KKR & Co. (KKR) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 02, 2016
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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		449,530,989

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and Cash Equivalents	$ 2,196,800	$ 1,047,740
Cash and Cash Equivalents Held at Consolidated Entities	1,276,330	1,472,120
Restricted Cash and Cash Equivalents	180,611	267,628
Investments	31,277,959	65,305,931
Due from Affiliates	343,106	139,783
Other Assets	2,709,793	2,809,137
Total Assets	37,984,599	71,042,339
Liabilities and Equity
Debt Obligations	17,589,353	18,714,597
Due to Affiliates	375,931	144,807
Accounts Payable, Accrued Expenses and Other Liabilities	3,197,050	2,715,350
Total Liabilities	21,162,334	21,574,754
Commitments and Contingencies
Redeemable Noncontrolling Interests	395,210	188,629
Equity
KKR & Co. L.P. Capital - Common Unitholders (446,200,620 and 457,834,875 common units issued and outstanding as of September 30, 2016 and December 31, 2015, respectively)	5,334,045	5,547,182
Total KKR & Co. L.P. Partner's Capital	5,816,599	5,547,182
Noncontrolling Interests	10,610,456	43,731,774
Total Equity	16,427,055	49,278,956
Total Liabilities and Equity	37,984,599	71,042,339
Consolidated VIEs
Assets
Cash and Cash Equivalents Held at Consolidated Entities	1,276,330	975,433
Restricted Cash and Cash Equivalents	126,338
Investments	22,031,017	12,735,309
Due from Affiliates	8,610
Other Assets	828,596	133,953
Total Assets	24,270,891	13,844,695
Liabilities and Equity
Debt Obligations	14,675,733	12,365,222
Due to Affiliates	0
Accounts Payable, Accrued Expenses and Other Liabilities	1,074,573	546,129
Total Liabilities	15,750,306	12,911,351
Consolidated VIEs | Consolidated CFEs
Assets
Cash and Cash Equivalents Held at Consolidated Entities	840,212	975,433
Restricted Cash and Cash Equivalents	0
Investments	13,514,574	12,735,309
Due from Affiliates	0
Other Assets	266,646	133,953
Total Assets	14,621,432	13,844,695
Liabilities and Equity
Debt Obligations	13,178,833	12,365,222
Due to Affiliates	0
Accounts Payable, Accrued Expenses and Other Liabilities	757,922	546,129
Total Liabilities	13,936,755	12,911,351
Consolidated VIEs | Consolidated KKR Funds and Other Entities
Assets
Cash and Cash Equivalents Held at Consolidated Entities	436,118	0
Restricted Cash and Cash Equivalents	126,338
Investments	8,516,443	0
Due from Affiliates	8,610
Other Assets	561,950	0
Total Assets	9,649,459	0
Liabilities and Equity
Debt Obligations	1,496,900	0
Due to Affiliates	0
Accounts Payable, Accrued Expenses and Other Liabilities	316,651	0
Total Liabilities	1,813,551	0
Capital - Series A Preferred Units
Equity
Series A Preferred Units (13,800,000 units issued and outstanding as of September 30, 2016), Series B Preferred Units (6,200,000 units issued and outstanding as of September 30, 2016)	332,988	0
Capital - Series B Preferred Units
Equity
Series A Preferred Units (13,800,000 units issued and outstanding as of September 30, 2016), Series B Preferred Units (6,200,000 units issued and outstanding as of September 30, 2016)	$ 149,566	$ 0

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - shares	Sep. 30, 2016	Dec. 31, 2015
Common units issued (in units)	446,200,620	457,834,875
Common units outstanding (in units)	446,200,620	457,834,875
Capital - Series A Preferred Units
Preferred units issued (in units)	13,800,000
Preferred units outstanding (in units)	13,800,000
Capital - Series B Preferred Units
Preferred units issued (in units)	6,200,000
Preferred units outstanding (in units)	6,200,000

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Fees and Other	$ 687,056	$ 188,626	$ 1,426,618	$ 735,845
Expenses
Compensation and Benefits	358,161	96,959	780,062	873,649
Occupancy and Related Charges	16,405	16,484	49,159	48,388
General, Administrative and Other	136,551	163,477	413,437	424,093
Total Expenses	511,117	276,920	1,242,658	1,346,130
Investment Income (Loss)
Net Gains (Losses) from Investment Activities	735,144	(1,555,681)	9,089	3,474,748
Dividend Income	73,105	270,759	167,987	710,130
Interest Income	256,505	299,485	753,194	898,628
Interest Expense	(255,105)	(151,554)	(607,812)	(402,944)
Total Investment Income (Loss)	809,649	(1,136,991)	322,458	4,680,562
Income (Loss) Before Taxes	985,588	(1,225,285)	506,418	4,070,277
Income Tax / (Benefit)	10,826	(7,390)	18,761	39,295
Net Income (Loss)	974,762	(1,217,895)	487,657	4,030,982
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	3,121	(12,925)	4,616	(11,883)
Net Income (Loss) Attributable to Noncontrolling Interests	611,288	(1,014,382)	353,044	3,586,640
Net Income (Loss) Attributable to KKR & Co. L.P.	360,353	(190,588)	129,997	456,225
Net Income Attributable to Preferred Unitholders	8,201	0	13,894	0
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders	$ 352,152	$ (190,588)	$ 116,103	$ 456,225
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit
Basic (in dollars per unit)	$ 0.79	$ (0.42)	$ 0.26	$ 1.03
Diluted (in dollars per unit)	$ 0.73	$ (0.42)	$ 0.24	$ 0.95
Weighted Average Common Units Outstanding
Basic (in units)	445,989,300	452,165,697	448,149,747	444,675,159
Diluted (in units)	479,975,675	452,165,697	483,134,985	480,338,335
Capital - Series A Preferred Units
Investment Income (Loss)
Net Income Attributable to Preferred Unitholders	$ 5,822	$ 0	$ 11,515	$ 0
Capital - Series B Preferred Units
Investment Income (Loss)
Net Income Attributable to Preferred Unitholders	$ 2,379	$ 0	$ 2,379	$ 0

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 974,762	$ (1,217,895)	$ 487,657	$ 4,030,982
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation Adjustments	2,452	(6,824)	679	(24,251)
Comprehensive Income (Loss)	977,214	(1,224,719)	488,336	4,006,731
Less: Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests	3,121	(12,925)	4,616	(11,883)
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests	612,656	(1,020,114)	351,547	3,572,197
Comprehensive Income (Loss) Attributable to KKR & Co. L.P.	$ 361,437	$ (191,680)	$ 132,173	$ 446,417

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Units	Capital - Common Unitholders	Accumulated Other Comprehensive Income (Loss)	Total Capital - Common Units	Capital - Series A Preferred Units	Capital - Series B Preferred Units	Noncontrolling Interests	Appropriated Capital
Balance at Dec. 31, 2014	$ 51,403,963		$ 5,403,095	$ (20,404)	$ 5,382,691			$ 46,004,377	$ 16,895
Balance (in units) at Dec. 31, 2014		433,330,540
Increase (Decrease) in Partners' Capital
Net Income (Loss)	4,042,865		456,225		456,225			3,586,640
Other Comprehensive Income (Loss)- Foreign Currency Translation (Net of Tax)	(24,251)			(9,808)	(9,808)			(14,443)
Exchange of KKR Holdings L.P. Units and Other Securities to KKR & Co. L.P. Common Units			164,718	(1,153)	163,565			(163,565)
Exchange of KKR Holdings L.P. Units and Other Securities to KKR & Co. L.P. Common Units (in units)		12,754,560
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and delivery of KKR & Co. L.P. Common Units	20,930		20,648	282	20,930
Net Delivery of Common Units-Equity Incentive Plan	40,559		40,559		40,559
Net Delivery of Common Units - Equity Incentive Plan (in units)		7,166,850
Equity Based Compensation	213,849		148,970		148,970			64,879
Capital Contributions	4,647,456				0			4,647,456
Capital Distributions	(10,987,994)		(544,179)		(544,179)			(10,443,815)
Balance at Sep. 30, 2015	49,340,175		5,689,729	(31,083)	5,658,646			43,681,529	0
Balance (in units) at Sep. 30, 2015		453,251,950
Balance at Dec. 31, 2014	300,098
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	(11,883)
Capital Contributions	172,493
Capital Distributions	(300,143)
Balance at Sep. 30, 2015	160,565
Increase (Decrease) in Partners' Capital
Cumulative-effect adjustment from adoption of accounting policies	(17,202)		(307)		(307)				$ (16,895)
Balance at Dec. 31, 2015	49,278,956		5,575,981	(28,799)	5,547,182	$ 0	$ 0	43,731,774
Balance (in units) at Dec. 31, 2015		457,834,875
Increase (Decrease) in Partners' Capital
Net Income (Loss)	483,041		116,103		116,103	11,515	2,379	353,044
Other Comprehensive Income (Loss)- Foreign Currency Translation (Net of Tax)	679			2,176	2,176			(1,497)
Deconsolidation of Funds	(34,240,240)							(34,240,240)
Exchange of KKR Holdings L.P. Units and Other Securities to KKR & Co. L.P. Common Units			54,674	(480)	54,194			(54,194)
Exchange of KKR Holdings L.P. Units and Other Securities to KKR & Co. L.P. Common Units (in units)		4,655,059
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and delivery of KKR & Co. L.P. Common Units	(247)		(158)	(89)	(247)
Net Delivery of Common Units-Equity Incentive Plan	(28,234)		(28,234)		(28,234)
Net Delivery of Common Units - Equity Incentive Plan (in units)		5,098,522
Equity Based Compensation	186,032		148,257		148,257			37,775
Unit Repurchases	(291,903)		(291,903)		(291,903)
Unit Repurchases (in units)		(21,387,836)
Equity Issued in connection with Preferred Unit Offering	482,554					332,988	149,566
Capital Contributions	1,948,552							1,948,552
Capital Distributions	(1,392,135)		(213,483)		(213,483)	(11,515)	(2,379)	(1,164,758)
Balance at Sep. 30, 2016	16,427,055		$ 5,361,237	$ (27,192)	$ 5,334,045	$ 332,988	$ 149,566	$ 10,610,456
Balance (in units) at Sep. 30, 2016		446,200,620
Balance at Dec. 31, 2015	188,629
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	4,616
Capital Contributions	223,739
Capital Distributions	(21,774)
Balance at Sep. 30, 2016	395,210
Increase (Decrease) in Partners' Capital
Cumulative-effect adjustment from adoption of accounting policies	$ 0

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating Activities
Net Income (Loss)	$ 487,657	$ 4,030,982
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Equity Based Compensation	186,032	213,849
Net Realized (Gains) Losses on Investments	(354,105)	(4,335,930)
Change in Unrealized (Gains) Losses on Investments	345,016	861,182
Carried Interest Allocated as a result of Changes in Fund Fair Value	(602,695)	0
Other Non-Cash Amounts	29,465	(72,907)
Cash Flows Due to Changes in Operating Assets and Liabilities:
Change in Cash and Cash Equivalents Held at Consolidated Entities	(56,992)	42,688
Change in Due from / to Affiliates	(157,793)	22,326
Change in Other Assets	(50,166)	466,498
Change in Accounts Payable, Accrued Expenses and Other Liabilities	442,025	(149,614)
Investments Purchased	(14,323,221)	(21,320,354)
Proceeds from Investments	13,498,957	21,973,822
Net Cash Provided (Used) by Operating Activities	(555,820)	1,732,542
Investing Activities
Change in Restricted Cash and Cash Equivalents	32,953	(169,799)
Purchase of Fixed Assets	(8,177)	(9,977)
Development of Oil and Natural Gas Properties	(1,588)	(89,542)
Proceeds from Sale of Oil and Natural Gas Properties	0	4,863
Net Cash Provided (Used) by Investing Activities	23,188	(264,455)
Financing Activities
Distributions to Partners	(213,483)	(544,179)
Distributions to Redeemable Noncontrolling Interests	(21,774)	(300,143)
Contributions from Redeemable Noncontrolling Interests	223,739	172,493
Distributions to Noncontrolling Interests	(1,164,758)	(10,443,815)
Contributions from Noncontrolling Interests	1,726,529	4,647,456
Issuance of Preferred Units (net of issuance costs)	482,554	0
Preferred Unit Distributions	(13,894)	0
Net Delivery of Common Units - Equity Incentive Plan	(28,234)	40,559
Unit Repurchases	(291,903)	0
Proceeds from Debt Obligations	5,339,824	10,373,768
Repayment of Debt Obligations	(4,353,147)	(4,539,684)
Financing Costs Paid	(3,761)	(35,704)
Net Cash Provided (Used) by Financing Activities	1,681,692	(629,249)
Net Increase/(Decrease) in Cash and Cash Equivalents	1,149,060	838,838
Cash and Cash Equivalents, Beginning of Period	1,047,740	918,080
Cash and Cash Equivalents, End of Period	2,196,800	1,756,918
Supplemental Disclosures of Cash Flow Information
Payments for Interest	600,701	350,193
Payments for Income Taxes	21,335	31,371
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Non-Cash Contributions of Equity Based Compensation	186,032	213,849
Non-Cash Contributions from Noncontrolling Interests	222,023	0
Cumulative-effect adjustment from adoption of accounting policies	0	(17,202)
Debt Obligations - Net Gains / Losses, Translation and Other	243,384	110,371
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and delivery of KKR & Co. L.P. Common Units	(247)	20,930
Impairments of Oil and Natural Gas Properties	0	30,267
Changes in Consolidation including Adoption of ASU 2015-02
Cash and Cash Equivalents Held at Consolidated Entities	(270,458)	0
Restricted Cash and Cash Equivalents	(54,064)	0
Investments	(35,686,489)	0
Due From Affiliates	147,427	0
Other Assets	(532,226)	0
Debt Obligations	(2,355,305)	0
Due to Affiliates	329,083	0
Accounts Payable, Accrued Expenses and Other Liabilities	(129,348)	0
Noncontrolling Interests	$ (34,240,240)	$ 0

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 , KKR & Co. L.P. held approximately 55.6% of the KKR Group Partnership Units and principals through KKR Holdings held approximately 44.4% 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 or repurchases KKR & Co. L.P. common units.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2016
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, 2015 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, 2015 , 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 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. All intercompany transactions and balances have been eliminated. 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 assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. 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”. Consolidation Policy Upon Adoption of ASU No. 2015-02 In February 2015, the Financial Accounting Standards Board (“FASB”) issued amended consolidation guidance with the issuance of ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). KKR adopted this new guidance on January 1, 2016 using the modified retrospective method. As a result, restatement of prior period results is not required and prior periods presented in the financial statements have not been impacted. The guidance in ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership and also changes the consolidation model specific to limited partnerships. The amendments also clarify how to evaluate 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 VIE should be reported on an asset manager's balance sheet. These changes modify the analysis that KKR must perform to determine whether it should consolidate certain types of legal entities. Upon adoption of ASU 2015-02, most of KKR’s investment funds were de-consolidated as of January 1, 2016 resulting in a reduction in consolidated assets, liabilities and noncontrolling interests of approximately $36.3 billion , $2.1 billion and $34.2 billion , respectively. Additionally, as a result of the de-consolidation of most of KKR’s investment funds, management fees and carried interest earned by KKR from investment funds that were previously consolidated will no longer be eliminated. Adoption of ASU 2015-02 had no impact on KKR's partners' capital and Net Income (Loss) Attributable to KKR & Co. L.P. Consistent with the consolidation rules in effect prior to the adoption of ASU 2015-02, 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 the 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. However, under ASU 2015-02, limited partnerships and other similar entities where unaffiliated limited partners have not been granted substantive rights to either dissolve the partnership or remove the general partner (“kick-out rights”) are VIEs under condition (b) above. KKR’s investment funds that are not CFEs (i) are generally limited partnerships, (ii) generally provide KKR with operational discretion and control, and (iii) generally have fund investors with no substantive rights to impact ongoing governance and operating activities of the fund, including the ability to remove the general partner, and as such the limited partners do not hold kick-out rights. Accordingly, most of KKR’s investment funds are categorized as VIEs under ASU 2015-02. KKR consolidates all VIEs in which it is the primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (i) whether an entity in which KKR holds a variable interest is a VIE and (ii) whether KKR’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (for example, management and performance related fees), would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Pursuant to ASU 2015-02, fees earned by KKR that are customary and commensurate with the level of services provided, and where KKR does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered variable interests. KKR factors in all economic interests including interests held through related parties, to determine if it holds a variable interest. KKR determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion periodically. For entities that are determined not to be VIEs, these entities are generally considered VOEs and are evaluated under the voting interest model. KKR consolidates VOEs it controls through a majority voting interest or through other means. 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 CLOs (which are generally VIEs), in its role as collateral manager, KKR generally has the power to direct the activities of the CLO that most significantly impact the economic performance of the entity. In some, but not all cases, KKR, through its residual interest in the CLO 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 the power to direct the activities of the CLO that most significantly impact the CLO's economic performance and 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 is deemed to be the primary beneficiary and consolidates the CLO. With respect to CMBS vehicles (which are generally VIEs), KKR holds unrated and non-investment grade rated securities issued by the CMBS, which are the most subordinate tranche of the CMBS vehicle. The economic performance of the CMBS is most significantly impacted by the performance of the underlying assets. Thus, the activities that most significantly impact the CMBS economic performance are the activities that most significantly impact the performance of the underlying assets. The special servicer has the ability to manage the CMBS assets that are delinquent or in default to improve the economic performance of the CMBS. KKR generally has the right to unilaterally appoint and remove the special servicer for the CMBS and as such is considered the controlling class of the CMBS vehicle. These rights give KKR the ability to direct the activities that most significantly impact the economic performance of the CMBS. Additionally, as the holder of the most subordinate tranche, KKR is in a first loss position and has the right to receive benefits, including the actual residual returns of the CMBS, if any. In these cases, KKR is deemed to be the primary beneficiary and consolidates the CMBS. Consolidation Policy Prior to the Adoption of ASU 2015-02 As indicated above, KKR adopted ASU 2015-02 using the modified retrospective method and as such, the prior periods presented in the financial statements have not been impacted. The most significant changes to KKR’s consolidation policy as a result of the adoption of ASU 2015-02 pertained to its investment funds that are not CFEs. There were no significant changes to KKR's CFEs as a result of the adoption of ASU 2015-02. With respect to KKR’s consolidated funds that are not CFEs, KKR generally has operational discretion and control, and fund investors have no substantive rights to impact ongoing governance and operating activities of the fund, and do not have kick-out rights. As a result, prior to the adoption of ASU 2015-02, a fund would be consolidated unless KKR had a nominal level of equity at risk. To the extent that KKR commits a nominal amount of equity to a given fund and had no obligation to fund any future losses, the equity at risk to KKR was not considered substantive and the fund was typically considered a VIE. KKR was 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 there was minimal capital at risk, the fund investors were generally deemed to be the primary beneficiaries, and KKR did not consolidate the fund. In cases when KKR’s equity at risk was deemed to be substantive, the fund was generally considered to be a VOE and KKR generally consolidated the fund under the VOE model. As described above, subsequent to the adoption of ASU 2015-02, limited partnerships and other similar entities where unaffiliated limited partners have not been granted kick-out rights are deemed to be VIEs. Since substantially all of our investment funds are partnerships where limited partners are not granted kick-out rights, the adoption of ASU 2015-02 resulted in numerous entities that were previously classified as VOEs under the prior guidance becoming VIEs under the new consolidation guidance. Under both the previous consolidation guidance and ASU 2015-02 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. Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests represent noncontrolling interests of certain investment funds and vehicles 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 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 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 entitled to up to 1% of the carried interest received by certain general partners of KKR’s funds and 1% of KKR’s other profits (losses) through and including December 31, 2015; (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 Nine Months Ended 2016 2015 2016 2015 Balance at the beginning of the period $ 4,018,305 $ 4,827,384 $ 4,347,153 $ 4,661,679 Net income (loss) attributable to noncontrolling interests held by KKR Holdings (a) 284,834 (166,078 ) 86,659 398,633 Other comprehensive income (loss), net of tax (b) 231 (2,516 ) (37 ) (10,048 ) Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units (c) (22,930 ) (37,062 ) (53,908 ) (162,615 ) Equity based compensation 7,822 15,515 27,469 53,149 Capital contributions 69 254 207 804 Capital distributions (57,420 ) (154,597 ) (176,632 ) (458,702 ) Balance at the end of the period $ 4,230,911 $ 4,482,900 $ 4,230,911 $ 4,482,900 (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 Incentive 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 Nine Months Ended 2016 2015 2016 2015 Net income (loss) $ 974,762 $ (1,217,895 ) $ 487,657 $ 4,030,982 Less: Net income (loss) attributable to Redeemable Noncontrolling Interests 3,121 (12,925 ) 4,616 (11,883 ) Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities 326,454 (848,304 ) 266,385 3,188,007 Less: Net income (loss) attributable to Series A and Series B Preferred Unitholders 8,201 — 13,894 — Plus: Income tax / (benefit) attributable to KKR Management Holdings Corp. 3,187 (14,745 ) (8,376 ) 8,866 Net income (loss) attributable to KKR & Co. L.P. Common Unitholders and KKR Holdings $ 640,173 $ (371,411 ) $ 194,386 $ 863,724 Net income (loss) attributable to noncontrolling interests held by KKR Holdings $ 284,834 $ (166,078 ) $ 86,659 $ 398,633 Investments Investments consist primarily of private equity, real assets, credit, investments of consolidated CFEs, equity method, carried interest and other investments. 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 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 including growth equity investments. Real Assets - Consists primarily of investments in (i) energy related assets, principally oil and natural gas producing properties, (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. Equity Method - Consists primarily of (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. Carried Interest - Consists of carried interest from unconsolidated investment funds that are allocated to KKR as the general partner of the investment fund based on cumulative fund performance to date, and where applicable, subject to a preferred return. Other - Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit or investments of consolidated CFEs. Investments held by Consolidated Investment Funds The consolidated investment funds are, for GAAP purposes, investment companies and reflect their investments and other financial instruments, including majority-owned and controlled investments (the “Portfolio Companies”), at fair value. KKR has retained this specialized accounting for the consolidated funds in consolidation. Accordingly, the unrealized gains and losses resulting from changes in fair value of the investments and other financial instruments held by the consolidated investment funds are reflected as a component of Net Gains (Losses) from Investment Activities in the consolidated statements of operations. Certain energy investments are made through 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 consolidated 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 consolidated 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. Energy Investments held directly by KKR Certain energy investments are made by KKR directly in working and royalty interests in oil and natural gas producing properties outside of investment funds. 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 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 consolidated statements of operations. Fair Value Option For certain investments and other financial instruments, KKR has elected the fair value option. Such election is irrevocable and is applied on a financial instrument by financial instrument basis at initial recognition. KKR has elected the fair value option for certain private equity, real assets, credit, investments of consolidated CFEs, equity method and other financial instruments not held through a consolidated investment fund with gains and losses recorded in net income. Accounting for these investments at fair value is consistent with how KKR accounts for its investments held through consolidated investment funds. Changes in the fair value of such instruments are recognized in Net Gains (Losses) from Investment Activities in the consolidated statements of operations. Interest income on interest bearing credit securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest Income in the consolidated statements of operations. Equity Method For certain investments in entities over which KKR exercises significant influence but which do not meet the requirements for consolidation and for which KKR has not elected the fair value option, KKR uses the equity method of accounting. KKR’s share of earnings (losses) from these investments is reflected as a component of Net Gains (Losses) from Investment Activities in the consolidated statements of operations. The carrying value of equity method investments in private equity funds, real assets funds and credit funds, which are not consolidated, approximate fair value, because the underlying investments of the unconsolidated investment funds are reported at fair value. The carrying value of equity method investments in certain operating companies, which KKR is determined to exert significant influence and for which KKR has not elected the fair value option, 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. For equity method investments, KKR records its proportionate share of the investee's earnings or losses based on the most recently available financial information of the investee, which in certain cases may lag the date of KKR's financial statements by no more than three calendar months. KKR evaluates its equity method investments for which KKR has not elected the fair value option for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Financial Instruments held by Consolidated CFEs As of January 1, 2015, KKR 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 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 consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. For the consolidated CLO entities, KKR has determined that the fair value of the financial assets of the consolidated CLOs are more observable than the fair value of the financial liabilities of the consolidated CLOs. As a result, the financial assets of the consolidated CLOs are being measured at fair value and the financial liabilities are being measured 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 i

