benefits	10,147	8,018	19,202	23,290
Total Compensation and Benefits	10,147	8,018	19,202	23,290
Occupancy and Related Charges	666	449	1,324	906
Other Operating Expenses	2,871	3,248	6,747	7,483
Total Expenses	13,684	11,715	27,273	31,679
Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities and appropriated capital	3,762	2,486	6,490	4,651
Economic Net Income (Loss)	37,222	19,792	65,308	66,855
Total Assets	$ 1,733,437	$ 1,437,824	$ 1,733,437	$ 1,437,824
Minimum | Reportable segments
Segment Expenses
Fee Credits as a percentage of monitoring and transaction fees net of fund-related expenses	80.00%		80.00%
Maximum | Reportable segments
Segment Expenses
Fee Credits as a percentage of monitoring and transaction fees net of fund-related expenses	100.00%	100.00%	100.00%	100.00%

SEGMENT REPORTING (Fees) (Detai

SEGMENT REPORTING (Fees) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Total investment income (loss)	$ 3,634,718	$ 2,394,627	$ 5,817,553	$ 4,590,740
Oil and Gas Revenue	35,700	56,208	60,644	73,989
Fees and Other	255,874	249,370	547,219	552,296
Reportable segments
Segment Reporting Information [Line Items]
Total Segment Revenues	1,247,743	834,057	2,210,148	1,779,528
Net realized and unrealized carried interest	(598,486)	(429,140)	(1,045,860)	(785,356)
Total investment income (loss)	383,650	162,158	604,271	440,809
Fees and Other	265,607	242,759	560,017	553,363
Segment Reconciling Items
Segment Reporting Information [Line Items]
Management fees relating to consolidated funds and other entities	(129,864)	(119,991)	(255,439)	(265,199)
Fee credits relating to consolidated funds	53,738	45,367	126,687	125,459
Net realized and unrealized carried interest	(592,593)	(417,662)	(1,034,302)	(756,859)
Total investment income (loss)	(383,650)	(162,158)	(604,271)	(440,809)
Oil and Gas Revenue	35,700	56,208	60,644	73,989
Reimbursable expenses	17,542	9,454	27,320	25,440
Other	$ 7,258	$ 4,095	$ 16,432	$ 10,747

SEGMENT REPORTING (Expenses) (D

SEGMENT REPORTING (Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Total Expenses	$ 554,177	$ 585,325	$ 1,069,210	$ 1,058,496
Reportable segments
Segment Reporting Information [Line Items]
Total Expenses	403,416	329,272	762,786	641,287
Segment Reconciling Items
Segment Reporting Information [Line Items]
Equity based compensation	69,478	92,957	146,028	170,485
Reimbursable expenses	26,547	13,580	46,406	32,492
Operating expenses relating to consolidated funds and other entities	11,082	25,654	22,052	53,317
Expenses incurred by oil & gas producing entities	26,053	39,187	47,131	50,171
Intangible amortization, acquisition, litigation and certain non- recurring costs	6,051	71,608	21,522	85,497
Other	$ 11,550	$ 13,067	$ 23,285	$ 25,247

SEGMENT REPORTING (Income (Loss

SEGMENT REPORTING (Income (Loss) Before Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Income tax expense	$ 30,547	$ 6,176	$ 46,685	$ 27,878
Equity based compensation			(146,028)	(170,485)
Net Income (Loss) Attributable to KKR & Co. L.P.	376,306	178,215	646,813	388,256
Net Income (Loss) Attributable to Noncontrolling Interests and Appropriated Capital	2,930,453	1,881,090	4,601,022	3,664,578
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	(891)	(6,809)	1,042	3,828
Income (loss) before taxes	3,336,415	2,058,672	5,295,562	4,084,540
Reportable segments
Segment Reporting Information [Line Items]
Economic net income	839,944	501,579	1,439,357	1,131,833
Segment Reconciling Items
Segment Reporting Information [Line Items]
Income tax expense	30,547	6,176	46,685	27,878
Amortization of intangibles and other, net	(37,910)	(37,455)	(35,120)	(57,624)
Equity based compensation	(69,478)	(92,957)	(146,028)	(170,485)
Net income (loss) attributable to noncontrolling interests held by KKR Holdings	(325,703)	(186,776)	(564,711)	(487,590)
Net Income (Loss) Attributable to KKR & Co. L.P.	$ 376,306	$ 178,215	$ 646,813	$ 388,256

SEGMENT REPORTING (Reconciliati

SEGMENT REPORTING (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$ 71,693,697	$ 65,872,745	$ 65,634,317
Reportable segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	14,374,873		13,454,206
Segment Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidation of KKR Funds, CFEs and other entities	57,260,481		51,973,127
Accounting basis difference for oil & natural gas properties	$ 58,343		$ 206,984

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015segment
Segment Reporting [Abstract]
Number of reportable segments	3