NET GAINS (LOSSES) FROM INVESTM

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES	9 Months Ended
	Sep. 30, 2016
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 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 tables summarize total Net Gains (Losses) from Investment Activities for the three and nine months ended September 30, 2016 and 2015 , respectively: Three Months Ended Three Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Net Realized Net Unrealized Total Private Equity (a) $ 172,390 $ 37,465 $ 209,855 $ 939,218 $ (1,751,892 ) $ (812,674 ) Credit and Other (a) (262,826 ) 256,137 (6,689 ) (49,052 ) (487,939 ) (536,991 ) Investments of Consolidated CFEs (a) (18,697 ) 40,049 21,352 (341 ) (157,045 ) (157,386 ) Real Assets (a) 28,803 70,700 99,503 7,319 (225,965 ) (218,646 ) Foreign Exchange Forward Contracts and Options (b) 41,254 (63,997 ) (22,743 ) 98,191 (4,324 ) 93,867 Securities Sold Short (b) 232,448 29,545 261,993 8,539 6,409 14,948 Other Derivatives (b) (17,224 ) 14,472 (2,752 ) 9,176 (23,770 ) (14,594 ) Debt Obligations and Other (c) 112,469 62,156 174,625 10,953 64,842 75,795 Net Gains (Losses) From Investment $ 288,617 $ 446,527 $ 735,144 $ 1,024,003 $ (2,579,684 ) $ (1,555,681 ) Nine Months Ended Nine Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Net Realized Net Unrealized Total Private Equity (a) $ 370,266 $ (412,303 ) $ (42,037 ) $ 3,916,131 $ (1,557 ) $ 3,914,574 Credit and Other (a) (284,992 ) (104,028 ) (389,020 ) 45,247 (522,364 ) (477,117 ) Investments of Consolidated CFEs (a) (239,502 ) 547,099 307,597 (26,494 ) (79,651 ) (106,145 ) Real Assets (a) 41,158 66,927 108,085 14,824 (162,065 ) (147,241 ) Foreign Exchange Forward Contracts 41,829 (75,398 ) (33,569 ) 305,541 34,799 340,340 Securities Sold Short (b) 231,474 (10,343 ) 221,131 (680 ) 18,607 17,927 Other Derivatives (b) (35,613 ) 40,081 4,468 20,699 (2,049 ) 18,650 Debt Obligations and Other (c) 229,485 (397,051 ) (167,566 ) 60,662 (146,902 ) (86,240 ) Net Gains (Losses) From Investment $ 354,105 $ (345,016 ) $ 9,089 $ 4,335,930 $ (861,182 ) $ 3,474,748 (a) See Note 4 "Investments." (b) See Note 8 "Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities." (c) See Note 10 "Debt Obligations."

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2016
Investments [Abstract]
INVESTMENTS	INVESTMENTS Investments consist of the following: September 30, 2016 December 31, 2015 Private Equity $ 3,000,570 $ 36,398,474 Credit 4,393,336 6,300,004 Investments of Consolidated CFEs 13,514,574 12,735,309 Real Assets 1,814,756 4,048,281 Equity Method 2,840,762 1,730,565 Carried Interest 2,731,310 245,066 Other 2,982,651 3,848,232 Total Investments $ 31,277,959 $ 65,305,931 As of December 31, 2015 , investments which represented greater than 5% of total investments consisted of Walgreens Boots Alliance, Inc. of $5.1 billion and First Data Corporation of $4.3 billion . As of September 30, 2016 , there were no investments which represented greater than 5% of total investments. In addition, as of September 30, 2016 and December 31, 2015 , investments totaling $14.6 billion and $14.2 billion , respectively, were pledged as direct collateral against various financing arrangements. See Note 10 “Debt Obligations.” The majority of the securities underlying private equity investments represent equity securities. Carried Interest Carried interest allocated to the general partner in respect of performance of investment funds that are not consolidated were as follows: Balance at December 31, 2015 $ 245,066 Deconsolidation of Funds on Adoption of ASU 2015-02 2,712,962 Carried Interest Allocated as a result of Changes in Fund Fair Value 602,695 Cash Proceeds Received (829,413 ) Balance at September 30, 2016 $ 2,731,310

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following tables summarize the valuation of KKR's assets and liabilities by the fair value hierarchy. Carried Interest and Equity Method Investments for which the fair value option has not been elected have been excluded from the tables below. Assets, at fair value: September 30, 2016 Level I Level II Level III Total Private Equity $ 1,399,671 $ 111,814 $ 1,489,085 $ 3,000,570 Credit — 1,174,324 3,219,012 4,393,336 Investments of Consolidated CFEs — 7,969,895 5,544,679 13,514,574 Real Assets — — 1,814,756 1,814,756 Equity Method — 284,251 505,184 789,435 Other 1,169,797 233,976 1,578,878 2,982,651 Total 2,569,468 9,774,260 14,151,594 26,495,322 Foreign Exchange Contracts and Options — 170,304 — 170,304 Other Derivatives 1,625 23,784 — 25,409 Total Assets $ 2,571,093 $ 9,968,348 $ 14,151,594 $ 26,691,035 December 31, 2015 Level I Level II Level III Total Private Equity $ 16,614,008 $ 880,928 $ 18,903,538 $ 36,398,474 Credit — 1,287,649 5,012,355 6,300,004 Investments of Consolidated CFEs — 12,735,309 — 12,735,309 Real Assets — — 4,048,281 4,048,281 Equity Method — — 891,606 891,606 Other 817,328 449,716 2,581,188 3,848,232 Total 17,431,336 15,353,602 31,436,968 64,221,906 Foreign Exchange Contracts and Options — 635,183 — 635,183 Other Derivatives — 5,703 — 5,703 Total Assets $ 17,431,336 $ 15,994,488 $ 31,436,968 $ 64,862,792 Liabilities, at fair value: September 30, 2016 Level I Level II Level III Total Securities Sold Short $ 541,826 $ 48,393 $ — $ 590,219 Foreign Exchange Contracts and Options — 87,002 — 87,002 Unfunded Revolver Commitments — 4,377 — 4,377 Other Derivatives (1) — 49,410 62,059 111,469 Debt Obligations of Consolidated CFEs — 7,743,242 5,435,591 13,178,833 Total Liabilities $ 541,826 $ 7,932,424 $ 5,497,650 $ 13,971,900 December 31, 2015 Level I Level II Level III Total Securities Sold Short $ 286,981 $ 13,009 $ — $ 299,990 Foreign Exchange Contracts and Options — 83,748 — 83,748 Unfunded Revolver Commitments — 15,533 — 15,533 Other Derivatives — 104,518 — 104,518 Debt Obligations of Consolidated CFEs — 12,365,222 — 12,365,222 Total Liabilities $ 286,981 $ 12,582,030 $ — $ 12,869,011 (1) Includes an option issued in connection with the acquisition of a 24.9% equity interest in Marshall Wace LLP and its affiliates ("Marshall Wace") to increase KKR's ownership interest over time to 39.9% . The option is valued using a Monte-Carlo simulation valuation methodology. Key inputs used in this methodology that require estimates include Marshall Wace's dividend yield, assets under management volatility and equity volatility. 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 nine months ended September 30, 2016 and 2015, respectively: Three Months Ended September 30, 2016 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 1,231,868 $ 2,672,179 $ 5,615,342 $ 1,819,709 $ 477,219 $ 1,495,697 $ 13,312,014 $ 5,506,281 Transfers Out Due to Deconsolidation of Funds — — — — — — — — Transfers In — 1,677 — — — — 1,677 — Transfers Out — — — — — — — — Asset Purchases / Debt Issuances 253,736 616,041 — 59,963 — 46,233 975,973 — Sales (43,789 ) (168,342 ) (8,993 ) (164,419 ) (725 ) (16,677 ) (402,945 ) — Settlements — 24,296 — — — — 24,296 (8,993 ) Net Realized Gains (Losses) 17,386 (518 ) — 28,803 225 (1,173 ) 44,723 — Net Unrealized Gains (Losses) 29,884 67,753 (61,670 ) 70,700 28,465 54,798 189,930 (61,697 ) Change in Other Comprehensive Income — 5,926 — — — — 5,926 — Balance, End of Period $ 1,489,085 $ 3,219,012 $ 5,544,679 $ 1,814,756 $ 505,184 $ 1,578,878 14,151,594 $ 5,435,591 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 $ 46,895 $ 67,140 $ (61,670 ) $ 70,700 $ 28,465 $ 54,798 $ 206,328 $ (61,697 ) Three Months Ended September 30, 2015 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 25,113,442 $ 4,705,846 $ — $ 4,058,717 $ 994,952 $ 1,966,087 $ 36,839,044 $ — Transfers In — — — — — — — — Transfers Out — — — — — — — — Asset Purchases / Debt Issuances 461,640 333,776 — 1,655 15,638 211,312 1,024,021 — Sales (1,569,751 ) (378,621 ) — (18,701 ) (22,510 ) (14,383 ) (2,003,966 ) — Settlements — 49,625 — — — — 49,625 — Net Realized Gains (Losses) 724,528 (11,041 ) — 7,320 — 2,870 723,677 — Net Unrealized Gains (Losses) (586,635 ) (162,899 ) — (225,964 ) (68,090 ) 55,031 (988,557 ) — Change in Other Comprehensive Income — (10,047 ) — — — (459 ) (10,506 ) — Balance, End of Period $ 24,143,224 $ 4,526,639 $ — $ 3,823,027 $ 919,990 $ 2,220,458 $ 35,633,338 $ — 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 $ 78,943 $ (212,570 ) $ — $ (219,689 ) $ (12,598 ) $ 9,766 $ (356,148 ) $ — Nine Months Ended September 30, 2016 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 18,903,538 $ 5,012,355 $ — $ 4,048,281 $ 891,606 $ 2,581,188 $ 31,436,968 $ — Transfers Out Due to Deconsolidation of Funds (17,856,098 ) (2,354,181 ) — (2,628,999 ) — (984,813 ) (23,824,091 ) — Transfers In — 45,427 4,343,829 — — — 4,389,256 4,272,081 Transfers Out (104,000 ) (760 ) — — (311,270 ) — (416,030 ) — Asset Purchases / Debt Issuances 507,812 1,170,140 1,026,801 513,734 18,992 249,903 3,487,382 990,450 Sales (43,789 ) (648,416 ) (23,910 ) (237,176 ) (61,111 ) (147,495 ) (1,161,897 ) — Settlements — 74,474 — — — — 74,474 (23,910 ) Net Realized Gains (Losses) 17,386 (9,113 ) — 41,158 (1,766 ) (8,588 ) 39,077 — Net Unrealized Gains (Losses) 64,236 (74,384 ) 197,959 77,758 (31,267 ) (111,317 ) 122,985 196,970 Change in Other Comprehensive Income — 3,470 — — — — 3,470 — Balance, End of Period $ 1,489,085 $ 3,219,012 $ 5,544,679 $ 1,814,756 $ 505,184 $ 1,578,878 $ 14,151,594 $ 5,435,591 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 $ 81,247 $ (74,997 ) $ 197,959 $ 77,758 $ (31,267 ) $ (135,067 ) $ 115,633 $ 196,970 Nine Months Ended September 30, 2015 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method 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 $ 898,206 $ 1,234,795 $ 35,824,623 $ 7,615,340 Transfers In — 16,706 108,340 — — 1,187 126,233 — Transfers Out (3,564,987 ) (12,860 ) (153,656 ) — — (1,710 ) (3,733,213 ) — Asset Purchases / Debt Issuances 1,613,411 1,665,858 1,308 876,031 85,948 1,032,375 5,274,931 — Sales (2,392,428 ) (1,101,702 ) (3,138 ) (36,169 ) (25,784 ) (159,783 ) (3,719,004 ) — Settlements — 207,540 (883 ) — — — 206,657 — Net Realized Gains (Losses) 1,069,212 (16,235 ) — 14,825 — 6,365 1,074,167 — Net Unrealized Gains (Losses) 1,141,995 (419,017 ) (44,466 ) (162,064 ) (38,380 ) 104,428 582,496 — Change in Accounting Principle — — — — — — — (7,615,340 ) Change in Other Comprehensive Income — (6,353 ) — — — 2,801 (3,552 ) — Balance, End of Period $ 24,143,224 $ 4,526,639 $ — $ 3,823,027 $ 919,990 $ 2,220,458 $ 35,633,338 $ — 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 $ 2,088,462 $ (512,725 ) $ — $ (148,785 ) $ 17,112 $ 29,042 $ 1,473,106 $ — 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. The following table summarizes the fair value transfers between fair value levels for the three and nine months ended September 30, 2016 and 2015: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Assets, at fair value: Transfers from Level I to Level II 1 $ — $ 4,447,981 $ 73,600 $ 4,447,981 Transfers from Level II to Level I 3 $ — $ — $ — $ 467,766 Transfers from Level II to Level III 1 $ 1,677 $ — $ 4,389,256 $ 126,233 Transfers from Level III to Level II 2 $ — $ — $ 312,030 $ 168,226 Transfers from Level III to Level I 3 $ — $ — $ 104,000 $ 3,564,987 Liabilities, at fair value: Transfers from Level II to Level III 4 $ — $ — $ 4,272,081 $ — (1) Transfers out of Level I into Level II and Level II into Level III 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) Transfers out of Level III and into Level II 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) Transfers out of Level III and II into Level I are attributable to portfolio companies that are valued using their publicly traded market price. (4) Transfers out of Level II and into Level III are principally attributable to debt obligations of CMBS vehicles due to an insignificant level of market activity during the period and thus were valued in the absence of observable inputs. The following table presents additional information about valuation methodologies and significant unobservable inputs used for assets and liabilities that are measured at fair value and categorized within Level III as of September 30, 2016 : Fair Value September 30, 2016 Valuation Methodologies Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Private Equity $ 1,489,085 Private Equity $ 615,417 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 8.2% 5% - 15% Decrease Weight Ascribed to Market Comparables 39.4% 0% - 50% (4) Weight Ascribed to Discounted Cash Flow 42.5% 5% - 100% (5) Weight Ascribed to Transaction Price 18.1% 0% - 90% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.3x 8.1x - 19.0x Increase Enterprise Value/Forward EBITDA Multiple 11.2x 7.2x - 15.4x Increase Discounted cash flow Weighted Average Cost of Capital 10.4% 8.0% - 13.9% Decrease Enterprise Value/LTM EBITDA Exit Multiple 10.5x 7.3x - 13.5x Increase Growth Equity $ 873,668 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 13.6% 10% - 20% Decrease Weight Ascribed to Market Comparables 43.0% 0% - 100% (4) Weight Ascribed to Discounted Cash Flow 10.7% 0% - 75% (5) Weight Ascribed to Transaction Price 46.3% 0% - 100% (6) Scenario Weighting Base 52.6% 30% - 80% Increase Downside 25.5% 10% - 40% Decrease Upside 21.9% 10% - 33% Increase Credit $ 3,219,012 Yield Analysis Yield 8.5% 5.2% - 35.0% Decrease Net Leverage 4.3x 0.6x - 35.6x Decrease EBITDA Multiple 6.0x 0.8x - 34.1x Increase Investments of Consolidated CFEs $ 5,544,679 (9) Debt Obligations of Consolidated CFEs $ 5,435,591 Discounted cash flow Yield 5.4% 1.5% - 26.2% Decrease Real Assets $ 1,814,756 (10) Energy $ 811,438 Discounted cash flow Weighted Average Cost of Capital 10.6% 8.2% - 17.3% Decrease Average Price Per BOE (8) $41.55 $29.87 - $47.69 Increase Real Estate $ 856,869 Inputs to direct income capitalization and discounted cash flow Weight Ascribed to Direct Income Capitalization 35.6% 0% - 75% (7) Weight Ascribed to Discounted Cash Flow 64.4% 25% - 100% (5) Direct Income Capitalization Current Capitalization Rate 6.9% 5.0% - 12.0% Decrease Discounted cash flow Unlevered Discount Rate 9.6% 5.5% - 20.0% Decrease (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 and debt obligations. 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) 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. (8) 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 82% liquids and 18% natural gas. (9) Under ASU 2014-13, KKR measures CMBS investments on the basis of the fair value of the financial liabilities of the CMBS vehicle. See Note 2 "Summary of Significant Accounting Policies." (10) Includes one Infrastructure investment for $146.4 million that was valued using a discounted cash flow analysis. The significant inputs used included the weighted average cost of capital 7.9% and the enterprise value/LTM EBITDA Exit Multiple 11.0 x. The table above excludes equity method investments in the amount of $505.2 million , comprised primarily of interests in real estate joint ventures, which were valued using Level III value methodologies which are the same as those shown for real estate investments. The table above excludes other investments in the amount of $1,578.9 million 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. 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 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.

FAIR VALUE OPTION

FAIR VALUE OPTION	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE OPTION	FAIR VALUE OPTION The following table summarizes the financial instruments for which the fair value option has been elected: September 30, 2016 December 31, 2015 Assets Private Equity $ 105,586 $ 211,474 Credit 1,262,369 936,063 Investments of Consolidated CFEs 13,514,574 12,735,309 Real Assets 258,854 90,245 Equity Method 789,435 891,606 Other 228,061 374,185 Total $ 16,158,879 $ 15,238,882 Liabilities Debt Obligations of Consolidated CFEs $ 13,178,833 $ 12,365,222 Total $ 13,178,833 $ 12,365,222 The following table presents the realized and net change in unrealized gains (losses) on financial instruments on which the fair value option was elected: Three Months Ended Three Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Assets Private Equity $ — $ (446 ) $ — $ (13,921 ) Credit (31,310 ) 12,376 (11,774 ) (25,793 ) Investments of Consolidated CFEs (18,697 ) 40,049 (341 ) (157,045 ) Real Assets 2,945 (2,051 ) — 4,214 Equity Method 225 42,525 7,703 (67,287 ) Other (762 ) (11,016 ) 2,388 (31,134 ) Total $ (47,599 ) $ 81,437 $ (2,024 ) $ (290,966 ) Liabilities Debt Obligations of Consolidated CFEs 107,844 68,658 — 69,853 Total $ 107,844 $ 68,658 $ — $ 69,853 Nine Months Ended Nine Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Assets Private Equity $ — $ (2,744 ) $ 111,676 $ 72,777 Credit (26,293 ) (29,662 ) (14,944 ) (67,364 ) Investments of Consolidated CFEs (239,502 ) 547,099 (26,494 ) (79,651 ) Real Assets 2,945 8,544 — 13,354 Equity Method (1,766 ) (58,572 ) 7,703 (36,159 ) Other (2,578 ) (30,013 ) (855 ) (28,525 ) Total $ (267,194 ) $ 434,652 $ 77,086 $ (125,568 ) Liabilities Debt Obligations of Consolidated CFEs 210,386 (378,505 ) — (44,650 ) Total $ 210,386 $ (378,505 ) $ — $ (44,650 )

NET INCOME (LOSS) ATTRIBUTABLE

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT	9 Months Ended
	Sep. 30, 2016
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 nine months ended September 30, 2016 and 2015 , basic and diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit were calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders $ 352,152 $ (190,588 ) $ 116,103 $ 456,225 Basic Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 445,989,300 452,165,697 448,149,747 444,675,159 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic $ 0.79 $ (0.42 ) $ 0.26 $ 1.03 Diluted Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 445,989,300 452,165,697 448,149,747 444,675,159 Weighted Average Unvested Common Units and Other Exchangeable Securities 33,986,375 — 34,985,238 35,663,176 Weighted Average Common Units Outstanding - Diluted 479,975,675 452,165,697 483,134,985 480,338,335 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted $ 0.73 $ (0.42 ) $ 0.24 $ 0.95 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. For the three months ended September 30, 2015, equity awards granted under the Equity Incentive Plan as well as exchangeable equity securities issued in connection with the acquisition of Avoca have been excluded from the calculation of diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit since these equity awards and exchangeable equity securities would be anti-dilutive, having the effect of decreasing the loss per common unit. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted Average KKR Holdings Units Outstanding 357,528,999 365,717,358 358,853,469 370,306,583 For the three and nine months ended September 30, 2016 and 2015 , KKR Holdings units have been excluded from the calculation of Net Income (Loss) attributable to KKR & Co. L.P. per common unit - diluted 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	9 Months Ended
	Sep. 30, 2016
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: September 30, 2016 December 31, 2015 Unsettled Investment Sales (a) $ 234,108 $ 74,862 Receivables 255,260 78,297 Due from Broker (b) 498,483 365,678 Oil & Gas Assets, net (c) 272,731 355,537 Deferred Tax Assets, net 283,730 275,391 Interest, Dividend and Notes Receivable (d) 287,668 372,699 Fixed Assets, net (e) 262,659 226,340 Foreign Exchange Contracts and Options (f) 170,304 635,183 Intangible Assets, net (g) 142,481 176,987 Goodwill (g) 89,000 89,000 Derivative Assets 25,409 5,703 Deferred Transaction Related Expenses 28,995 35,422 Prepaid Taxes 46,320 24,326 Prepaid Expenses 24,948 13,697 Deferred Financing Costs 9,168 65,225 Other 78,529 14,790 Total $ 2,709,793 $ 2,809,137 (a) Represents amounts due from third parties for investments sold for which cash settlement has not occurred. (b) Represents amounts held at clearing brokers resulting from securities transactions. (c) 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. (d) Represents interest and dividend receivables and a promissory note due from a third party. The promissory note bears interest at 2.0% per annum and matures in January 2018. (e) Net of accumulated depreciation and amortization of $140,795 and $135,487 as of September 30, 2016 and December 31, 2015 , respectively. Depreciation and amortization expense of $4,121 and $3,777 for the three months ended September 30, 2016 and 2015, respectively, and $12,025 and $11,642 for the nine months ended September 30, 2016 and 2015, respectively, is included in General, Administrative and Other in the accompanying consolidated statements of operations. (f) 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 consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (g) See Note 16 “Goodwill and Intangible Assets.” Accounts Payable, Accrued Expenses and Other Liabilities consist of the following: September 30, 2016 December 31, 2015 Amounts Payable to Carry Pool (a) $ 1,121,510 $ 1,199,000 Unsettled Investment Purchases (b) 781,171 594,152 Securities Sold Short (c) 590,219 299,990 Derivative Liabilities 111,469 104,518 Accrued Compensation and Benefits 181,018 17,765 Interest Payable 101,633 102,195 Foreign Exchange Contracts and Options (d) 87,002 83,748 Accounts Payable and Accrued Expenses 82,916 112,007 Contingent Consideration Obligation (e) 35,900 46,600 Deferred Rent and Income 21,624 21,706 Taxes Payable 12,833 8,770 Due to Broker (f) — 27,121 Other Liabilities 69,755 97,778 Total $ 3,197,050 $ 2,715,350 (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 consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (d) 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 consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (e) Represents potential contingent consideration related to the acquisition of Prisma. (f) Represents amounts owed for securities transactions initiated at clearing brokers.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES As indicated in Note 2, "Summary of Significant Accounting Policies", on January 1, 2016, KKR adopted ASU 2015-02. Subsequent to the adoption of ASU 2015-02, limited partnerships and other similar entities where unaffiliated limited partners have not been granted kick-out rights are deemed to be VIEs. Since substantially all of KKR's investment funds are partnerships where limited partners are not granted kick-out rights, the adoption of ASU 2015-02 resulted in numerous entities that were previously classified as VOEs under the prior consolidation guidance becoming VIEs under ASU 2015-02. Since most of KKR's investment funds were de-consolidated as a result of the adoption of ASU 2015-02, the number of unconsolidated VIEs has increased significantly from December 31, 2015. Consolidated VIEs KKR consolidates certain VIEs in which it is determined that KKR is the primary beneficiary as described in Note 2, "Summary of Significant Accounting Policies" and which are predominately CFEs and certain investment funds. The primary purpose of these VIEs is to provide strategy specific investment opportunities to earn capital gains, current income or both in exchange for management and performance based fees or carried interest. KKR’s investment strategies for these VIEs differ by product; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and carried interests. KKR does not provide performance guarantees and has no other financial obligation to provide funding to these consolidated VIEs, beyond amounts previously committed, if any. Unconsolidated VIEs KKR holds variable interests in certain VIEs which are not consolidated as it has been determined that KKR is not the primary beneficiary. VIEs that are not consolidated include certain investment funds sponsored by KKR and certain CLO vehicles. 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, including KKR's capital interest and any unrealized carried interest, which was approximately $4.1 billion at September 30, 2016 . 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 September 30, 2016 , KKR's commitments to these unconsolidated investment funds was $1.6 billion . KKR has not provided any financial support other than its obligated amount as of September 30, 2016 . 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 consolidated statements of financial condition. KKR earns management fees, including subordinated collateral management fees, for managing the collateral of the CLO vehicles. As of September 30, 2016 , combined assets under management in the pools of unconsolidated CLO vehicles were $1.1 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 $1.4 million as of September 30, 2016 . 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 September 30, 2016 and December 31, 2015 , the maximum exposure to loss, before allocations to the carry pool and noncontrolling interests, 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: September 30, 2016 December 31, 2015 Investments $ 4,074,100 $ 264,277 Due from (to) Affiliates, net 34,807 4,315 Maximum Exposure to Loss $ 4,108,907 $ 268,592

DEBT OBLIGATIONS

DEBT OBLIGATIONS	9 Months Ended
	Sep. 30, 2016
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. 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: September 30, 2016 December 31, 2015 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 — — 500,000 — — Notes Issued: KKR Issued 6.375% Notes Due 2020 (a) — 497,658 582,030 (j) — 497,217 578,510 (j) KKR Issued 5.500% Notes Due 2043 (b) — 491,073 536,855 (j) — 490,815 517,880 (j) KKR Issued 5.125% Notes Due 2044 (c) — 989,917 1,021,930 (j) — 988,985 994,960 (j) KFN Issued 8.375% Notes Due 2041 (d) — 288,728 264,132 (k) — 289,660 273,965 (k) KFN Issued 7.500% Notes Due 2042 (e) — 123,108 118,447 (k) — 123,346 120,425 (k) KFN Issued Junior Subordinated Notes (f) — 249,730 188,933 — 248,498 216,757 Other Consolidated Debt Obligations: Fund Financing Facilities and Other (g) 1,531,317 1,770,306 1,770,306 (l) 3,465,238 3,710,854 3,710,854 (l) CLO Debt Obligations (h) — 7,743,242 7,743,242 — 8,093,141 8,093,141 CMBS Debt Obligations (i) — 5,435,591 5,435,591 — 4,272,081 4,272,081 $ 3,031,317 $ 17,589,353 $ 17,661,466 $ 4,965,238 $ 18,714,597 $ 18,778,573 (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. On October 25, 2016, KFN announced that it will redeem all of its outstanding 8.375% senior notes due 2041. See Note 19 “Subsequent Events.” (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 4.0% and the weighted average years to maturity is 20.0 years as of September 30, 2016 . 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 consolidated 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 2.3% as of September 30, 2016 and December 31, 2015 . In addition, the weighted average years to maturity is 1.8 years and 2.5 years as of September 30, 2016 and December 31, 2015 , 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 III within the fair value hierarchy. See Note 5 “Fair Value Measurements.” (j) The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes. (k) 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. (l) Carrying value approximates fair value given the fund financing facilities’ interest rates are variable. Revolving Credit Facilities KCM Credit Agreement KKR Capital Markets maintains a revolving credit agreement with a major financial institution (the “KCM Credit Agreement”) for use in KKR’s capital markets business. The KCM Credit Agreement, as amended, provides for revolving borrowings of up to $500 million with a $500 million sublimit for letters of credit. On March 30, 2016, the KCM Credit Agreement was amended to extend the maturity date from March 30, 2017 to March 30, 2021. If a borrowing is made on the KCM Credit Agreement, the interest rate will vary depending on the type of drawdown requested. If the loan is a Eurocurrency Loan, it will be based on the LIBOR Rate plus the applicable margin which ranges initially between 1.25% and 2.50% , depending on the amount and nature of the loan. If the loan is an ABR Loan, it will be based on the Prime Rate plus the applicable margin which ranges initially between 0.25% and 1.50% depending on the amount and nature of the loan. Borrowings under this facility may only be used for KKR’s capital markets business, and its only obligors are entities involved in KKR's capital markets business, and its liabilities are non-recourse to other parts of KKR's business. Other Consolidated Debt Obligations Debt Obligations of Consolidated CFEs As of September 30, 2016 , 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 $ 7,461,404 2.5 % 10.7 Subordinated Notes of Consolidated CLOs 281,838 (a) 9.0 Debt Obligations of Consolidated CMBS Vehicles 5,435,591 4.5 % 32.3 $ 13,178,833 (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 September 30, 2016 , the fair value of the consolidated CFE assets was $14.6 billion . This collateral consisted of Cash and Cash Equivalents Held at Consolidated Entities, Investments, and Other Assets.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2016
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 or 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 1.10% and 0.60% for the three months ended September 30, 2016 and 2015 , respectively, and 3.70% and 0.97% for the nine months ended September 30, 2016 and 2015 , 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 KKR Holdings or by third parties, (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 nine month period ended September 30, 2016 , 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	9 Months Ended
	Sep. 30, 2016
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 nine months ended September 30, 2016 and 2015 , respectively. Three Months Ended Nine Months Ended 2016 2015 2016 2015 Equity Incentive Plan Units $ 50,270 $ 48,252 $ 148,257 $ 148,970 KKR Holdings Market Condition Awards 6,831 — 19,841 — Other Exchangeable Securities 3,460 4,054 10,306 11,730 KKR Holdings Principal Awards 594 2,045 1,297 6,238 KKR Holdings Restricted Equity Units — (18 ) — 131 Discretionary Compensation 397 13,488 6,331 46,780 Total $ 61,552 $ 67,821 $ 186,032 $ 213,849 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 ranges from 8% to 56% (for awards granted prior to December 31, 2015) 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 for awards granted prior to December 31, 2015 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 granted prior to December 31, 2015 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 increased 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. In connection with the change to KKR's distribution policy effective beginning with the distribution declared on February 11, 2016, KKR intends to make equal quarterly distributions to holders of its common units in an amount of $0.16 per common unit per quarter ( $0.64 per year). Accordingly, for grants under the Equity Incentive Plan made subsequent to December 31, 2015, the discount for the lack of participation rights in the expected distributions on unvested units will based on the $0.64 expected annual distribution. 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 September 30, 2016 , there was approximately $247.0 million of estimated unrecognized expense related to unvested awards. That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2016 $ 36.9 2017 126.4 2018 68.6 2019 14.9 2020 0.2 Total $ 247.0 A summary of the status of unvested awards granted under the Equity Incentive Plan from January 1, 2016 through September 30, 2016 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2016 23,128,228 $ 14.61 Granted 14,469,440 13.35 Vested (7,009,686 ) 16.57 Forfeited (1,311,813 ) 14.75 Balance, September 30, 2016 29,276,169 $ 13.51 The weighted average remaining vesting period over which unvested awards are expected to vest is 1.1 years. A summary of the remaining vesting tranches of awards granted under the Equity Incentive Plan is presented below: Vesting Date Units October 1, 2016 5,203,475 April 1, 2017 8,553,424 October 1, 2017 2,353,493 April 1, 2018 7,286,943 October 1, 2018 1,948,559 April 1, 2019 3,376,734 October 1, 2019 482,959 April 1, 2020 62,816 October 1, 2020 7,766 29,276,169 KKR Holdings - Market Condition Awards In 2016, certain KKR employees and non-employee operating consultants were granted approximately 28.9 million KKR Holdings units subject to price and service-based vesting requirements (“Market Condition Awards”). Tranches of these Market Condition Awards become eligible to vest periodically on four annual vesting dates beginning on January 1, 2018, upon satisfaction of a service-based vesting condition and also a market condition vesting based on the price of KKR common units reaching and maintaining certain specified price thresholds for a specified period of time. None of these Market Condition Awards are eligible to vest prior to January 1, 2018 and if applicable price targets are not achieved by the close of business on January 1, 2021, any unvested Market Condition Awards will be automatically canceled and forfeited. These Market Condition Awards are not subject to additional transfer restrictions after vesting but are subject to minimum retained ownership requirements. Due to the existence of a market condition, the vesting period for the Market Condition Awards is not explicit, and as such is the longer of (a) the defined service-based vesting period and (b) the period derived from the valuation technique used to estimate the grant-date fair value of the award (the “Derived Vesting Period”). For awards granted in 2016, the service based vesting period exceeds the Derived Vesting Period and as such, compensation expense will be recognized in the statement of operations based on the service based vesting periods. The Market Condition Awards were granted from outstanding but previously unallocated units of KKR Holdings, and consequently these grants do not increase the number of KKR Holdings units outstanding. If and when vested, these Market Condition Awards would not dilute KKR's respective ownership interests in the KKR Group Partnerships. The fair value of the Market Condition Awards are based on a Monte-Carlo simulation valuation model due to the existence of the market condition described above. Below is a summary of the significant assumptions used to estimate the grant date fair value of the Market Condition Awards. Closing KKR unit price as of valuation date $15.23 Risk Free Rate 1.72 % Volatility 25.0 % Dividend Yield 4.2 % Expected Cost of Equity 11.76 % In addition, the grant date fair value assumes that holders of the Market Condition Awards will not participate in distributions until such awards have met their vesting requirements. The table below shows the units that were granted and their respective market conditions, total vesting periods and grant date fair values. Units Granted Market Condition Vesting Threshold per KKR common unit Vesting Date Grant Date Fair Value Per Unit 5,775,000 $23.65 January 1, 2018 $5.07 5,775,000 $27.02 January 1, 2019 $3.44 8,662,500 $30.40 January 1, 2020 $2.32 8,662,500 $33.78 January 1, 2021 $1.57 28,875,000 Compensation expense is recognized over a two to five year period using the graded-attribution method, which treats each vesting tranche as a separate award. Additionally, the recognition of compensation expense assumes a forfeiture rate of up to 4% annually based on expected turnover. As of September 30, 2016 , there was approximately $54.8 million of estimated unrecognized compensation expense related to unvested Market Condition Awards. That cost is expected to be recognized as follows: Year Unrecognized Expense (in millions) Remainder of 2016 $ 6.7 2017 26.5 2018 12.7 2019 6.6 2020 2.3 Total $ 54.8 On November 2, 2016, the Market Condition Awards granted on February 25, 2016 from KKR Holdings L.P. were modified to eliminate the market condition vesting requirement based on the price of KKR common units. Instead, these awards from KKR Holdings L.P. will vest in equal annual installments over a 5 -year period beginning on May 1, 2017 and ending on May 1, 2021, subject to the grantee’s continued employment through the applicable service vesting dates. This modification will result in increased compensation expense over a 5 -year vesting period equal to the excess of the fair value of the modified awards over the fair value of the original Market Condition Equity Awards, in each case on the date of the modification. The total increased compensation expense is estimated to be approximately $260 million , which will be expensed beginning in the fourth quarter of 2016 over a 5 -year period. These modified awards were granted from outstanding but previously unallocated units of KKR Holdings L.P., and consequently do not increase the number of KKR Holdings units outstanding. The expense associated with these awards will not impact economic net income as discussed in Note 14 - "Segment Reporting." 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. A summary of the status of unvested Other Exchangeable Securities from January 1, 2016 through September 30, 2016 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2016 847,989 $ 17.28 Vested (19,177 ) 13.86 Forfeited — — Balance, September 30, 2016 828,812 $ 17.36 All remaining Other Exchangeable Securities are expected to vest on October 1, 2016 and there is no material unrecognized expense. KKR Holdings Principal Awards & KKR Holdings Restricted Equity Units There is no material unrecognized expense associated with KKR Holdings Principal Awards and KKR Holdings Restricted Equity Units. 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	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Due from Affiliates consists of: September 30, 2016 December 31, 2015 Amounts due from portfolio companies $ 48,739 $ 46,716 Amounts due from unconsolidated investment funds 276,958 74,409 Amounts due from related entities 17,409 18,658 Due from Affiliates $ 343,106 $ 139,783 Due to Affiliates consists of: September 30, 2016 December 31, 2015 Amounts due to KKR Holdings in connection with the tax receivable agreement $ 133,091 $ 127,962 Amounts due to unconsolidated investment funds 242,151 — Amounts due to related entities 689 16,845 Due to Affiliates $ 375,931 $ 144,807