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($)	Apr. 30, 2014	Feb. 19, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Consideration:
Fair Value of Contingent Consideration			$ 44,600,000		$ 44,600,000		$ 40,600,000
Fair Value of Assets Acquired and Liabilities Assumed:
Restricted cash and cash equivalents			0		0		$ 35,038,000
Net Gains (Losses) from Investment Activities			$ 3,110,604,000	$ 1,971,850,000	$ 5,030,429,000	$ 3,944,030,000
KFN
Consideration:
Estimated fair value of KKR common units issued	$ 2,369,559,000
Number of KKR common units issued	104,340,028
KKR common unit price	$ 22.71
Fair Value of Assets Acquired and Liabilities Assumed:
Cash and cash equivalents	$ 210,413,000
Cash and cash equivalents held at consolidated entities	614,929,000
Restricted cash and cash equivalents	35,038,000
Investments	1,235,813,000
Investments of consolidated CLOs	6,742,768,000
Other assets	642,721,000
Other assets of consolidated CLOs	133,036,000
Total assets	9,614,718,000
Debt obligations	724,509,000
Debt obligations of consolidated CLOs	5,663,666,000
Accounts payable, accrued expenses and other liabilities	118,427,000
Other liabilities of consolidated CLOs	344,660,000
Total liabilities	6,851,262,000
Noncontrolling interests	378,983,000
Fair value of Net Assets Acquired	2,384,473,000
Less: Fair value of consideration transferred	2,369,559,000
Net Gains (Losses) from Investment Activities	14,914,000
Acquisition-related costs	8,300,000
KFN | KKR & Co. L.P.
Acquisitions
Amount of permanent equity capital to support the continued growth of business (over)	$ 2,000,000,000
Avoca Capital and its affiliates
Consideration:
Estimated fair value of KKR common units issued		$ 139,798,000
Equity interests acquired (as a percent)		100.00%
Assets under management		$ 8,200,000,000
Initial cash consideration transferred		83,300,000
Securities transferred		$ 56,500,000
Shares vested		2,400,000
Fair Value of Contingent Consideration		$ 0
Fair Value of Assets Acquired and Liabilities Assumed:
Cash and cash equivalents		24,381,000
Investments		20,905,000
Investments of consolidated CLOs		1,226,174,000
Other assets		7,370,000
Other assets of consolidated CLOs		186,609,000
Intangible assets		65,880,000
Total assets		1,531,319,000
Liabilities		13,584,000
Debt obligations of consolidated CLOs		1,150,551,000
Other liabilities of consolidated CLOs		140,308,000
Total liabilities		1,304,443,000
Fair value of Net Assets Acquired		226,876,000
Less: Fair value of subordinated notes of consolidated CLOs held by KKR prior to acquisition (a)		74,029,000
Less: Fair value of consideration transferred		139,798,000
Net Gains (Losses) from Investment Activities		13,049,000
Acquisition-related costs		$ 4,400,000

GOODWILL AND INTANGIBLE ASSET75

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying value of goodwill	$ 89,000	$ 89,000
Intangible Assets, Net consists of the following:
Finite-Lived Intangible Assets	284,766	284,766
Accumulated Amortization (includes foreign exchange)	(93,387)	(75,564)
Intangible Assets, Net	$ 191,379	$ 209,202

GOODWILL AND INTANGIBLE ASSET76

GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS - Change in Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Changes in Intangible Assets, Net consists of the following:
Balance, Beginning of Period	$ 209,202
Amortization Expense	(13,511)
Foreign Exchange	(4,312)
Balance, End of Period	$ 191,379

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Jun. 30, 2015 - USD ($)	Total
Contingent Repayment Guarantees
Private equity fund carried interest amount subject to clawback provision assuming liquidation at fair value	$ 0
Liquidation value for clawback obligation	0
Clawback obligation amount if private equity vehicles liquidated at fair value	$ 2,432,900,000
Percentage of net losses on investment required capital to be contributed by general partners	20.00%
Net loss sharing obligation at zero value	$ 0
Contingent repayment obligation of the general partners if private equity vehicles liquidated at fair value	92,400,000
Clawback receivable maximum potential amount (up to)	223,600,000
Clawback receivable	172,100,000
Clawback obligations, amount due from noncontrolling interest holders	0
Private Equity
Investment Commitments
Unfunded commitments	1,267,500,000
Capital Market Investments
Investment Commitments
Unfunded commitments	185,000,000
Merchant Capital Solutions Llc
Investment Commitments
Unfunded commitments	128,600,000
Other Investment Commitments
Investment Commitments
Unfunded commitments	$ 156,400,000

COMMITMENTS AND CONTINGENCIES78

COMMITMENTS AND CONTINGENCIES (Details 2) $ in Millions	Mar. 06, 2015claim	May. 06, 2014claim	Jul. 18, 2011claim	May. 23, 2011claim	May. 31, 2011claim	Jun. 30, 2015USD ($)
Loss Contingencies [Line Items]
Estimated aggregate amount of losses | $						$ 25
Pending Litigation [Member] | Class Action Complaint, Court of Chancery of the State of Delaware
Loss Contingencies [Line Items]
Loss Contingency, New Claims Filed, Number				2
Loss Contingency, Claims Consolidated, Number			2
Settled Litigation [Member] | Class Action Complaint, Court of Chancery of the State of Delaware
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	2
Loss Contingency, Claims Dismissed, Number		2
Settled Litigation [Member] | Class Action Complaint, Georgia Courts
Loss Contingencies [Line Items]
Loss Contingency, New Claims Filed, Number					2

REGULATORY CAPITAL REQUIREMEN79

REGULATORY CAPITAL REQUIREMENTS (Details) - Jun. 30, 2015 $ in Millions	USD ($)entity
REGULATORY CAPITAL REQUIREMENTS
Number of entities based in Mumbai subject to capital requirements of the RBI and SEBI | entity	2
Cash restricted for payment of cash dividend and advances	$ 57.1

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Jul. 23, 2015$ / shares
Subsequent event
Subsequent Events
Common unit distribution announced (in dollars per share)	$ 0.4239007312