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING KKR operates through four reportable business segments. These segments, which are differentiated primarily by their business objectives and investment strategies, are presented below. These financial results represent the combined financial results of the KKR Group Partnerships on a segment basis. KKR earns the majority of its fees from subsidiaries located in the United States. 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. 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 revolving credit investments. KKR’s Public Markets segment also includes its hedge funds business that offers a variety of investment strategies. Through KKR's hedge fund solutions platform, it offers customized hedge fund portfolios and hedge fund-of-fund solutions. In addition, KKR's hedge fund business includes strategic partnerships consisting of minority stakes in other hedge fund managers. 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. We may also provide issuers with capital markets advice on security selection, access to markets, marketing considerations, securities pricing, and other aspects of capital markets transactions in exchange for a fee. Principal Activities Through KKR's Principal Activities segment, we manage the firm’s assets and deploy capital to support and grow our businesses. We use KKR's Principal Activities assets to support KKR's investment management and capital markets businesses. Typically, the funds in our Private Markets and Public Markets businesses contractually require KKR, as general partner of the funds, to make sizable capital commitments from time to time. KKR also deploys Principal Activities assets in order to help establish a track record for fundraising purposes in new strategies. KKR may also use its own capital to seed investments for new funds, to bridge capital selectively for its funds’ investments or finance strategic acquisitions and partnerships, although the financial results of an acquired businesses or strategic partnership may be reported in other segments. Principal Activities assets also provide the required capital to fund the various commitments of the Capital Markets business when underwriting or syndicating securities, or when providing term loan commitments for transactions involving portfolio companies and for third parties. Principal Activities assets also may be utilized to satisfy regulatory requirements for the Capital Markets business and risk retention requirements for CLOs. 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. Modification of Segment Information As of December 31, 2015, KKR’s management reevaluated the manner in which it made operational and resource deployment decisions and assessed the overall performance of each of KKR’s operating segments. As a result, as of December 31, 2015, KKR modified the presentation of its segment financial information relative to the presentation in prior periods. In addition, since becoming a public company, KKR's Principal Activities assets have grown in significance and are a meaningful contributor to its financial results. Certain of the more significant changes between KKR’s current segment presentation and its previously reported segment presentation are described in the following commentary. Inclusion of a Fourth Segment All income (loss) on investments is attributed to the Principal Activities segment. Prior to December 31, 2015, income on investments held directly by KKR was reported in the Private Markets segment, Public Markets segment or Capital Markets segment based on the character of the income generated. For example, income from private equity investments was previously included in the Private Markets segment. However, the financial results of acquired businesses and strategic partnerships have been reported in our other segments. Expense Allocations As of December 31, 2015 KKR has changed the manner in which expenses are allocated among its operating segments. Specifically, as described below, (i) a portion of expenses, except for broken deal expenses, previously reflected in the Private Markets, Public Markets or Capital Markets segments are now reflected in the Principal Activities segment and (ii) corporate expenses are allocated across all segments. Expenses Allocated to Principal Activities As of December 31, 2015, a portion of the cash compensation and benefits, occupancy and related charges and other operating expenses previously included in the Private Markets, Public Markets and Capital Markets segments is now allocated to the Principal Activities segment. The Principal Activities segment incurs its own direct costs, and an allocation from the other segments is also made to reflect the estimated amount of costs that are necessary to operate the Principal Activities segment, which are incremental to those costs incurred directly by the Principal Activities segment. The total amount of expenses (other than its direct costs) that is allocated to Principal Activities is based on the proportion of revenue earned by Principal Activities, relative to other operating segments, over the preceding four calendar years. This allocation percentage is updated annually or more frequently if there are material changes to KKR's business. Once the total amount of expense to be allocated to the Principal Activities segment is estimated for each reporting period, the amount of this expense will be allocated from the Private Markets, Public Markets and Capital Markets segments based on the proportion of headcount in each of these three segments. Allocations of Corporate Overhead As of December 31, 2015, corporate expenses are allocated to each of the Private Markets, Public Markets, Capital Markets and Principal Activities segments based on the proportion of revenues earned by each segment over the preceding four calendar years. In KKR's segment presentation reported prior to December 31, 2015, all corporate expenses were allocated to the Private Markets segment. In connection with these modifications, segment information for the three and nine months ended September 30, 2015 has been presented in conformity with KKR’s current segment presentation. Consequently, this information will not be consistent with historical segment financial results reported prior to December 31, 2015. While the modified segment presentation impacted the amount of economic net income reported by each operating segment, it had no impact on KKR’s economic net income on a total reportable segment basis. The following tables present the financial data for KKR’s reportable segments: As of and for the Three Months Ended September 30, 2016 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 117,795 $ 83,713 $ — $ — $ 201,508 Monitoring Fees 11,091 — — — 11,091 Transaction Fees 53,223 10,748 47,383 — 111,354 Fee Credits (37,127 ) (10,265 ) — — (47,392 ) Total Management, Monitoring and Transaction Fees, Net 144,982 84,196 47,383 — 276,561 Performance Income (Loss) Realized Incentive Fees — 3,659 — — 3,659 Realized Carried Interest 350,469 — — — 350,469 Unrealized Carried Interest 53,339 17,012 — — 70,351 Total Performance Income (Loss) 403,808 20,671 — — 424,479 Investment Income (Loss) Net Realized Gains (Losses) — — — 170,078 170,078 Net Unrealized Gains (Losses) — — — 136,740 136,740 Total Realized and Unrealized — — — 306,818 306,818 Interest Income and Dividends — — — 71,185 71,185 Interest Expense — — — (47,506 ) (47,506 ) Net Interest and Dividends — — — 23,679 23,679 Total Investment Income (Loss) — — — 330,497 330,497 Total Segment Revenues 548,790 104,867 47,383 330,497 1,031,537 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 47,858 22,022 7,803 24,284 101,967 Realized Performance Income Compensation 157,688 1,463 — — 159,151 Unrealized Performance Income Compensation 22,588 6,805 — — 29,393 Total Compensation and Benefits 228,134 30,290 7,803 24,284 290,511 Occupancy and Related Charges 9,248 2,570 330 3,729 15,877 Other Operating Expenses 32,031 8,894 3,552 10,646 55,123 Total Segment Expenses 269,413 41,754 11,685 38,659 361,511 Income (Loss) attributable to noncontrolling interests — — 760 — 760 Economic Net Income (Loss) $ 279,377 $ 63,113 $ 34,938 $ 291,838 $ 669,266 Total Assets $ 1,835,166 $ 1,179,955 $ 403,609 $ 10,119,919 $ 13,538,649 As of and for the Three Months Ended September 30, 2015 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 118,250 $ 63,530 $ — $ — $ 181,780 Monitoring Fees 24,964 — — — 24,964 Transaction Fees 17,732 3,386 40,319 — 61,437 Fee Credits (20,266 ) (3,027 ) — — (23,293 ) Total Management, Monitoring and Transaction Fees, Net 140,680 63,889 40,319 — 244,888 Performance Income (Loss) Realized Incentive Fees — 880 — — 880 Realized Carried Interest 265,291 — — — 265,291 Unrealized Carried Interest (394,126 ) (34,367 ) — — (428,493 ) Total Performance Income (Loss) (128,835 ) (33,487 ) — — (162,322 ) Investment Income (Loss) Net Realized Gains (Losses) — — — 61,439 61,439 Net Unrealized Gains (Losses) — — — (384,460 ) (384,460 ) Total Realized and Unrealized — — — (323,021 ) (323,021 ) Interest Income and Dividends — — — 101,318 101,318 Interest Expense — — — (52,681 ) (52,681 ) Net Interest and Dividends — — — 48,637 48,637 Total Investment Income (Loss) — — — (274,384 ) (274,384 ) Total Segment Revenues 11,845 30,402 40,319 (274,384 ) (191,818 ) Segment Expenses Compensation and Benefits Cash Compensation and Benefits 38,965 16,690 8,858 23,167 87,680 Realized Performance Income Compensation 106,116 353 — — 106,469 Unrealized Performance Income Compensation (156,874 ) (13,747 ) — — (170,621 ) Total Compensation and Benefits (11,793 ) 3,296 8,858 23,167 23,528 Occupancy and Related Charges 8,417 2,424 670 4,209 15,720 Other Operating Expenses 30,422 7,458 3,461 10,740 52,081 Total Segment Expenses 27,046 13,178 12,989 38,116 91,329 Income (Loss) attributable to noncontrolling interests 250 305 2,347 — 2,902 Economic Net Income (Loss) $ (15,451 ) $ 16,919 $ 24,983 $ (312,500 ) $ (286,049 ) Total Assets $ 1,848,332 $ 575,878 $ 418,701 $ 10,905,888 $ 13,748,799 As of and for the Nine Months Ended September 30, 2016 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 354,376 $ 245,349 $ — $ — $ 599,725 Monitoring Fees 52,126 — — — 52,126 Transaction Fees 114,021 17,768 144,214 — 276,003 Fee Credits (93,042 ) (16,230 ) — — (109,272 ) Total Management, Monitoring and Transaction Fees, Net 427,481 246,887 144,214 — 818,582 Performance Income (Loss) Realized Incentive Fees — 9,897 — — 9,897 Realized Carried Interest 749,194 3,838 — — 753,032 Unrealized Carried Interest (131,386 ) (3,370 ) — — (134,756 ) Total Performance Income (Loss) 617,808 10,365 — — 628,173 Investment Income (Loss) Net Realized Gains (Losses) — — — 370,594 370,594 Net Unrealized Gains (Losses) — — — (725,699 ) (725,699 ) Total Realized and Unrealized — — — (355,105 ) (355,105 ) Interest Income and Dividends — — — 253,756 253,756 Interest Expense — — — (144,497 ) (144,497 ) Net Interest and Dividends — — — 109,259 109,259 Total Investment Income (Loss) — — — (245,846 ) (245,846 ) Total Segment Revenues 1,045,289 257,252 144,214 (245,846 ) 1,200,909 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 142,500 61,193 23,374 72,689 299,756 Realized Performance Income Compensation 317,178 5,493 — — 322,671 Unrealized Performance Income Compensation (47,377 ) (1,347 ) — — (48,724 ) Total Compensation and Benefits 412,301 65,339 23,374 72,689 573,703 Occupancy and Related Charges 27,212 7,252 1,901 11,121 47,486 Other Operating Expenses 95,166 28,102 10,870 32,404 166,542 Total Segment Expenses 534,679 100,693 36,145 116,214 787,731 Income (Loss) attributable to noncontrolling interests — — 2,002 — 2,002 Economic Net Income (Loss) $ 510,610 $ 156,559 $ 106,067 $ (362,060 ) $ 411,176 Total Assets $ 1,835,166 $ 1,179,955 $ 403,609 $ 10,119,919 $ 13,538,649 As of and for the Nine Months Ended September 30, 2015 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 342,872 $ 194,089 $ — $ — $ 536,961 Monitoring Fees 170,515 — — — 170,515 Transaction Fees 104,652 20,689 132,333 — 257,674 Fee Credits (143,458 ) (16,787 ) — — (160,245 ) Total Management, Monitoring and Transaction Fees, Net 474,581 197,991 132,333 — 804,905 Performance Income (Loss) Realized Incentive Fees — 12,438 — — 12,438 Realized Carried Interest 810,990 8,953 — — 819,943 Unrealized Carried Interest 45,190 5,967 — — 51,157 Total Performance Income (Loss) 856,180 27,358 — — 883,538 Investment Income (Loss) Net Realized Gains (Losses) — — — 418,366 418,366 Net Unrealized Gains (Losses) — — — (263,197 ) (263,197 ) Total Realized and Unrealized — — — 155,169 155,169 Interest Income and Dividends — — — 325,629 325,629 Interest Expense — — — (150,911 ) (150,911 ) Net Interest and Dividends — — — 174,718 174,718 Total Investment Income (Loss) — — — 329,887 329,887 Total Segment Revenues 1,330,761 225,349 132,333 329,887 2,018,330 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 135,363 49,985 27,749 75,859 288,956 Realized Performance Income Compensation 324,396 8,556 — — 332,952 Unrealized Performance Income Compensation 19,190 2,386 — — 21,576 Total Compensation and Benefits 478,949 60,927 27,749 75,859 643,484 Occupancy and Related Charges 24,553 7,209 1,952 12,277 45,991 Other Operating Expenses 87,902 30,004 10,540 36,194 164,640 Total Segment Expenses 591,404 98,140 40,241 124,330 854,115 Income (Loss) attributable to noncontrolling interests 1,112 958 8,837 — 10,907 Economic Net Income (Loss) $ 738,245 $ 126,251 $ 83,255 $ 205,557 $ 1,153,308 Total Assets $ 1,848,332 $ 575,878 $ 418,701 $ 10,905,888 $ 13,748,799 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total Segment Revenues $ 1,031,537 $ (191,818 ) $ 1,200,909 $ 2,018,330 Management fees relating to consolidated funds and other entities (49,017 ) (131,581 ) (131,335 ) (387,020 ) Fee credits relating to consolidated funds 417 21,212 2,766 147,899 Net realized and unrealized carried interest - consolidated funds (5,956 ) 163,202 (15,581 ) (871,100 ) Total investment income (loss) (330,497 ) 274,384 245,846 (329,887 ) Revenue earned by oil & gas producing entities 16,191 29,620 47,977 90,264 Reimbursable expenses 12,064 14,390 46,583 41,710 Other 12,317 9,217 29,453 25,649 Fees and Other $ 687,056 $ 188,626 $ 1,426,618 $ 735,845 Expenses Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total Segment Expenses $ 361,511 $ 91,329 $ 787,731 $ 854,115 Equity based compensation 61,552 67,821 186,032 213,849 Reimbursable expenses 18,255 18,064 72,887 64,470 Operating expenses relating to consolidated funds, CFEs and other entities 20,141 15,901 85,093 37,953 Expenses incurred by oil & gas producing entities 17,782 60,224 56,000 107,355 Intangible amortization, acquisition, and litigation 22,112 12,726 35,640 34,248 Other 9,764 10,855 19,275 34,140 Total Expenses $ 511,117 $ 276,920 $ 1,242,658 $ 1,346,130 Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Economic net income (loss) $ 669,266 $ (286,049 ) $ 411,176 $ 1,153,308 Income tax (10,826 ) 7,390 (18,761 ) (39,295 ) Amortization of intangibles and other, net (1) 48,299 (10,186 ) 10,273 (45,306 ) Equity based compensation (61,552 ) (67,821 ) (186,032 ) (213,849 ) Net income (loss) attributable to noncontrolling interests held by KKR Holdings (284,834 ) 166,078 (86,659 ) (398,633 ) Preferred Unit Distributions (8,201 ) — (13,894 ) — Net income (loss) Attributable to KKR & Co. L.P. Common Unitholders $ 352,152 $ (190,588 ) $ 116,103 $ 456,225 (1) Other primarily represents the statement of operations impact of the accounting convention differences for (i) direct interests in oil & natural gas properties outside of investment funds and (ii) certain interests in consolidated CLOs and other entities. On a segment basis, direct interests in oil & natural gas properties outside of investment funds are carried at fair value with changes in fair value recorded in Economic Net Income (Loss) and certain interests in consolidated CLOs and other entities are carried at cost. See Note 2 "Summary of Significant Accounting Policies" for the GAAP accounting for these direct interests in oil and natural gas producing properties outside investment funds and interests in consolidated CLOs and other entities. Assets September 30, 2016 September 30, 2015 Total Segment Assets $ 13,538,649 $ 13,748,799 Impact of Consolidation of Investment Vehicles and Other Entities (1) 23,013,503 53,902,049 Carry Pool Reclassification from Liabilities 1,121,510 1,117,225 Impact of KKR Management Holdings Corp. 310,937 288,853 Total Assets $ 37,984,599 $ 69,056,926 (1) Includes accounting basis difference for oil & natural gas properties of $5,966 and $47,862 as of September 30, 2016 and September 30, 2015, respectively. 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 are primarily attributable to the impact of KKR Holdings L.P., KKR's consolidated funds and certain other entities.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
EQUITY	EQUITY Unit Repurchase Program On October 27, 2015, KKR announced the authorization of a program providing for the repurchase by KKR of up to $500 million in the aggregate of its outstanding common units. Under this common unit repurchase program, common units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing, manner, price and amount of any unit repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legal requirements, price and economic and market conditions. KKR expects that the program, which has no expiration date, will be in effect until the maximum approved dollar amount has been used to repurchase common units. The program does not require KKR to repurchase any specific number of common units, and the program may be suspended, extended, modified or discontinued at any time. See Condensed Consolidated Statements of Changes in Equity for the amount of common units repurchased during the nine months ended September 30, 2016 . Preferred Units On March 17, 2016, KKR & Co. L.P. issued 13,800,000 units of 6.75% Series A Preferred Units, and on June 20, 2016, KKR issued 6,200,000 units of 6.50% Series B Preferred Units, in each case, in an underwritten public offering. The Series A Preferred Units and Series B Preferred Units trade on the NYSE under the symbols "KKR PR A" and "KKR PRA B", respectively. The terms of the preferred units are set forth in the limited partnership agreement of KKR & Co. L.P. If declared, distributions on the preferred units are payable quarterly on March 15, June 15, September 15 and December 15 of each year, at a rate per annum equal to 6.75% , in the case of the Series A Preferred Units and 6.50% in the case of the Series B Preferred Units. Distributions on the preferred units are discretionary and non-cumulative. Holders of preferred units will only receive distributions on such units when, as and if declared by the board of directors of the general partner of KKR & Co. L.P. We have no obligation to declare or pay any distribution for any distribution period, whether or not distributions on any series of preferred units are declared or paid for any other distribution period. Unless distributions have been declared and paid (or declared and set apart for payment) on the preferred units for a quarterly distribution period, we may not declare or pay distributions on, or repurchase, any units of KKR & Co. L.P. that are junior to the preferred units, including our common units, during such distribution period. A distribution period begins on a distribution payment date and extends to, but excludes, the next distribution payment date. See Note 19 "Subsequent Events" for a discussion of the distributions declared on the Series A and Series B Preferred Units. If KKR & Co. L.P. dissolves, then the holders of the Series A Preferred Units and Series B Preferred Units are entitled to receive payment of a $25.00 liquidation preference per preferred unit, plus declared and unpaid distributions, if any, to the extent that we have sufficient gross income (excluding any gross income attributable to the sale or exchange of capital assets) such that holders of such preferred units have capital account balances equal to such liquidation preference, plus declared and unpaid distributions, if any. The Series A and Series B Preferred Units do not have a maturity date. However, the Series A Preferred Units may be redeemed at our option, in whole or in part, at any time on or after June 15, 2021, at a price of $25.00 per Series A Preferred Unit, plus declared and unpaid distributions, if any. The Series B Preferred Units may be redeemed at our option, in whole or in part, at any time on or after September 15, 2021, at a price of $25.00 per Series B Preferred Unit, plus declared and unpaid distributions, if any. Holders of preferred units have no right to require the redemption of such units. If a certain change of control event with a ratings downgrade occurs prior to June 15, 2021, the Series A Preferred Units may be redeemed at our option, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such change of control event, at a price of $25.25 per Series A Preferred Unit, plus declared and unpaid distributions, if any. If a certain change of control event with a ratings downgrade occurs prior to September 15, 2021, the Series B Preferred Units may be redeemed at our option, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such change of control event, at a price of $25.25 per Series B Preferred Unit, plus declared and unpaid distributions, if any. If such a change of control event occurs (whether before, on or after June 15, 2021, in the case of the Series A Preferred Units and September 15, 2021, in the case of the Series B Preferred Units) and we do not give such notice, the distribution rate per annum on the applicable series of preferred units will increase by 5.00% , beginning on the 31st day following such change of control event. The Series A and Series B Preferred Units are not convertible into common units of KKR & Co. L.P. and have no voting rights, except that holders of preferred units have certain voting rights in limited circumstances relating to the election of directors following the failure to declare and pay distributions, certain amendments to the terms of the preferred units, and the creation of preferred units that are senior to the Series A Preferred Units and Series B Preferred Units. In connection with the issuance of the preferred units, the KKR Group Partnerships issued for the benefit of KKR & Co. L.P. two series of preferred units with economic terms that mirror those of each series of preferred units.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill Goodwill from the acquisition of Prisma Capital Partners LP and its affiliates ("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 September 30, 2016 and December 31, 2015 , 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 September 30, 2016 , 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 8 “Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities.” Intangible Assets Intangible Assets, Net consists of the following: September 30, 2016 December 31, 2015 Finite-Lived Intangible Assets $ 253,747 $ 284,766 Accumulated Amortization (includes foreign exchange) (111,266 ) (107,779 ) Intangible Assets, Net $ 142,481 $ 176,987 Changes in Intangible Assets, Net consists of the following: Nine Months Ended Balance, Beginning of Period $ 176,987 Amortization Expense (20,061 ) Write-Offs (1) (15,416 ) Foreign Exchange 971 Balance, End of Period $ 142,481 (1) Represents the write-off of intangible assets in connection with the termination of certain management contracts.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 . Investment Commitments As of September 30, 2016 , KKR had unfunded commitments consisting of (i) $2,507.1 million to its active private equity and other investment vehicles and (ii) $92.1 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 $98.3 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, infrastructure, energy, real estate, mezzanine, 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 September 30, 2016 , no carried interest was subject to this clawback obligation, assuming that all applicable carry paying funds were liquidated at their September 30, 2016 fair values. Had the investments in such funds been liquidated at zero value, the clawback obligation would have been $2,310.8 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. 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, the principals' potential exposure has been reduced to $148.4 million as of September 30, 2016 . Using valuations as of September 30, 2016 , 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. 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. 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 may be subject to many uncertainties, including among others (i) the proceedings may be in early stages; (ii) damages sought may be unspecified, unsupportable, unexplained or uncertain; (iii) discovery may not have been started or is incomplete; (iv) there may be uncertainty as to the outcome of pending appeals or motions; (v) there may be significant factual issues to be resolved; or (vi) there may be 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. 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	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 , approximately $148.4 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	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Common Unit Distribution A distribution of $0.16 per KKR & Co. L.P. common unit was announced on October 25, 2016 , and will be paid on November 22, 2016 to unitholders of record as of the close of business on November 4, 2016 . KKR Holdings will receive its pro rata share of the distribution from the KKR Group Partnerships. Preferred Unit Distribution A distribution of $0.421875 per Series A Preferred Unit has been declared and set aside for payment on December 15, 2016 to holders of record of Series A Preferred Units as of the close of business on December 1, 2016 . A distribution of $0.406250 per Series B Preferred Unit has been declared and set aside for payment on December 15, 2016 to holders of record of Series B Preferred Units as of the close of business on December 1, 2016 . KFN Redemption On October 25, 2016, KFN announced that it will redeem all of its outstanding 8.375% Senior Notes due 2041 (the “Notes”), for cash, on November 15, 2016 in accordance with the optional redemption provisions provided in the documents governing the Notes. As of October 25, 2016, there was $258.75 million aggregate principal amount of the Notes outstanding. The redemption price will equal 100% of the principal amount of the Notes plus unpaid interest accrued thereon to, but excluding, the redemption date, in accordance with the terms of the Notes.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2016
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, 2015 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, 2015 , 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 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. All intercompany transactions and balances have been eliminated.
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 assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. 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”. Consolidation Policy Upon Adoption of ASU No. 2015-02 In February 2015, the Financial Accounting Standards Board (“FASB”) issued amended consolidation guidance with the issuance of ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). KKR adopted this new guidance on January 1, 2016 using the modified retrospective method. As a result, restatement of prior period results is not required and prior periods presented in the financial statements have not been impacted. The guidance in ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership and also changes the consolidation model specific to limited partnerships. The amendments also clarify how to evaluate 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 VIE should be reported on an asset manager's balance sheet. These changes modify the analysis that KKR must perform to determine whether it should consolidate certain types of legal entities. Upon adoption of ASU 2015-02, most of KKR’s investment funds were de-consolidated as of January 1, 2016 resulting in a reduction in consolidated assets, liabilities and noncontrolling interests of approximately $36.3 billion , $2.1 billion and $34.2 billion , respectively. Additionally, as a result of the de-consolidation of most of KKR’s investment funds, management fees and carried interest earned by KKR from investment funds that were previously consolidated will no longer be eliminated. Adoption of ASU 2015-02 had no impact on KKR's partners' capital and Net Income (Loss) Attributable to KKR & Co. L.P. Consistent with the consolidation rules in effect prior to the adoption of ASU 2015-02, 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 the 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. However, under ASU 2015-02, limited partnerships and other similar entities where unaffiliated limited partners have not been granted substantive rights to either dissolve the partnership or remove the general partner (“kick-out rights”) are VIEs under condition (b) above. KKR’s investment funds that are not CFEs (i) are generally limited partnerships, (ii) generally provide KKR with operational discretion and control, and (iii) generally have fund investors with no substantive rights to impact ongoing governance and operating activities of the fund, including the ability to remove the general partner, and as such the limited partners do not hold kick-out rights. Accordingly, most of KKR’s investment funds are categorized as VIEs under ASU 2015-02. KKR consolidates all VIEs in which it is the primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (i) whether an entity in which KKR holds a variable interest is a VIE and (ii) whether KKR’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (for example, management and performance related fees), would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Pursuant to ASU 2015-02, fees earned by KKR that are customary and commensurate with the level of services provided, and where KKR does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered variable interests. KKR factors in all economic interests including interests held through related parties, to determine if it holds a variable interest. KKR determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion periodically. For entities that are determined not to be VIEs, these entities are generally considered VOEs and are evaluated under the voting interest model. KKR consolidates VOEs it controls through a majority voting interest or through other means. 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 CLOs (which are generally VIEs), in its role as collateral manager, KKR generally has the power to direct the activities of the CLO that most significantly impact the economic performance of the entity. In some, but not all cases, KKR, through its residual interest in the CLO 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 the power to direct the activities of the CLO that most significantly impact the CLO's economic performance and 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 is deemed to be the primary beneficiary and consolidates the CLO. With respect to CMBS vehicles (which are generally VIEs), KKR holds unrated and non-investment grade rated securities issued by the CMBS, which are the most subordinate tranche of the CMBS vehicle. The economic performance of the CMBS is most significantly impacted by the performance of the underlying assets. Thus, the activities that most significantly impact the CMBS economic performance are the activities that most significantly impact the performance of the underlying assets. The special servicer has the ability to manage the CMBS assets that are delinquent or in default to improve the economic performance of the CMBS. KKR generally has the right to unilaterally appoint and remove the special servicer for the CMBS and as such is considered the controlling class of the CMBS vehicle. These rights give KKR the ability to direct the activities that most significantly impact the economic performance of the CMBS. Additionally, as the holder of the most subordinate tranche, KKR is in a first loss position and has the right to receive benefits, including the actual residual returns of the CMBS, if any. In these cases, KKR is deemed to be the primary beneficiary and consolidates the CMBS. Consolidation Policy Prior to the Adoption of ASU 2015-02 As indicated above, KKR adopted ASU 2015-02 using the modified retrospective method and as such, the prior periods presented in the financial statements have not been impacted. The most significant changes to KKR’s consolidation policy as a result of the adoption of ASU 2015-02 pertained to its investment funds that are not CFEs. There were no significant changes to KKR's CFEs as a result of the adoption of ASU 2015-02. With respect to KKR’s consolidated funds that are not CFEs, KKR generally has operational discretion and control, and fund investors have no substantive rights to impact ongoing governance and operating activities of the fund, and do not have kick-out rights. As a result, prior to the adoption of ASU 2015-02, a fund would be consolidated unless KKR had a nominal level of equity at risk. To the extent that KKR commits a nominal amount of equity to a given fund and had no obligation to fund any future losses, the equity at risk to KKR was not considered substantive and the fund was typically considered a VIE. KKR was 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 there was minimal capital at risk, the fund investors were generally deemed to be the primary beneficiaries, and KKR did not consolidate the fund. In cases when KKR’s equity at risk was deemed to be substantive, the fund was generally considered to be a VOE and KKR generally consolidated the fund under the VOE model. As described above, subsequent to the adoption of ASU 2015-02, limited partnerships and other similar entities where unaffiliated limited partners have not been granted kick-out rights are deemed to be VIEs. Since substantially all of our investment funds are partnerships where limited partners are not granted kick-out rights, the adoption of ASU 2015-02 resulted in numerous entities that were previously classified as VOEs under the prior guidance becoming VIEs under the new consolidation guidance. Under both the previous consolidation guidance and ASU 2015-02 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.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests represent noncontrolling interests of certain investment funds and vehicles 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 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 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	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 Incentive 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. 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 entitled to up to 1% of the carried interest received by certain general partners of KKR’s funds and 1% of KKR’s other profits (losses) through and including December 31, 2015; (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.
Investments	Investments Investments consist primarily of private equity, real assets, credit, investments of consolidated CFEs, equity method, carried interest and other investments. 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 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 including growth equity investments. Real Assets - Consists primarily of investments in (i) energy related assets, principally oil and natural gas producing properties, (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. Equity Method - Consists primarily of (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. Carried Interest - Consists of carried interest from unconsolidated investment funds that are allocated to KKR as the general partner of the investment fund based on cumulative fund performance to date, and where applicable, subject to a preferred return. Other - Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit or investments of consolidated CFEs. Investments held by Consolidated Investment Funds The consolidated investment funds are, for GAAP purposes, investment companies and reflect their investments and other financial instruments, including majority-owned and controlled investments (the “Portfolio Companies”), at fair value. KKR has retained this specialized accounting for the consolidated funds in consolidation. Accordingly, the unrealized gains and losses resulting from changes in fair value of the investments and other financial instruments held by the consolidated investment funds are reflected as a component of Net Gains (Losses) from Investment Activities in the consolidated statements of operations. Certain energy investments are made through 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 consolidated 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 consolidated 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.
Energy Investments held directly by KKR	Energy Investments held directly by KKR Certain energy investments are made by KKR directly in working and royalty interests in oil and natural gas producing properties outside of investment funds. 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 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 consolidated statements of operations.
Fair Value Option	Fair Value Option For certain investments and other financial instruments, KKR has elected the fair value option. Such election is irrevocable and is applied on a financial instrument by financial instrument basis at initial recognition. KKR has elected the fair value option for certain private equity, real assets, credit, investments of consolidated CFEs, equity method and other financial instruments not held through a consolidated investment fund with gains and losses recorded in net income. Accounting for these investments at fair value is consistent with how KKR accounts for its investments held through consolidated investment funds. Changes in the fair value of such instruments are recognized in Net Gains (Losses) from Investment Activities in the consolidated statements of operations. Interest income on interest bearing credit securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest Income in the consolidated statements of operations.
Equity Method	Equity Method For certain investments in entities over which KKR exercises significant influence but which do not meet the requirements for consolidation and for which KKR has not elected the fair value option, KKR uses the equity method of accounting. KKR’s share of earnings (losses) from these investments is reflected as a component of Net Gains (Losses) from Investment Activities in the consolidated statements of operations. The carrying value of equity method investments in private equity funds, real assets funds and credit funds, which are not consolidated, approximate fair value, because the underlying investments of the unconsolidated investment funds are reported at fair value. The carrying value of equity method investments in certain operating companies, which KKR is determined to exert significant influence and for which KKR has not elected the fair value option, 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. For equity method investments, KKR records its proportionate share of the investee's earnings or losses based on the most recently available financial information of the investee, which in certain cases may lag the date of KKR's financial statements by no more than three calendar months. KKR evaluates its equity method investments for which KKR has not elected the fair value option for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.
Financial Instruments held by Consolidated CFEs	Financial Instruments held by Consolidated CFEs As of January 1, 2015, KKR 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 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 consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. For the consolidated CLO entities, KKR has determined that the fair value of the financial assets of the consolidated CLOs are more observable than the fair value of the financial liabilities of the consolidated CLOs. As a result, the financial assets of the consolidated CLOs are being measured at fair value and the financial liabilities are being measured 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 are more observable than the fair value of the financial assets of the consolidated CMBS vehicles. 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 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.
Fair Value Measurements	Fair Value Measurements 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 under current market conditions. Except for certain of KKR's equity method investments (see "Equity Method" above in this Note 2, "Summary of Significant Accounting Policies") and debt obligations (as described in Note 10, "Debt Obligations"), KKR's investments and other financial instruments are recorded at fair value or at amounts whose carrying values approximate fair value. 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. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level I - Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. The types of financial instruments included in this category are publicly-listed equities, credit investments and securities sold short. Level II - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments included in this category are credit investments, investments and debt obligations of consolidated CLO entities, 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 - Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments generally included in this category are private portfolio companies, real assets investments, credit investments, equity method investments for which the fair value option was elected and investments and debt obligations of consolidated CMBS entities. 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 methodologies and processes described below and may incorporate assumptions that are management’s best estimates after consideration of a variety of internal and external factors. Level II Valuation Methodologies Credit Investments: 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. Investments and Debt Obligations of Consolidated CLO Vehicles: Investments of consolidated CLO vehicles are valued using the same valuation methodology as described above for credit investments. Under ASU 2014-13, KKR measures CLO debt obligations on the basis of the fair value of the financial assets of the CLO. 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. 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. 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. In the case of growth equity investments, enterprise values are determined using the market comparables analysis and discounted cash flow analysis described above. A scenario analysis may also be conducted to subject the estimated enterprise values to a downside, base and upside case. The enterprise value in each case may then be allocated across the investment’s capital structure to reflect the terms of the security and subjected to probability weightings. In certain cases, the values of growth equity investments may be based on recent or expected financings and the companies' performance relative to key objectives or milestones. 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. Investments and Debt Obligations of Consolidated CMBS Vehicles: Under ASU 2014-13, KKR measures CMBS investments on the basis of the fair value of the financial liabilities of the CMBS. Debt obligations of consolidated CMBS vehicles are valued based on discounted cash flow analyses. The key input is the expected yield of each CMBS security using both observable and unobservable factors, which may include recently offered or completed trades and published yields of similar securities, security-specific characteristics (e.g. securities ratings issued by nationally recognized statistical rating organizations, credit support by other subordinate securities issued by the CMBS and coupon type) and other characteristics. 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. 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 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 have values 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 credit investments, an independent valuation firm is generally engaged by KKR with respect to most investments classified as Level III. The valuation firm either provides a valuation range from which KKR’s investment professionals select a point in the range to determine the preliminary valuation or performs certain procedures in order to assess the reasonableness and provide positive assurance of KKR’s valuations. After reflecting any input from the independent valuation firm, the valuation proposals are submitted to their respective valuation sub-committees. KKR has a global valuation committee comprised of senior employees including investment professionals and professionals from business operations functions, and includes our Chief Financial Officer, General Counsel and Chief Compliance Officer. The global valuation committee is assisted by valuation sub-committees and investment professionals for each business strategy. All preliminary Level III valuations are reviewed and approved by the valuation sub-committees for private equity, real estate, energy and infrastructure and credit, as applicable. When Level III valuations are required to be performed on hedge fund investments, a valuation sub-committee for hedge funds reviews these valuations. The valuation sub-committees are responsible for the review and approval of valuations in their respective business lines on a quarterly basis. The members of the valuation sub-committees are comprised of investment professionals, including the heads of each respective strategy, and professionals from business operations functions such as legal, compliance and finance, who are not primarily responsible for the management of the investments. The global valuation committee provides general oversight of the valuation sub-committees. The global valuation committee is responsible for coordinating and implementing the firm’s valuation process to ensure consistency in the application of valuation principles across portfolio investments and between periods. All valuations are subject to approval by the global valuation committee. When valuations are approved by the global valuation 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 the board of directors of the general partner of KKR & Co. L.P. and are then reported to the board of directors.
Freestanding Derivatives	Freestanding Derivatives Freestanding derivatives are instruments that KKR and certain of the consolidated funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include forward, swap and option contracts related to foreign currencies and interest rates to manage foreign exchange risk and interest rate risk arising from certain assets and liabilities. All derivatives are recognized in Other Assets or Accounts Payable, Accrued Expenses and Other Liabilities and are presented on a gross basis in the consolidated statements of financial condition and measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. KKR’s derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. KKR attempts to minimize this risk by limiting its counterparties to major financial institutions with strong credit ratings.
Securities Sold Short	Securities Sold Short Whether part of a hedging transaction or a transaction in its own right, securities sold short represent obligations of KKR to deliver the specified security at the contracted price at a future point in time, and thereby create a liability to repurchase the security in the market at the prevailing prices. The liability for such securities sold short, which is recorded in Accounts Payable, Accrued Expenses and Other Liabilities in the statement of financial condition, is marked to market based on the current fair value of the underlying security at the reporting date with changes in fair value recorded as unrealized gains or losses in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. These transactions may involve market risk in excess of the amount currently reflected in the accompanying consolidated statements of financial condition.
Fees and Other	Fees and Other As indicated above, on January 1, 2016, KKR adopted ASU 2015-02, which resulted in the de-consolidation of most of KKR's investment funds that had been consolidated prior to such date. Management fees, fee credits and carried interest earned from consolidated funds are eliminated in consolidation and as such are not recorded in Fees and Other. The economic impact of these management fees, fee credits and carried interests that are eliminated is reflected as an adjustment to noncontrolling interests and has no impact to Net Income Attributable to KKR & Co. L.P. As a result of the de-consolidation of most of our investment funds, the management fees, fee credits and carried interests associated with funds that had previously been consolidated are included in Fees and Other beginning on January 1, 2016 as such amounts are no longer eliminated. 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) carried interest allocations to general partners of unconsolidated funds, (v) revenue earned by oil and gas-producing entities that are consolidated and (vi) consulting fees earned by consolidated entities that employ non-employee operating consultants. All revenues presented in the table above, except for oil and gas revenue, are earned from KKR investment funds 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. These fees are separately negotiated with each company for which services are provided and are not shared with KKR. Transaction, Management, Monitoring, Consulting, and Incentive Fees Recognition Transaction, management, monitoring, 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. Fee Credits 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. Carried Interest For certain investment fund structures, carried interest is allocated to the general partner based on cumulative fund performance to date, and where applicable, subject to a preferred return to limited partners. At the end of each reporting period, KKR calculates the carried interest that would be due to KKR for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (a) positive performance resulting in an increase in the carried interest allocated to the general partner or (b) negative performance that would cause the amount due to KKR to be less than the amount previously recognized as revenue, resulting in a negative adjustment to carried interest allocated to the general partner. In each case, it is necessary to calculate the carried interest on cumulative results compared to the carried interest recorded to date and make the required positive or negative adjustments. KKR ceases to record negative carried interest allocations once previously recognized carried interest allocations for a fund have been fully reversed. KKR is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative carried interest over the life of a fund. Accrued but unpaid carried interest as of the reporting date is reflected in Investments in the consolidated statements of financial condition. 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.
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 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 consolidated statements of operations. Intangible assets are reviewed for impairment when circumstances indicate impairment may exist. As of September 30, 2016 , 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 in the third quarter of each fiscal year or more frequently if circumstances indicate impairment may have occurred. Goodwill is recorded in Other Assets in the accompanying consolidated statements of financial condition.
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. 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 changes 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. KKR adopted ASU 2015-02 on January 1, 2016. See "Principles of Consolidation" for a discussion of the impact that the adoption had on KKR's financial statements. In October 2016, the FASB issued ASU No. 2016-17, Consolidation (Topic 810): Interests Held through Related Parties under Common Control ("ASU 2016-17"). This guidance in ASU 2016-17 states that reporting entities deciding whether they are primary beneficiaries no longer have to consider indirect interests held through related parties that are under common control to be the equivalent of direct interests in their entirety. Decision makers would include those indirect interests on a proportionate basis. The guidance in the ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. KKR is currently evaluating the impact on the financial statements. 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 amended guidance requires 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 rather than a deferred charge within other assets, consistent with debt discounts. In August 2015, the FASB clarified that line-of-credit arrangements are outside the scope of ASU 2015-03. The amended guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. KKR adopted the guidance for debt arrangements that are not line-of-credit arrangements for the three months ended March 31, 2016 and applied a retrospective approach. As a result of the adoption, the December 31, 2015 statement of financial condition was impacted resulting in a reduction in deferred financing costs reported in other assets and a corresponding reduction in debt obligations of $15.4 million . Adoption of this guidance had no impact on KKR & Co. L.P. Partners’ Capital and Net Income (Loss) Attributable to KKR & Co. L.P. 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. This guidance was adopted by KKR on January 1, 2016 and did not have a material impact on KKR’s financial statements. Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments (Topic 825): Recognition and Measurement of Financial Assets and Liabilities (“ASU 2016-01”). The amended guidance (i) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (ii) eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is currently required to be disclosed for financial instruments measured at fair value; (iii) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments and (iv) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amended guidance should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amended guidance related to equity securities without readily determinable fair values (including the disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. KKR is currently evaluating the impact on the financial statements. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The guidance requires the recognition of lease assets and lease liabilities for those leases classified as operating leases under previous GAAP. The guidance retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases under previous GAAP. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not changed significantly from previous GAAP. For operating leases, a lessee is required to do the following: (a) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the Statement of Financial Condition, (b) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (c) classify all cash payments within operating activities in the statement of cash flows. The guidance is effective for fiscal periods beginning after December 15, 2018. Early application is permitted. KKR is currently evaluating the impact on the financial statements. Investments In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting ("ASU 2016-07"), which simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. ASU 2016-07 is effective for all entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted for all entities. Entities are required to apply the guidance prospectively to increases in the level of ownership interest or degree of influence occurring after the ASU’s effective date. Additional transition disclosures are not required upon adoption. KKR is currently evaluating the impact on the financial statements. Compensation In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Shared-Based Payment Accounting ("ASU 2016-09"), which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. KKR is currently evaluating the impact on the financial statements. Cash Flow Classification In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which amends the guidance on the classification of certain cash receipts and payments in the statement of cash flows. The amended guidance adds or clarifies guidance on eight cash flow matters: (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions and (viii) separately identifiable cash flows and application of the predominance principle. The guidance in the ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The guidance must be applied retrospectively to all periods presented but may be applied prospectively from the earliest date practicable if retrospective application would be impracticable. KKR is currently evaluating the impact on the financial statements.

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2016
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 Nine Months Ended 2016 2015 2016 2015 Balance at the beginning of the period $ 4,018,305 $ 4,827,384 $ 4,347,153 $ 4,661,679 Net income (loss) attributable to noncontrolling interests held by KKR Holdings (a) 284,834 (166,078 ) 86,659 398,633 Other comprehensive income (loss), net of tax (b) 231 (2,516 ) (37 ) (10,048 ) Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units (c) (22,930 ) (37,062 ) (53,908 ) (162,615 ) Equity based compensation 7,822 15,515 27,469 53,149 Capital contributions 69 254 207 804 Capital distributions (57,420 ) (154,597 ) (176,632 ) (458,702 ) Balance at the end of the period $ 4,230,911 $ 4,482,900 $ 4,230,911 $ 4,482,900 (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 Nine Months Ended 2016 2015 2016 2015 Net income (loss) $ 974,762 $ (1,217,895 ) $ 487,657 $ 4,030,982 Less: Net income (loss) attributable to Redeemable Noncontrolling Interests 3,121 (12,925 ) 4,616 (11,883 ) Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities 326,454 (848,304 ) 266,385 3,188,007 Less: Net income (loss) attributable to Series A and Series B Preferred Unitholders 8,201 — 13,894 — Plus: Income tax / (benefit) attributable to KKR Management Holdings Corp. 3,187 (14,745 ) (8,376 ) 8,866 Net income (loss) attributable to KKR & Co. L.P. Common Unitholders and KKR Holdings $ 640,173 $ (371,411 ) $ 194,386 $ 863,724 Net income (loss) attributable to noncontrolling interests held by KKR Holdings $ 284,834 $ (166,078 ) $ 86,659 $ 398,633
Schedule of fees	For the three and nine months ended September 30, 2016 and 2015 , respectively, fees and other consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Management Fees $ 152,491 $ 50,199 $ 468,390 $ 149,941 Transaction Fees 113,056 60,014 277,776 250,954 Monitoring Fees 23,367 39,915 99,388 217,327 Fee Credits (46,975 ) (2,081 ) (106,506 ) (12,346 ) Carried Interest 414,864 — 602,695 — Incentive Fees 3,800 157 6,045 11,623 Oil and Gas Revenue 16,191 29,620 47,977 90,264 Consulting Fees 10,262 10,802 30,853 28,082 Total Fees and Other $ 687,056 $ 188,626 $ 1,426,618 $ 735,845

NET GAINS (LOSSES) FROM INVES29

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of total net gains (losses) from investment activities	The following tables summarize total Net Gains (Losses) from Investment Activities for the three and nine months ended September 30, 2016 and 2015 , respectively: Three Months Ended Three Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Net Realized Net Unrealized Total Private Equity (a) $ 172,390 $ 37,465 $ 209,855 $ 939,218 $ (1,751,892 ) $ (812,674 ) Credit and Other (a) (262,826 ) 256,137 (6,689 ) (49,052 ) (487,939 ) (536,991 ) Investments of Consolidated CFEs (a) (18,697 ) 40,049 21,352 (341 ) (157,045 ) (157,386 ) Real Assets (a) 28,803 70,700 99,503 7,319 (225,965 ) (218,646 ) Foreign Exchange Forward Contracts and Options (b) 41,254 (63,997 ) (22,743 ) 98,191 (4,324 ) 93,867 Securities Sold Short (b) 232,448 29,545 261,993 8,539 6,409 14,948 Other Derivatives (b) (17,224 ) 14,472 (2,752 ) 9,176 (23,770 ) (14,594 ) Debt Obligations and Other (c) 112,469 62,156 174,625 10,953 64,842 75,795 Net Gains (Losses) From Investment $ 288,617 $ 446,527 $ 735,144 $ 1,024,003 $ (2,579,684 ) $ (1,555,681 ) Nine Months Ended Nine Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Net Realized Net Unrealized Total Private Equity (a) $ 370,266 $ (412,303 ) $ (42,037 ) $ 3,916,131 $ (1,557 ) $ 3,914,574 Credit and Other (a) (284,992 ) (104,028 ) (389,020 ) 45,247 (522,364 ) (477,117 ) Investments of Consolidated CFEs (a) (239,502 ) 547,099 307,597 (26,494 ) (79,651 ) (106,145 ) Real Assets (a) 41,158 66,927 108,085 14,824 (162,065 ) (147,241 ) Foreign Exchange Forward Contracts 41,829 (75,398 ) (33,569 ) 305,541 34,799 340,340 Securities Sold Short (b) 231,474 (10,343 ) 221,131 (680 ) 18,607 17,927 Other Derivatives (b) (35,613 ) 40,081 4,468 20,699 (2,049 ) 18,650 Debt Obligations and Other (c) 229,485 (397,051 ) (167,566 ) 60,662 (146,902 ) (86,240 ) Net Gains (Losses) From Investment $ 354,105 $ (345,016 ) $ 9,089 $ 4,335,930 $ (861,182 ) $ 3,474,748 (a) See Note 4 "Investments." (b) See Note 8 "Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities." (c) See Note 10 "Debt Obligations."

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Investments [Abstract]
Summary of investments	Investments consist of the following: September 30, 2016 December 31, 2015 Private Equity $ 3,000,570 $ 36,398,474 Credit 4,393,336 6,300,004 Investments of Consolidated CFEs 13,514,574 12,735,309 Real Assets 1,814,756 4,048,281 Equity Method 2,840,762 1,730,565 Carried Interest 2,731,310 245,066 Other 2,982,651 3,848,232 Total Investments $ 31,277,959 $ 65,305,931
Schedule of carried interest	Carried interest allocated to the general partner in respect of performance of investment funds that are not consolidated were as follows: Balance at December 31, 2015 $ 245,066 Deconsolidation of Funds on Adoption of ASU 2015-02 2,712,962 Carried Interest Allocated as a result of Changes in Fund Fair Value 602,695 Cash Proceeds Received (829,413 ) Balance at September 30, 2016 $ 2,731,310

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities at fair value	The following tables summarize the valuation of KKR's assets and liabilities by the fair value hierarchy. Carried Interest and Equity Method Investments for which the fair value option has not been elected have been excluded from the tables below. Assets, at fair value: September 30, 2016 Level I Level II Level III Total Private Equity $ 1,399,671 $ 111,814 $ 1,489,085 $ 3,000,570 Credit — 1,174,324 3,219,012 4,393,336 Investments of Consolidated CFEs — 7,969,895 5,544,679 13,514,574 Real Assets — — 1,814,756 1,814,756 Equity Method — 284,251 505,184 789,435 Other 1,169,797 233,976 1,578,878 2,982,651 Total 2,569,468 9,774,260 14,151,594 26,495,322 Foreign Exchange Contracts and Options — 170,304 — 170,304 Other Derivatives 1,625 23,784 — 25,409 Total Assets $ 2,571,093 $ 9,968,348 $ 14,151,594 $ 26,691,035 December 31, 2015 Level I Level II Level III Total Private Equity $ 16,614,008 $ 880,928 $ 18,903,538 $ 36,398,474 Credit — 1,287,649 5,012,355 6,300,004 Investments of Consolidated CFEs — 12,735,309 — 12,735,309 Real Assets — — 4,048,281 4,048,281 Equity Method — — 891,606 891,606 Other 817,328 449,716 2,581,188 3,848,232 Total 17,431,336 15,353,602 31,436,968 64,221,906 Foreign Exchange Contracts and Options — 635,183 — 635,183 Other Derivatives — 5,703 — 5,703 Total Assets $ 17,431,336 $ 15,994,488 $ 31,436,968 $ 64,862,792 Liabilities, at fair value: September 30, 2016 Level I Level II Level III Total Securities Sold Short $ 541,826 $ 48,393 $ — $ 590,219 Foreign Exchange Contracts and Options — 87,002 — 87,002 Unfunded Revolver Commitments — 4,377 — 4,377 Other Derivatives (1) — 49,410 62,059 111,469 Debt Obligations of Consolidated CFEs — 7,743,242 5,435,591 13,178,833 Total Liabilities $ 541,826 $ 7,932,424 $ 5,497,650 $ 13,971,900 December 31, 2015 Level I Level II Level III Total Securities Sold Short $ 286,981 $ 13,009 $ — $ 299,990 Foreign Exchange Contracts and Options — 83,748 — 83,748 Unfunded Revolver Commitments — 15,533 — 15,533 Other Derivatives — 104,518 — 104,518 Debt Obligations of Consolidated CFEs — 12,365,222 — 12,365,222 Total Liabilities $ 286,981 $ 12,582,030 $ — $ 12,869,011 (1) Includes an option issued in connection with the acquisition of a 24.9% equity interest in Marshall Wace LLP and its affiliates ("Marshall Wace") to increase KKR's ownership interest over time to 39.9% . The option is valued using a Monte-Carlo simulation valuation methodology. Key inputs used in this methodology that require estimates include Marshall Wace's dividend yield, assets under management volatility and equity volatility.
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 nine months ended September 30, 2016 and 2015, respectively: Three Months Ended September 30, 2016 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 1,231,868 $ 2,672,179 $ 5,615,342 $ 1,819,709 $ 477,219 $ 1,495,697 $ 13,312,014 $ 5,506,281 Transfers Out Due to Deconsolidation of Funds — — — — — — — — Transfers In — 1,677 — — — — 1,677 — Transfers Out — — — — — — — — Asset Purchases / Debt Issuances 253,736 616,041 — 59,963 — 46,233 975,973 — Sales (43,789 ) (168,342 ) (8,993 ) (164,419 ) (725 ) (16,677 ) (402,945 ) — Settlements — 24,296 — — — — 24,296 (8,993 ) Net Realized Gains (Losses) 17,386 (518 ) — 28,803 225 (1,173 ) 44,723 — Net Unrealized Gains (Losses) 29,884 67,753 (61,670 ) 70,700 28,465 54,798 189,930 (61,697 ) Change in Other Comprehensive Income — 5,926 — — — — 5,926 — Balance, End of Period $ 1,489,085 $ 3,219,012 $ 5,544,679 $ 1,814,756 $ 505,184 $ 1,578,878 14,151,594 $ 5,435,591 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 $ 46,895 $ 67,140 $ (61,670 ) $ 70,700 $ 28,465 $ 54,798 $ 206,328 $ (61,697 ) Three Months Ended September 30, 2015 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 25,113,442 $ 4,705,846 $ — $ 4,058,717 $ 994,952 $ 1,966,087 $ 36,839,044 $ — Transfers In — — — — — — — — Transfers Out — — — — — — — — Asset Purchases / Debt Issuances 461,640 333,776 — 1,655 15,638 211,312 1,024,021 — Sales (1,569,751 ) (378,621 ) — (18,701 ) (22,510 ) (14,383 ) (2,003,966 ) — Settlements — 49,625 — — — — 49,625 — Net Realized Gains (Losses) 724,528 (11,041 ) — 7,320 — 2,870 723,677 — Net Unrealized Gains (Losses) (586,635 ) (162,899 ) — (225,964 ) (68,090 ) 55,031 (988,557 ) — Change in Other Comprehensive Income — (10,047 ) — — — (459 ) (10,506 ) — Balance, End of Period $ 24,143,224 $ 4,526,639 $ — $ 3,823,027 $ 919,990 $ 2,220,458 $ 35,633,338 $ — 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 $ 78,943 $ (212,570 ) $ — $ (219,689 ) $ (12,598 ) $ 9,766 $ (356,148 ) $ — Nine Months Ended September 30, 2016 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method Other Total Level III Assets Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 18,903,538 $ 5,012,355 $ — $ 4,048,281 $ 891,606 $ 2,581,188 $ 31,436,968 $ — Transfers Out Due to Deconsolidation of Funds (17,856,098 ) (2,354,181 ) — (2,628,999 ) — (984,813 ) (23,824,091 ) — Transfers In — 45,427 4,343,829 — — — 4,389,256 4,272,081 Transfers Out (104,000 ) (760 ) — — (311,270 ) — (416,030 ) — Asset Purchases / Debt Issuances 507,812 1,170,140 1,026,801 513,734 18,992 249,903 3,487,382 990,450 Sales (43,789 ) (648,416 ) (23,910 ) (237,176 ) (61,111 ) (147,495 ) (1,161,897 ) — Settlements — 74,474 — — — — 74,474 (23,910 ) Net Realized Gains (Losses) 17,386 (9,113 ) — 41,158 (1,766 ) (8,588 ) 39,077 — Net Unrealized Gains (Losses) 64,236 (74,384 ) 197,959 77,758 (31,267 ) (111,317 ) 122,985 196,970 Change in Other Comprehensive Income — 3,470 — — — — 3,470 — Balance, End of Period $ 1,489,085 $ 3,219,012 $ 5,544,679 $ 1,814,756 $ 505,184 $ 1,578,878 $ 14,151,594 $ 5,435,591 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 $ 81,247 $ (74,997 ) $ 197,959 $ 77,758 $ (31,267 ) $ (135,067 ) $ 115,633 $ 196,970 Nine Months Ended September 30, 2015 Level III Assets Level III Liabilities Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method 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 $ 898,206 $ 1,234,795 $ 35,824,623 $ 7,615,340 Transfers In — 16,706 108,340 — — 1,187 126,233 — Transfers Out (3,564,987 ) (12,860 ) (153,656 ) — — (1,710 ) (3,733,213 ) — Asset Purchases / Debt Issuances 1,613,411 1,665,858 1,308 876,031 85,948 1,032,375 5,274,931 — Sales (2,392,428 ) (1,101,702 ) (3,138 ) (36,169 ) (25,784 ) (159,783 ) (3,719,004 ) — Settlements — 207,540 (883 ) — — — 206,657 — Net Realized Gains (Losses) 1,069,212 (16,235 ) — 14,825 — 6,365 1,074,167 — Net Unrealized Gains (Losses) 1,141,995 (419,017 ) (44,466 ) (162,064 ) (38,380 ) 104,428 582,496 — Change in Accounting Principle — — — — — — — (7,615,340 ) Change in Other Comprehensive Income — (6,353 ) — — — 2,801 (3,552 ) — Balance, End of Period $ 24,143,224 $ 4,526,639 $ — $ 3,823,027 $ 919,990 $ 2,220,458 $ 35,633,338 $ — 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 $ 2,088,462 $ (512,725 ) $ — $ (148,785 ) $ 17,112 $ 29,042 $ 1,473,106 $ —
Summary of fair value transfers between fair value levels	The following table summarizes the fair value transfers between fair value levels for the three and nine months ended September 30, 2016 and 2015: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Assets, at fair value: Transfers from Level I to Level II 1 $ — $ 4,447,981 $ 73,600 $ 4,447,981 Transfers from Level II to Level I 3 $ — $ — $ — $ 467,766 Transfers from Level II to Level III 1 $ 1,677 $ — $ 4,389,256 $ 126,233 Transfers from Level III to Level II 2 $ — $ — $ 312,030 $ 168,226 Transfers from Level III to Level I 3 $ — $ — $ 104,000 $ 3,564,987 Liabilities, at fair value: Transfers from Level II to Level III 4 $ — $ — $ 4,272,081 $ — (1) Transfers out of Level I into Level II and Level II into Level III 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) Transfers out of Level III and into Level II 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) Transfers out of Level III and II into Level I are attributable to portfolio companies that are valued using their publicly traded market price. (4) Transfers out of Level II and into Level III are principally attributable to debt obligations of CMBS vehicles due to an insignificant level of market activity during the period and thus were valued in the absence of observable inputs.
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 assets and liabilities that are measured at fair value and categorized within Level III as of September 30, 2016 : Fair Value September 30, 2016 Valuation Methodologies Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Private Equity $ 1,489,085 Private Equity $ 615,417 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 8.2% 5% - 15% Decrease Weight Ascribed to Market Comparables 39.4% 0% - 50% (4) Weight Ascribed to Discounted Cash Flow 42.5% 5% - 100% (5) Weight Ascribed to Transaction Price 18.1% 0% - 90% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.3x 8.1x - 19.0x Increase Enterprise Value/Forward EBITDA Multiple 11.2x 7.2x - 15.4x Increase Discounted cash flow Weighted Average Cost of Capital 10.4% 8.0% - 13.9% Decrease Enterprise Value/LTM EBITDA Exit Multiple 10.5x 7.3x - 13.5x Increase Growth Equity $ 873,668 Inputs to market comparable, discounted cash flow and transaction cost Illiquidity Discount 13.6% 10% - 20% Decrease Weight Ascribed to Market Comparables 43.0% 0% - 100% (4) Weight Ascribed to Discounted Cash Flow 10.7% 0% - 75% (5) Weight Ascribed to Transaction Price 46.3% 0% - 100% (6) Scenario Weighting Base 52.6% 30% - 80% Increase Downside 25.5% 10% - 40% Decrease Upside 21.9% 10% - 33% Increase Credit $ 3,219,012 Yield Analysis Yield 8.5% 5.2% - 35.0% Decrease Net Leverage 4.3x 0.6x - 35.6x Decrease EBITDA Multiple 6.0x 0.8x - 34.1x Increase Investments of Consolidated CFEs $ 5,544,679 (9) Debt Obligations of Consolidated CFEs $ 5,435,591 Discounted cash flow Yield 5.4% 1.5% - 26.2% Decrease Real Assets $ 1,814,756 (10) Energy $ 811,438 Discounted cash flow Weighted Average Cost of Capital 10.6% 8.2% - 17.3% Decrease Average Price Per BOE (8) $41.55 $29.87 - $47.69 Increase Real Estate $ 856,869 Inputs to direct income capitalization and discounted cash flow Weight Ascribed to Direct Income Capitalization 35.6% 0% - 75% (7) Weight Ascribed to Discounted Cash Flow 64.4% 25% - 100% (5) Direct Income Capitalization Current Capitalization Rate 6.9% 5.0% - 12.0% Decrease Discounted cash flow Unlevered Discount Rate 9.6% 5.5% - 20.0% Decrease (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 and debt obligations. 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) 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. (8) 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 82% liquids and 18% natural gas. (9) Under ASU 2014-13, KKR measures CMBS investments on the basis of the fair value of the financial liabilities of the CMBS vehicle. See Note 2 "Summary of Significant Accounting Policies." (10) Includes one Infrastructure investment for $146.4 million that was valued using a discounted cash flow analysis. The significant inputs used included the weighted average cost of capital 7.9% and the enterprise value/LTM EBITDA Exit Multiple 11.0 x.

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Summary of disclosures of financial instruments for which the fair value option was elected	The following table summarizes the financial instruments for which the fair value option has been elected: September 30, 2016 December 31, 2015 Assets Private Equity $ 105,586 $ 211,474 Credit 1,262,369 936,063 Investments of Consolidated CFEs 13,514,574 12,735,309 Real Assets 258,854 90,245 Equity Method 789,435 891,606 Other 228,061 374,185 Total $ 16,158,879 $ 15,238,882 Liabilities Debt Obligations of Consolidated CFEs $ 13,178,833 $ 12,365,222 Total $ 13,178,833 $ 12,365,222 The following table presents the realized and net change in unrealized gains (losses) on financial instruments on which the fair value option was elected: Three Months Ended Three Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Assets Private Equity $ — $ (446 ) $ — $ (13,921 ) Credit (31,310 ) 12,376 (11,774 ) (25,793 ) Investments of Consolidated CFEs (18,697 ) 40,049 (341 ) (157,045 ) Real Assets 2,945 (2,051 ) — 4,214 Equity Method 225 42,525 7,703 (67,287 ) Other (762 ) (11,016 ) 2,388 (31,134 ) Total $ (47,599 ) $ 81,437 $ (2,024 ) $ (290,966 ) Liabilities Debt Obligations of Consolidated CFEs 107,844 68,658 — 69,853 Total $ 107,844 $ 68,658 $ — $ 69,853 Nine Months Ended Nine Months Ended Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Assets Private Equity $ — $ (2,744 ) $ 111,676 $ 72,777 Credit (26,293 ) (29,662 ) (14,944 ) (67,364 ) Investments of Consolidated CFEs (239,502 ) 547,099 (26,494 ) (79,651 ) Real Assets 2,945 8,544 — 13,354 Equity Method (1,766 ) (58,572 ) 7,703 (36,159 ) Other (2,578 ) (30,013 ) (855 ) (28,525 ) Total $ (267,194 ) $ 434,652 $ 77,086 $ (125,568 ) Liabilities Debt Obligations of Consolidated CFEs 210,386 (378,505 ) — (44,650 ) Total $ 210,386 $ (378,505 ) $ — $ (44,650 )

NET INCOME (LOSS) ATTRIBUTABL33

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of basic and diluted Net Income (Loss) attributable to KKR & Co. earnings per common unit	For the three and nine months ended September 30, 2016 and 2015 , basic and diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit were calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders $ 352,152 $ (190,588 ) $ 116,103 $ 456,225 Basic Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 445,989,300 452,165,697 448,149,747 444,675,159 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic $ 0.79 $ (0.42 ) $ 0.26 $ 1.03 Diluted Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 445,989,300 452,165,697 448,149,747 444,675,159 Weighted Average Unvested Common Units and Other Exchangeable Securities 33,986,375 — 34,985,238 35,663,176 Weighted Average Common Units Outstanding - Diluted 479,975,675 452,165,697 483,134,985 480,338,335 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted $ 0.73 $ (0.42 ) $ 0.24 $ 0.95
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted Average KKR Holdings Units Outstanding 357,528,999 365,717,358 358,853,469 370,306,583

OTHER ASSETS AND ACCOUNTS PAY34

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2016
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of other assets	Other Assets consist of the following: September 30, 2016 December 31, 2015 Unsettled Investment Sales (a) $ 234,108 $ 74,862 Receivables 255,260 78,297 Due from Broker (b) 498,483 365,678 Oil & Gas Assets, net (c) 272,731 355,537 Deferred Tax Assets, net 283,730 275,391 Interest, Dividend and Notes Receivable (d) 287,668 372,699 Fixed Assets, net (e) 262,659 226,340 Foreign Exchange Contracts and Options (f) 170,304 635,183 Intangible Assets, net (g) 142,481 176,987 Goodwill (g) 89,000 89,000 Derivative Assets 25,409 5,703 Deferred Transaction Related Expenses 28,995 35,422 Prepaid Taxes 46,320 24,326 Prepaid Expenses 24,948 13,697 Deferred Financing Costs 9,168 65,225 Other 78,529 14,790 Total $ 2,709,793 $ 2,809,137 (a) Represents amounts due from third parties for investments sold for which cash settlement has not occurred. (b) Represents amounts held at clearing brokers resulting from securities transactions. (c) 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. (d) Represents interest and dividend receivables and a promissory note due from a third party. The promissory note bears interest at 2.0% per annum and matures in January 2018. (e) Net of accumulated depreciation and amortization of $140,795 and $135,487 as of September 30, 2016 and December 31, 2015 , respectively. Depreciation and amortization expense of $4,121 and $3,777 for the three months ended September 30, 2016 and 2015, respectively, and $12,025 and $11,642 for the nine months ended September 30, 2016 and 2015, respectively, is included in General, Administrative and Other in the accompanying consolidated statements of operations. (f) 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 consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (g) See Note 16 “Goodwill and Intangible Assets.”
Schedule of accounts payable, accrued expenses and other liabilities	Accounts Payable, Accrued Expenses and Other Liabilities consist of the following: September 30, 2016 December 31, 2015 Amounts Payable to Carry Pool (a) $ 1,121,510 $ 1,199,000 Unsettled Investment Purchases (b) 781,171 594,152 Securities Sold Short (c) 590,219 299,990 Derivative Liabilities 111,469 104,518 Accrued Compensation and Benefits 181,018 17,765 Interest Payable 101,633 102,195 Foreign Exchange Contracts and Options (d) 87,002 83,748 Accounts Payable and Accrued Expenses 82,916 112,007 Contingent Consideration Obligation (e) 35,900 46,600 Deferred Rent and Income 21,624 21,706 Taxes Payable 12,833 8,770 Due to Broker (f) — 27,121 Other Liabilities 69,755 97,778 Total $ 3,197,050 $ 2,715,350 (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 consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (d) 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 consolidated statements of operations. See Note 3 “Net Gains (Losses) from Investment Activities” for the net changes in fair value associated with these instruments. (e) Represents potential contingent consideration related to the acquisition of Prisma. (f) Represents amounts owed for securities transactions initiated at clearing brokers.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 and December 31, 2015 , the maximum exposure to loss, before allocations to the carry pool and noncontrolling interests, 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: September 30, 2016 December 31, 2015 Investments $ 4,074,100 $ 264,277 Due from (to) Affiliates, net 34,807 4,315 Maximum Exposure to Loss $ 4,108,907 $ 268,592

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of borrowings	KKR’s borrowings consisted of the following: September 30, 2016 December 31, 2015 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 — — 500,000 — — Notes Issued: KKR Issued 6.375% Notes Due 2020 (a) — 497,658 582,030 (j) — 497,217 578,510 (j) KKR Issued 5.500% Notes Due 2043 (b) — 491,073 536,855 (j) — 490,815 517,880 (j) KKR Issued 5.125% Notes Due 2044 (c) — 989,917 1,021,930 (j) — 988,985 994,960 (j) KFN Issued 8.375% Notes Due 2041 (d) — 288,728 264,132 (k) — 289,660 273,965 (k) KFN Issued 7.500% Notes Due 2042 (e) — 123,108 118,447 (k) — 123,346 120,425 (k) KFN Issued Junior Subordinated Notes (f) — 249,730 188,933 — 248,498 216,757 Other Consolidated Debt Obligations: Fund Financing Facilities and Other (g) 1,531,317 1,770,306 1,770,306 (l) 3,465,238 3,710,854 3,710,854 (l) CLO Debt Obligations (h) — 7,743,242 7,743,242 — 8,093,141 8,093,141 CMBS Debt Obligations (i) — 5,435,591 5,435,591 — 4,272,081 4,272,081 $ 3,031,317 $ 17,589,353 $ 17,661,466 $ 4,965,238 $ 18,714,597 $ 18,778,573 (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. On October 25, 2016, KFN announced that it will redeem all of its outstanding 8.375% senior notes due 2041. See Note 19 “Subsequent Events.” (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 4.0% and the weighted average years to maturity is 20.0 years as of September 30, 2016 . 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 consolidated 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 2.3% as of September 30, 2016 and December 31, 2015 . In addition, the weighted average years to maturity is 1.8 years and 2.5 years as of September 30, 2016 and December 31, 2015 , 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 III within the fair value hierarchy. See Note 5 “Fair Value Measurements.” (j) The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes. (k) 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. (l) Carrying value approximates fair value given the fund financing facilities’ interest rates are variable.
Schedule of debt obligations of consolidated CLOs	As of September 30, 2016 , 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 $ 7,461,404 2.5 % 10.7 Subordinated Notes of Consolidated CLOs 281,838 (a) 9.0 Debt Obligations of Consolidated CMBS Vehicles 5,435,591 4.5 % 32.3 $ 13,178,833 (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)	9 Months Ended
	Sep. 30, 2016
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 nine months ended September 30, 2016 and 2015 , respectively. Three Months Ended Nine Months Ended 2016 2015 2016 2015 Equity Incentive Plan Units $ 50,270 $ 48,252 $ 148,257 $ 148,970 KKR Holdings Market Condition Awards 6,831 — 19,841 — Other Exchangeable Securities 3,460 4,054 10,306 11,730 KKR Holdings Principal Awards 594 2,045 1,297 6,238 KKR Holdings Restricted Equity Units — (18 ) — 131 Discretionary Compensation 397 13,488 6,331 46,780 Total $ 61,552 $ 67,821 $ 186,032 $ 213,849
Schedule of unrecognized expense of equity incentive plan awards expected to be recognized	That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2016 $ 36.9 2017 126.4 2018 68.6 2019 14.9 2020 0.2 Total $ 247.0
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, 2016 through September 30, 2016 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2016 23,128,228 $ 14.61 Granted 14,469,440 13.35 Vested (7,009,686 ) 16.57 Forfeited (1,311,813 ) 14.75 Balance, September 30, 2016 29,276,169 $ 13.51
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, 2016 5,203,475 April 1, 2017 8,553,424 October 1, 2017 2,353,493 April 1, 2018 7,286,943 October 1, 2018 1,948,559 April 1, 2019 3,376,734 October 1, 2019 482,959 April 1, 2020 62,816 October 1, 2020 7,766 29,276,169
Schedule of valuation assumptions used for market condition awards	Below is a summary of the significant assumptions used to estimate the grant date fair value of the Market Condition Awards. Closing KKR unit price as of valuation date $15.23 Risk Free Rate 1.72 % Volatility 25.0 % Dividend Yield 4.2 % Expected Cost of Equity 11.76 %
Schedule of market condition awards granted	The table below shows the units that were granted and their respective market conditions, total vesting periods and grant date fair values. Units Granted Market Condition Vesting Threshold per KKR common unit Vesting Date Grant Date Fair Value Per Unit 5,775,000 $23.65 January 1, 2018 $5.07 5,775,000 $27.02 January 1, 2019 $3.44 8,662,500 $30.40 January 1, 2020 $2.32 8,662,500 $33.78 January 1, 2021 $1.57 28,875,000
Schedule of unrecognized expense of unvested market condition awards expected to be recognized	As of September 30, 2016 , there was approximately $54.8 million of estimated unrecognized compensation expense related to unvested Market Condition Awards. That cost is expected to be recognized as follows: Year Unrecognized Expense (in millions) Remainder of 2016 $ 6.7 2017 26.5 2018 12.7 2019 6.6 2020 2.3 Total $ 54.8
Schedule of unvested other exchangeable securities	A summary of the status of unvested Other Exchangeable Securities from January 1, 2016 through September 30, 2016 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2016 847,989 $ 17.28 Vested (19,177 ) 13.86 Forfeited — — Balance, September 30, 2016 828,812 $ 17.36

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Schedule of due from and to affiliates	Due from Affiliates consists of: September 30, 2016 December 31, 2015 Amounts due from portfolio companies $ 48,739 $ 46,716 Amounts due from unconsolidated investment funds 276,958 74,409 Amounts due from related entities 17,409 18,658 Due from Affiliates $ 343,106 $ 139,783 Due to Affiliates consists of: September 30, 2016 December 31, 2015 Amounts due to KKR Holdings in connection with the tax receivable agreement $ 133,091 $ 127,962 Amounts due to unconsolidated investment funds 242,151 — Amounts due to related entities 689 16,845 Due to Affiliates $ 375,931 $ 144,807

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 117,795 $ 83,713 $ — $ — $ 201,508 Monitoring Fees 11,091 — — — 11,091 Transaction Fees 53,223 10,748 47,383 — 111,354 Fee Credits (37,127 ) (10,265 ) — — (47,392 ) Total Management, Monitoring and Transaction Fees, Net 144,982 84,196 47,383 — 276,561 Performance Income (Loss) Realized Incentive Fees — 3,659 — — 3,659 Realized Carried Interest 350,469 — — — 350,469 Unrealized Carried Interest 53,339 17,012 — — 70,351 Total Performance Income (Loss) 403,808 20,671 — — 424,479 Investment Income (Loss) Net Realized Gains (Losses) — — — 170,078 170,078 Net Unrealized Gains (Losses) — — — 136,740 136,740 Total Realized and Unrealized — — — 306,818 306,818 Interest Income and Dividends — — — 71,185 71,185 Interest Expense — — — (47,506 ) (47,506 ) Net Interest and Dividends — — — 23,679 23,679 Total Investment Income (Loss) — — — 330,497 330,497 Total Segment Revenues 548,790 104,867 47,383 330,497 1,031,537 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 47,858 22,022 7,803 24,284 101,967 Realized Performance Income Compensation 157,688 1,463 — — 159,151 Unrealized Performance Income Compensation 22,588 6,805 — — 29,393 Total Compensation and Benefits 228,134 30,290 7,803 24,284 290,511 Occupancy and Related Charges 9,248 2,570 330 3,729 15,877 Other Operating Expenses 32,031 8,894 3,552 10,646 55,123 Total Segment Expenses 269,413 41,754 11,685 38,659 361,511 Income (Loss) attributable to noncontrolling interests — — 760 — 760 Economic Net Income (Loss) $ 279,377 $ 63,113 $ 34,938 $ 291,838 $ 669,266 Total Assets $ 1,835,166 $ 1,179,955 $ 403,609 $ 10,119,919 $ 13,538,649 As of and for the Three Months Ended September 30, 2015 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 118,250 $ 63,530 $ — $ — $ 181,780 Monitoring Fees 24,964 — — — 24,964 Transaction Fees 17,732 3,386 40,319 — 61,437 Fee Credits (20,266 ) (3,027 ) — — (23,293 ) Total Management, Monitoring and Transaction Fees, Net 140,680 63,889 40,319 — 244,888 Performance Income (Loss) Realized Incentive Fees — 880 — — 880 Realized Carried Interest 265,291 — — — 265,291 Unrealized Carried Interest (394,126 ) (34,367 ) — — (428,493 ) Total Performance Income (Loss) (128,835 ) (33,487 ) — — (162,322 ) Investment Income (Loss) Net Realized Gains (Losses) — — — 61,439 61,439 Net Unrealized Gains (Losses) — — — (384,460 ) (384,460 ) Total Realized and Unrealized — — — (323,021 ) (323,021 ) Interest Income and Dividends — — — 101,318 101,318 Interest Expense — — — (52,681 ) (52,681 ) Net Interest and Dividends — — — 48,637 48,637 Total Investment Income (Loss) — — — (274,384 ) (274,384 ) Total Segment Revenues 11,845 30,402 40,319 (274,384 ) (191,818 ) Segment Expenses Compensation and Benefits Cash Compensation and Benefits 38,965 16,690 8,858 23,167 87,680 Realized Performance Income Compensation 106,116 353 — — 106,469 Unrealized Performance Income Compensation (156,874 ) (13,747 ) — — (170,621 ) Total Compensation and Benefits (11,793 ) 3,296 8,858 23,167 23,528 Occupancy and Related Charges 8,417 2,424 670 4,209 15,720 Other Operating Expenses 30,422 7,458 3,461 10,740 52,081 Total Segment Expenses 27,046 13,178 12,989 38,116 91,329 Income (Loss) attributable to noncontrolling interests 250 305 2,347 — 2,902 Economic Net Income (Loss) $ (15,451 ) $ 16,919 $ 24,983 $ (312,500 ) $ (286,049 ) Total Assets $ 1,848,332 $ 575,878 $ 418,701 $ 10,905,888 $ 13,748,799 As of and for the Nine Months Ended September 30, 2016 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 354,376 $ 245,349 $ — $ — $ 599,725 Monitoring Fees 52,126 — — — 52,126 Transaction Fees 114,021 17,768 144,214 — 276,003 Fee Credits (93,042 ) (16,230 ) — — (109,272 ) Total Management, Monitoring and Transaction Fees, Net 427,481 246,887 144,214 — 818,582 Performance Income (Loss) Realized Incentive Fees — 9,897 — — 9,897 Realized Carried Interest 749,194 3,838 — — 753,032 Unrealized Carried Interest (131,386 ) (3,370 ) — — (134,756 ) Total Performance Income (Loss) 617,808 10,365 — — 628,173 Investment Income (Loss) Net Realized Gains (Losses) — — — 370,594 370,594 Net Unrealized Gains (Losses) — — — (725,699 ) (725,699 ) Total Realized and Unrealized — — — (355,105 ) (355,105 ) Interest Income and Dividends — — — 253,756 253,756 Interest Expense — — — (144,497 ) (144,497 ) Net Interest and Dividends — — — 109,259 109,259 Total Investment Income (Loss) — — — (245,846 ) (245,846 ) Total Segment Revenues 1,045,289 257,252 144,214 (245,846 ) 1,200,909 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 142,500 61,193 23,374 72,689 299,756 Realized Performance Income Compensation 317,178 5,493 — — 322,671 Unrealized Performance Income Compensation (47,377 ) (1,347 ) — — (48,724 ) Total Compensation and Benefits 412,301 65,339 23,374 72,689 573,703 Occupancy and Related Charges 27,212 7,252 1,901 11,121 47,486 Other Operating Expenses 95,166 28,102 10,870 32,404 166,542 Total Segment Expenses 534,679 100,693 36,145 116,214 787,731 Income (Loss) attributable to noncontrolling interests — — 2,002 — 2,002 Economic Net Income (Loss) $ 510,610 $ 156,559 $ 106,067 $ (362,060 ) $ 411,176 Total Assets $ 1,835,166 $ 1,179,955 $ 403,609 $ 10,119,919 $ 13,538,649 As of and for the Nine Months Ended September 30, 2015 Private Markets Public Markets Capital Markets Principal Activities Total Segment Revenues Management, Monitoring and Transaction Fees, Net Management Fees $ 342,872 $ 194,089 $ — $ — $ 536,961 Monitoring Fees 170,515 — — — 170,515 Transaction Fees 104,652 20,689 132,333 — 257,674 Fee Credits (143,458 ) (16,787 ) — — (160,245 ) Total Management, Monitoring and Transaction Fees, Net 474,581 197,991 132,333 — 804,905 Performance Income (Loss) Realized Incentive Fees — 12,438 — — 12,438 Realized Carried Interest 810,990 8,953 — — 819,943 Unrealized Carried Interest 45,190 5,967 — — 51,157 Total Performance Income (Loss) 856,180 27,358 — — 883,538 Investment Income (Loss) Net Realized Gains (Losses) — — — 418,366 418,366 Net Unrealized Gains (Losses) — — — (263,197 ) (263,197 ) Total Realized and Unrealized — — — 155,169 155,169 Interest Income and Dividends — — — 325,629 325,629 Interest Expense — — — (150,911 ) (150,911 ) Net Interest and Dividends — — — 174,718 174,718 Total Investment Income (Loss) — — — 329,887 329,887 Total Segment Revenues 1,330,761 225,349 132,333 329,887 2,018,330 Segment Expenses Compensation and Benefits Cash Compensation and Benefits 135,363 49,985 27,749 75,859 288,956 Realized Performance Income Compensation 324,396 8,556 — — 332,952 Unrealized Performance Income Compensation 19,190 2,386 — — 21,576 Total Compensation and Benefits 478,949 60,927 27,749 75,859 643,484 Occupancy and Related Charges 24,553 7,209 1,952 12,277 45,991 Other Operating Expenses 87,902 30,004 10,540 36,194 164,640 Total Segment Expenses 591,404 98,140 40,241 124,330 854,115 Income (Loss) attributable to noncontrolling interests 1,112 958 8,837 — 10,907 Economic Net Income (Loss) $ 738,245 $ 126,251 $ 83,255 $ 205,557 $ 1,153,308 Total Assets $ 1,848,332 $ 575,878 $ 418,701 $ 10,905,888 $ 13,748,799
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total Segment Revenues $ 1,031,537 $ (191,818 ) $ 1,200,909 $ 2,018,330 Management fees relating to consolidated funds and other entities (49,017 ) (131,581 ) (131,335 ) (387,020 ) Fee credits relating to consolidated funds 417 21,212 2,766 147,899 Net realized and unrealized carried interest - consolidated funds (5,956 ) 163,202 (15,581 ) (871,100 ) Total investment income (loss) (330,497 ) 274,384 245,846 (329,887 ) Revenue earned by oil & gas producing entities 16,191 29,620 47,977 90,264 Reimbursable expenses 12,064 14,390 46,583 41,710 Other 12,317 9,217 29,453 25,649 Fees and Other $ 687,056 $ 188,626 $ 1,426,618 $ 735,845 Expenses Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Total Segment Expenses $ 361,511 $ 91,329 $ 787,731 $ 854,115 Equity based compensation 61,552 67,821 186,032 213,849 Reimbursable expenses 18,255 18,064 72,887 64,470 Operating expenses relating to consolidated funds, CFEs and other entities 20,141 15,901 85,093 37,953 Expenses incurred by oil & gas producing entities 17,782 60,224 56,000 107,355 Intangible amortization, acquisition, and litigation 22,112 12,726 35,640 34,248 Other 9,764 10,855 19,275 34,140 Total Expenses $ 511,117 $ 276,920 $ 1,242,658 $ 1,346,130 Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Economic net income (loss) $ 669,266 $ (286,049 ) $ 411,176 $ 1,153,308 Income tax (10,826 ) 7,390 (18,761 ) (39,295 ) Amortization of intangibles and other, net (1) 48,299 (10,186 ) 10,273 (45,306 ) Equity based compensation (61,552 ) (67,821 ) (186,032 ) (213,849 ) Net income (loss) attributable to noncontrolling interests held by KKR Holdings (284,834 ) 166,078 (86,659 ) (398,633 ) Preferred Unit Distributions (8,201 ) — (13,894 ) — Net income (loss) Attributable to KKR & Co. L.P. Common Unitholders $ 352,152 $ (190,588 ) $ 116,103 $ 456,225 (1) Other primarily represents the statement of operations impact of the accounting convention differences for (i) direct interests in oil & natural gas properties outside of investment funds and (ii) certain interests in consolidated CLOs and other entities. On a segment basis, direct interests in oil & natural gas properties outside of investment funds are carried at fair value with changes in fair value recorded in Economic Net Income (Loss) and certain interests in consolidated CLOs and other entities are carried at cost. See Note 2 "Summary of Significant Accounting Policies" for the GAAP accounting for these direct interests in oil and natural gas producing properties outside investment funds and interests in consolidated CLOs and other entities.
Reconciliation of assets from segment to consolidated	Assets September 30, 2016 September 30, 2015 Total Segment Assets $ 13,538,649 $ 13,748,799 Impact of Consolidation of Investment Vehicles and Other Entities (1) 23,013,503 53,902,049 Carry Pool Reclassification from Liabilities 1,121,510 1,117,225 Impact of KKR Management Holdings Corp. 310,937 288,853 Total Assets $ 37,984,599 $ 69,056,926 (1) Includes accounting basis difference for oil & natural gas properties of $5,966 and $47,862 as of September 30, 2016 and September 30, 2015, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets, net	Intangible Assets, Net consists of the following: September 30, 2016 December 31, 2015 Finite-Lived Intangible Assets $ 253,747 $ 284,766 Accumulated Amortization (includes foreign exchange) (111,266 ) (107,779 ) Intangible Assets, Net $ 142,481 $ 176,987
Schedule of changes in intangible assets, net	Changes in Intangible Assets, Net consists of the following: Nine Months Ended Balance, Beginning of Period $ 176,987 Amortization Expense (20,061 ) Write-Offs (1) (15,416 ) Foreign Exchange 971 Balance, End of Period $ 142,481 (1) Represents the write-off of intangible assets in connection with the termination of certain management contracts.

ORGANIZATION (Details)

ORGANIZATION (Details)	9 Months Ended
	Sep. 30, 2016
Group Holdings
ORGANIZATION AND BASIS OF PRESENTATION
Percentage owned by KKR Holdings L.P.	99.00%
Management Holdings Corp
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of economic interest held by parent entity	1.00%
KKR Group Partnerships
ORGANIZATION AND BASIS OF PRESENTATION
Percentage owned by KKR Holdings L.P.	44.40%
Percentage of economic interest held by parent entity	55.60%

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) - USD ($)	Jan. 01, 2016	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in consolidated assets		$ (37,984,599,000)	$ (71,042,339,000)	$ (69,056,926,000)
Decrease in liabilities		(21,162,334,000)	(21,574,754,000)
Decrease in noncontrolling interests		$ (10,610,456,000)	$ (43,731,774,000)
Effect on net income (loss) as a result of the elimination in consolidation of management fees earned from noncontrolling interests	$ 0
Accounting Standard Update 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in consolidated assets	36,300,000,000
Decrease in liabilities	2,100,000,000
Decrease in noncontrolling interests	$ 34,200,000,000

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Noncontrolling Interests (Details)	9 Months Ended
	Sep. 30, 2016
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 ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interests in Consolidated Entities (Details)	Mar. 17, 2016	Sep. 30, 2016
Accounting Policies [Abstract]
Percentage of carried interest received by general partners (up to)		1.00%
Percentage of other profits (losses) received by general partners		1.00%
Series A LLC Preferred Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred units dividend rate (as a percent)	6.75%
Series A LLC Preferred Stock | KFN
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Preferred units dividend rate (as a percent)		7.375%

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interests Held by KKR Holdings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Calculation of Noncontrolling Interest [Abstract]
Equity based compensation			$ 186,032	$ 213,849
Capital contributions			1,948,552	4,647,456
Capital distributions			(1,392,135)	(10,987,994)
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract]
Net Income (Loss)	$ 974,762	$ (1,217,895)	487,657	4,030,982
Less: Net income (loss) attributable to Redeemable Noncontrolling Interests	3,121	(12,925)	4,616	(11,883)
Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities	326,454	(848,304)	266,385	3,188,007
Less: Net income (loss) attributable to Series A and Series B Preferred Unitholders	8,201	0	13,894	0
Plus: Income tax / (benefit) attributable to KKR Management Holdings Corp.	3,187	(14,745)	(8,376)	8,866
Net income (loss) attributable to KKR & Co. L.P. Common Unitholders and KKR Holdings	640,173	(371,411)	194,386	863,724
Noncontrolling Interests held by KKR Holdings
Calculation of Noncontrolling Interest [Abstract]
Balance at the beginning of the period	4,018,305	4,827,384	4,347,153	4,661,679
Net income (loss) attributable to noncontrolling interests held by KKR Holdings	284,834	(166,078)	86,659	398,633
Other comprehensive income (loss), net of tax	231	(2,516)	(37)	(10,048)
Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units	(22,930)	(37,062)	(53,908)	(162,615)
Equity based compensation	7,822	15,515	27,469	53,149
Capital contributions	69	254	207	804
Capital distributions	(57,420)	(154,597)	(176,632)	(458,702)
Balance at the end of the period	4,230,911	4,482,900	4,230,911	4,482,900
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract]
Net income (loss) attributable to noncontrolling interests held by KKR Holdings	$ 284,834	$ (166,078)	$ 86,659	$ 398,633

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurement (Details)	9 Months Ended
	Sep. 30, 2016methodology
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 (up to 100%)	100.00%
Minimum
Fair Value Measurements
Illiquidity discount	5.00%
Private markets investments valuation | Level III | Maximum
Fair Value Measurements
Percentage of fair value of investments for which valuations reviewed quarterly (less than)	5.00%

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fees and Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accounting Policies [Abstract]
Management Fees	$ 152,491	$ 50,199	$ 468,390	$ 149,941
Transaction Fees	113,056	60,014	277,776	250,954
Monitoring Fees	23,367	39,915	99,388	217,327
Fee Credits	(46,975)	(2,081)	(106,506)	(12,346)
Carried Interest	414,864	0	602,695	0
Incentive Fees	3,800	157	6,045	11,623
Oil and Gas Revenue	16,191	29,620	47,977	90,264
Consulting Fees	10,262	10,802	30,853	28,082
Total Fees and Other	687,056	188,626	1,426,618	735,845
Reportable segments
Accounting Policies [Abstract]
Fee Credits	(47,392)	(23,293)	(109,272)	(160,245)
Incentive Fees	350,469	265,291	753,032	819,943
Total Fees and Other	$ 276,561	$ 244,888	$ 818,582	$ 804,905
Reportable segments | Minimum
Fees and Commissions [Line Items]
Fee Credits as a percentage of monitoring and transaction fees net of fund-related expenses			80.00%
Reportable segments | Maximum
Fees and Commissions [Line Items]
Fee Credits as a percentage of monitoring and transaction fees net of fund-related expenses			100.00%

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs adjustment	$ 9,168	$ 65,225
Other Assets | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs adjustment		(15,400)
Debt Obligations | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs adjustment		$ 15,400

NET GAINS (LOSSES) FROM INVES49

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Gain (Loss) on Investments [Line Items]
Net Realized Gains (Losses)	$ 288,617	$ 1,024,003	$ 354,105	$ 4,335,930
Net Unrealized Gains (Losses)	446,527	(2,579,684)	(345,016)	(861,182)
Total	735,144	(1,555,681)	9,089	3,474,748
Private Equity
Gain (Loss) on Investments [Line Items]
Net Realized Gains (Losses)	172,390	939,218	370,266	3,916,131
Net Unrealized Gains (Losses)	37,465	(1,751,892)	(412,303)	(1,557)
Total	209,855	(812,674)	(42,037)	3,914,574
Credit and Other
Gain (Loss) on Investments [Line Items]
Net Realized Gains (Losses)	(262,826)	(49,052)	(284,992)	45,247
Net Unrealized Gains (Losses)	256,137	(487,939)	(104,028)	(522,364)
Total	(6,689)	(536,991)	(389,020)	(477,117)
Investments of Consolidated CFEs
Gain (Loss) on Investments [Line Items]
Net Realized Gains (Losses)	(18,697)	(341)	(239,502)	(26,494)
Net Unrealized Gains (Losses)	40,049	(157,045)	547,099	(79,651)
Total	21,352	(157,386)	307,597	(106,145)
Real Assets
Gain (Loss) on Investments [Line Items]
Net Realized Gains (Losses)	28,803	7,319	41,158	14,824
Net Unrealized Gains (Losses)	70,700	(225,965)	66,927	(162,065)
Total	99,503	(218,646)	108,085	(147,241)
Foreign Exchange Forward Contracts and Options
Gain (Loss) on Investments [Line Items]
Net Realized Gains (Losses)	41,254	98,191	41,829	305,541
Net Unrealized Gains (Losses)	(63,997)	(4,324)	(75,398)	34,799
Total	(22,743)	93,867	(33,569)	340,340
Securities Sold Short
Gain (Loss) on Investments [Line Items]
Net Realized Gains (Losses)	232,448	8,539	231,474	(680)
Net Unrealized Gains (Losses)	29,545	6,409	(10,343)	18,607
Total	261,993	14,948	221,131	17,927
Other Derivatives
Gain (Loss) on Investments [Line Items]
Net Realized Gains (Losses)	(17,224)	9,176	(35,613)	20,699
Net Unrealized Gains (Losses)	14,472	(23,770)	40,081	(2,049)
Total	(2,752)	(14,594)	4,468	18,650
Debt Obligations - Net Gains (Losses) and Other
Gain (Loss) on Investments [Line Items]
Net Realized Gains (Losses)	112,469	10,953	229,485	60,662
Net Unrealized Gains (Losses)	62,156	64,842	(397,051)	(146,902)
Total	$ 174,625	$ 75,795	$ (167,566)	$ (86,240)

INVESTMENTS - Summary of Invest

INVESTMENTS - Summary of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments
Investments owned, at fair value	$ 31,277,959	$ 65,305,931
Private Equity
Investments
Investments owned, at fair value	3,000,570	36,398,474
Credit
Investments
Investments owned, at fair value	4,393,336	6,300,004
Investments of Consolidated CFEs
Investments
Investments owned, at fair value	13,514,574	12,735,309
Real Assets
Investments
Investments owned, at fair value	1,814,756	4,048,281
Equity Method
Investments
Investments owned, at fair value	2,840,762	1,730,565
Carried Interest
Investments
Investments owned, at fair value	2,731,310	245,066
Other
Investments
Investments owned, at fair value	$ 2,982,651	$ 3,848,232

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Investments
Fair value of investment with greater than 5% of total investments	$ 31,277,959	$ 65,305,931
Investment Type
Investments
Pledged assets	$ 14,600,000	$ 14,200,000
Investments | Investment Concentration Risk
Investments
Threshold percentage of total investments (greater than)	5.00%	5.00%
Investments | Investment Concentration Risk | Alliance Boots
Investments
Fair value of investment with greater than 5% of total investments		$ 5,100,000
Investments | Investment Concentration Risk | First Data
Investments
Fair value of investment with greater than 5% of total investments		$ 4,300,000

INVESTMENTS - Carried Interest

INVESTMENTS - Carried Interest (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Schedule of Nonconsolidated Carried Interest [Roll Forward]
Balance at December 31, 2015	$ 245,066
Deconsolidation of Funds on Adoption of ASU 2015-02	2,712,962
Carried Interest Allocated as a result of Changes in Fund Fair Value	602,695
Cash Proceeds Received	(829,413)
Balance at September 30, 2016	$ 2,731,310

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Marshall Wace LLP
Liabilities, at fair value:
Equity interests acquired (as a percent)	24.90%
Entity interests acquired, option to increase, potential interest in acquiree (as a percent)	39.90%
Level III | Private Equity
Assets, at fair value:
Total Assets	$ 1,489,085
Level III | Credit
Assets, at fair value:
Total Assets	3,219,012
Level III | Investments of Consolidated CFEs
Assets, at fair value:
Total Assets	5,544,679
Level III | Real Assets
Assets, at fair value:
Total Assets	1,814,756
Fair value measured on recurring basis
Assets, at fair value:
Total Investments	26,495,322	$ 64,221,906
Total Assets	26,691,035	64,862,792
Liabilities, at fair value:
Securities Sold Short	590,219	299,990
Unfunded Revolver Commitments	4,377	15,533
Total Liabilities	13,971,900	12,869,011
Fair value measured on recurring basis | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	13,178,833	12,365,222
Fair value measured on recurring basis | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	170,304	635,183
Liabilities, at fair value:
Total Liabilities	87,002	83,748
Fair value measured on recurring basis | Other Derivatives
Assets, at fair value:
Total Assets	25,409	5,703
Liabilities, at fair value:
Total Liabilities	111,469	104,518
Fair value measured on recurring basis | Private Equity
Assets, at fair value:
Total Investments	3,000,570	36,398,474
Fair value measured on recurring basis | Credit
Assets, at fair value:
Total Investments	4,393,336	6,300,004
Fair value measured on recurring basis | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	13,514,574	12,735,309
Fair value measured on recurring basis | Real Assets
Assets, at fair value:
Total Investments	1,814,756	4,048,281
Fair value measured on recurring basis | Equity Method
Assets, at fair value:
Total Investments	789,435	891,606
Fair value measured on recurring basis | Other
Assets, at fair value:
Total Investments	2,982,651	3,848,232
Fair value measured on recurring basis | Level I
Assets, at fair value:
Total Investments	2,569,468	17,431,336
Total Assets	2,571,093	17,431,336
Liabilities, at fair value:
Securities Sold Short	541,826	286,981
Unfunded Revolver Commitments	0	0
Total Liabilities	541,826	286,981
Fair value measured on recurring basis | Level I | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	0	0
Fair value measured on recurring basis | 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 | Level I | Other Derivatives
Assets, at fair value:
Total Assets	1,625	0
Liabilities, at fair value:
Total Liabilities	0	0
Fair value measured on recurring basis | Level I | Private Equity
Assets, at fair value:
Total Investments	1,399,671	16,614,008
Fair value measured on recurring basis | Level I | Credit
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Level I | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Level I | Real Assets
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Level I | Equity Method
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Level I | Other
Assets, at fair value:
Total Investments	1,169,797	817,328
Fair value measured on recurring basis | Level II
Assets, at fair value:
Total Investments	9,774,260	15,353,602
Total Assets	9,968,348	15,994,488
Liabilities, at fair value:
Securities Sold Short	48,393	13,009
Unfunded Revolver Commitments	4,377	15,533
Total Liabilities	7,932,424	12,582,030
Fair value measured on recurring basis | Level II | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	7,743,242	12,365,222
Fair value measured on recurring basis | Level II | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	170,304	635,183
Liabilities, at fair value:
Total Liabilities	87,002	83,748
Fair value measured on recurring basis | Level II | Other Derivatives
Assets, at fair value:
Total Assets	23,784	5,703
Liabilities, at fair value:
Total Liabilities	49,410	104,518
Fair value measured on recurring basis | Level II | Private Equity
Assets, at fair value:
Total Investments	111,814	880,928
Fair value measured on recurring basis | Level II | Credit
Assets, at fair value:
Total Investments	1,174,324	1,287,649
Fair value measured on recurring basis | Level II | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	7,969,895	12,735,309
Fair value measured on recurring basis | Level II | Real Assets
Assets, at fair value:
Total Investments	0	0
Fair value measured on recurring basis | Level II | Equity Method
Assets, at fair value:
Total Investments	284,251	0
Fair value measured on recurring basis | Level II | Other
Assets, at fair value:
Total Investments	233,976	449,716
Fair value measured on recurring basis | Level III
Assets, at fair value:
Total Investments	14,151,594	31,436,968
Total Assets	14,151,594	31,436,968
Liabilities, at fair value:
Securities Sold Short	0	0
Unfunded Revolver Commitments	0	0
Total Liabilities	5,497,650	0
Fair value measured on recurring basis | Level III | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	5,435,591	0
Fair value measured on recurring basis | 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 | Level III | Other Derivatives
Assets, at fair value:
Total Assets	0	0
Liabilities, at fair value:
Total Liabilities	62,059	0
Fair value measured on recurring basis | Level III | Private Equity
Assets, at fair value:
Total Investments	1,489,085	18,903,538
Fair value measured on recurring basis | Level III | Credit
Assets, at fair value:
Total Investments	3,219,012	5,012,355
Fair value measured on recurring basis | Level III | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	5,544,679	0
Fair value measured on recurring basis | Level III | Real Assets
Assets, at fair value:
Total Investments	1,814,756	4,048,281
Fair value measured on recurring basis | Level III | Equity Method
Assets, at fair value:
Total Investments	505,184	891,606
Fair value measured on recurring basis | Level III | Other
Assets, at fair value:
Total Investments	$ 1,578,878	$ 2,581,188

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in Level Three Assets (Details) - Level III - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Total Level III Assets
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	$ 13,312,014	$ 36,839,044	$ 31,436,968	$ 35,824,623
Transfers Out Due to Deconsolidation of Funds	0		(23,824,091)
Transfers In	1,677	0	4,389,256	126,233
Transfers Out	0	0	(416,030)	(3,733,213)
Asset Purchases / Debt Issuances	975,973	1,024,021	3,487,382	5,274,931
Sales	(402,945)	(2,003,966)	(1,161,897)	(3,719,004)
Settlements	24,296	49,625	74,474	206,657
Net Realized Gains (Losses)	44,723	723,677	39,077	1,074,167
Net Unrealized Gains (Losses)	189,930	(988,557)	122,985	582,496
Change in Accounting Principle				0
Change in Other Comprehensive Income	5,926	(10,506)	3,470	(3,552)
Balance, End of Period	14,151,594	35,633,338	14,151,594	35,633,338
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	206,328	(356,148)	115,633	1,473,106
Private Equity
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	1,231,868	25,113,442	18,903,538	26,276,021
Transfers Out Due to Deconsolidation of Funds	0		(17,856,098)
Transfers In	0	0	0	0
Transfers Out	0	0	(104,000)	(3,564,987)
Asset Purchases / Debt Issuances	253,736	461,640	507,812	1,613,411
Sales	(43,789)	(1,569,751)	(43,789)	(2,392,428)
Settlements	0	0	0	0
Net Realized Gains (Losses)	17,386	724,528	17,386	1,069,212
Net Unrealized Gains (Losses)	29,884	(586,635)	64,236	1,141,995
Change in Accounting Principle				0
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	1,489,085	24,143,224	1,489,085	24,143,224
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	46,895	78,943	81,247	2,088,462
Credit
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	2,672,179	4,705,846	5,012,355	4,192,702
Transfers Out Due to Deconsolidation of Funds	0		(2,354,181)
Transfers In	1,677	0	45,427	16,706
Transfers Out	0	0	(760)	(12,860)
Asset Purchases / Debt Issuances	616,041	333,776	1,170,140	1,665,858
Sales	(168,342)	(378,621)	(648,416)	(1,101,702)
Settlements	24,296	49,625	74,474	207,540
Net Realized Gains (Losses)	(518)	(11,041)	(9,113)	(16,235)
Net Unrealized Gains (Losses)	67,753	(162,899)	(74,384)	(419,017)
Change in Accounting Principle				0
Change in Other Comprehensive Income	5,926	(10,047)	3,470	(6,353)
Balance, End of Period	3,219,012	4,526,639	3,219,012	4,526,639
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	67,140	(212,570)	(74,997)	(512,725)
Investments of Consolidated CFEs
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	5,615,342	0	0	92,495
Transfers Out Due to Deconsolidation of Funds	0		0
Transfers In	0	0	4,343,829	108,340
Transfers Out	0	0	0	(153,656)
Asset Purchases / Debt Issuances	0	0	1,026,801	1,308
Sales	(8,993)	0	(23,910)	(3,138)
Settlements	0	0	0	(883)
Net Realized Gains (Losses)	0	0	0	0
Net Unrealized Gains (Losses)	(61,670)	0	197,959	(44,466)
Change in Accounting Principle				0
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	5,544,679	0	5,544,679	0
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	(61,670)	0	197,959	0
Real Assets
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	1,819,709	4,058,717	4,048,281	3,130,404
Transfers Out Due to Deconsolidation of Funds	0		(2,628,999)
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Asset Purchases / Debt Issuances	59,963	1,655	513,734	876,031
Sales	(164,419)	(18,701)	(237,176)	(36,169)
Settlements	0	0	0	0
Net Realized Gains (Losses)	28,803	7,320	41,158	14,825
Net Unrealized Gains (Losses)	70,700	(225,964)	77,758	(162,064)
Change in Accounting Principle				0
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	1,814,756	3,823,027	1,814,756	3,823,027
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	70,700	(219,689)	77,758	(148,785)
Equity Method
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	477,219	994,952	891,606	898,206
Transfers Out Due to Deconsolidation of Funds	0		0
Transfers In	0	0	0	0
Transfers Out	0	0	(311,270)	0
Asset Purchases / Debt Issuances	0	15,638	18,992	85,948
Sales	(725)	(22,510)	(61,111)	(25,784)
Settlements	0	0	0	0
Net Realized Gains (Losses)	225	0	(1,766)	0
Net Unrealized Gains (Losses)	28,465	(68,090)	(31,267)	(38,380)
Change in Accounting Principle				0
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	505,184	919,990	505,184	919,990
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	28,465	(12,598)	(31,267)	17,112
Other
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	1,495,697	1,966,087	2,581,188	1,234,795
Transfers Out Due to Deconsolidation of Funds	0		(984,813)
Transfers In	0	0	0	1,187
Transfers Out	0	0	0	(1,710)
Asset Purchases / Debt Issuances	46,233	211,312	249,903	1,032,375
Sales	(16,677)	(14,383)	(147,495)	(159,783)
Settlements	0	0	0	0
Net Realized Gains (Losses)	(1,173)	2,870	(8,588)	6,365
Net Unrealized Gains (Losses)	54,798	55,031	(111,317)	104,428
Change in Accounting Principle				0
Change in Other Comprehensive Income	0	(459)	0	2,801
Balance, End of Period	1,578,878	2,220,458	1,578,878	2,220,458
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	$ 54,798	$ 9,766	$ (135,067)	$ 29,042

FAIR VALUE MEASUREMENTS - Cha55

FAIR VALUE MEASUREMENTS - Changes in Level Three Liabilities (Details) - Level III - Debt Obligations of Consolidated CFEs - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	$ 5,506,281	$ 0	$ 0	$ 7,615,340
Transfers Out Due to Deconsolidation of Funds	0		0
Transfers In	0	0	4,272,081	0
Transfers Out	0	0	0	0
Asset Purchases / Debt Issuances	0	0	990,450	0
Sales	0	0	0	0
Settlements	(8,993)	0	(23,910)	0
Net Realized Gains (Losses)	0	0	0	0
Net Unrealized Gains (Losses)	(61,697)	0	196,970	0
Change in Accounting Principle				(7,615,340)
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	5,435,591	0	5,435,591	0
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	$ (61,697)	$ 0	$ 196,970	$ 0

FAIR VALUE MEASUREMENTS - Trans

FAIR VALUE MEASUREMENTS - Transfers Between Fair Value Levels (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Assets, transfers from Level I to Level II	$ 0	$ 4,447,981	$ 73,600	$ 4,447,981
Assets, transfers from Level II to Level I	0	0	0	467,766
Assets, transfers from Level II to Level III	1,677	0	4,389,256	126,233
Assets, transfers from Level III to Level II	0	0	312,030	168,226
Assets, transfers from Level III to Level I	0	0	104,000	3,564,987
Liabilities, transfers from Level II to Level III	$ 0	$ 0	$ 4,272,081	$ 0

FAIR VALUE MEASUREMENTS - Valua

FAIR VALUE MEASUREMENTS - Valuation Methodologies and Significant Unobservable Inputs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)$ / barrel	Dec. 31, 2015USD ($)
Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	$ 26,691,035	$ 64,862,792
Investments, fair value disclosure	$ 26,495,322	64,221,906
Minimum
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount	5.00%
Private Equity | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	$ 3,000,570	36,398,474
Credit | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	4,393,336	6,300,004
Investments of Consolidated CFEs | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	13,514,574	12,735,309
Real Assets | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	1,814,756	4,048,281
Other | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	2,982,651	3,848,232
Equity Method | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	789,435	891,606
Level III | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	14,151,594	31,436,968
Investments, fair value disclosure	14,151,594	31,436,968
Level III | Private Equity
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	1,489,085
Level III | Private Equity | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	1,489,085	18,903,538
Level III | Private Equity | Private Equity
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	615,417
Level III | Private Equity | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	873,668
Level III | Credit
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	3,219,012
Level III | Credit | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	3,219,012	5,012,355
Level III | Investments of Consolidated CFEs
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	5,544,679
Level III | Investments of Consolidated CFEs | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	5,544,679	0
Level III | Investments of Consolidated CFEs | Debt Obligations of Consolidated CFEs
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	5,435,591
Level III | Real Assets
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	1,814,756
Level III | Real Assets | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	1,814,756	4,048,281
Level III | Real Assets | Energy
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	811,438
Level III | Real Assets | Real Estate
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	856,869
Level III | Real Assets | Infrastructure
Level III investments and other financial instruments by valuation methodologies
Assets, fair value	146,400
Level III | Other
Level III investments and other financial instruments by valuation methodologies
Value of investments in real assets whose valuation inputs are not comparable to other private equity investments	1,578,900
Level III | Other | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	1,578,878	2,581,188
Level III | Equity Method | Fair value measured on recurring basis
Level III investments and other financial instruments by valuation methodologies
Investments, fair value disclosure	$ 505,184	$ 891,606
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Minimum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount	5.00%
Weight Ascribed to Market Comparables	0.00%
Weight Ascribed to Discounted Cash Flow	5.00%
Weight Ascribed to Transaction Price	0.00%
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Minimum | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount	10.00%
Weight Ascribed to Market Comparables	0.00%
Weight Ascribed to Discounted Cash Flow	0.00%
Weight Ascribed to Transaction Price	0.00%
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Maximum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount	15.00%
Weight Ascribed to Market Comparables	50.00%
Weight Ascribed to Discounted Cash Flow	100.00%
Weight Ascribed to Transaction Price	90.00%
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Maximum | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount	20.00%
Weight Ascribed to Market Comparables	100.00%
Weight Ascribed to Discounted Cash Flow	75.00%
Weight Ascribed to Transaction Price	100.00%
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Weighted Average | Private Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount	8.20%
Weight Ascribed to Market Comparables	39.40%
Weight Ascribed to Discounted Cash Flow	42.50%
Weight Ascribed to Transaction Price	18.10%
Level III | Inputs to market comparable, discounted cash flow and transaction cost | Private Equity | Weighted Average | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Illiquidity Discount	13.60%
Weight Ascribed to Market Comparables	43.00%
Weight Ascribed to Discounted Cash Flow	10.70%
Weight Ascribed to Transaction Price	46.30%
Level III | Market comparables | Private Equity | Minimum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	8.1
Enterprise Value/Forward EBITDA Multiple	7.2
Level III | Market comparables | Private Equity | Maximum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	19
Enterprise Value/Forward EBITDA Multiple	15.4
Level III | Market comparables | Private Equity | Weighted Average | Private Equity
Level III investments and other financial instruments by valuation methodologies
Enterprise Value/LTM EBITDA Multiple	12.3
Enterprise Value/Forward EBITDA Multiple	11.2
Level III | Discounted cash flow | Private Equity | Minimum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital	8.00%
Enterprise Value/LTM EBITDA Exit Multiple	7.3
Level III | Discounted cash flow | Private Equity | Maximum | Private Equity
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital	13.90%
Enterprise Value/LTM EBITDA Exit Multiple	13.5
Level III | Discounted cash flow | Private Equity | Weighted Average | Private Equity
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital	10.40%
Enterprise Value/LTM EBITDA Exit Multiple	10.5
Level III | Discounted cash flow | Investments of Consolidated CFEs | Minimum | Debt Obligations of Consolidated CFEs
Level III investments and other financial instruments by valuation methodologies
Yield	1.50%
Level III | Discounted cash flow | Investments of Consolidated CFEs | Maximum | Debt Obligations of Consolidated CFEs
Level III investments and other financial instruments by valuation methodologies
Yield	26.20%
Level III | Discounted cash flow | Investments of Consolidated CFEs | Weighted Average | Debt Obligations of Consolidated CFEs
Level III investments and other financial instruments by valuation methodologies
Yield	5.40%
Level III | Discounted cash flow | Real Assets | Energy
Level III investments and other financial instruments by valuation methodologies
Revenue ratio of liquids (percent)	82.00%
Revenue ratio of natural gas (percent)	18.00%
Level III | Discounted cash flow | Real Assets | Minimum | Energy
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital	8.20%
Average Price Per Barrel of Oil Equivalents (usd per barrel of oil equivalent) | $ / barrel	29.87
Level III | Discounted cash flow | Real Assets | Minimum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Unlevered Discount Rate	5.50%
Level III | Discounted cash flow | Real Assets | Maximum | Energy
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital	17.30%
Average Price Per Barrel of Oil Equivalents (usd per barrel of oil equivalent) | $ / barrel	47.69
Level III | Discounted cash flow | Real Assets | Maximum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Unlevered Discount Rate	20.00%
Level III | Discounted cash flow | Real Assets | Weighted Average | Energy
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital	10.60%
Average Price Per Barrel of Oil Equivalents (usd per barrel of oil equivalent) | $ / barrel	41.55
Level III | Discounted cash flow | Real Assets | Weighted Average | Real Estate
Level III investments and other financial instruments by valuation methodologies
Unlevered Discount Rate	9.60%
Level III | Discounted cash flow | Real Assets | Weighted Average | Infrastructure
Level III investments and other financial instruments by valuation methodologies
Weighted Average Cost of Capital	7.90%
Enterprise Value/LTM EBITDA Exit Multiple	11
Level III | Scenario Weighting | Private Equity | Minimum | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Base	30.00%
Downside	10.00%
Upside	10.00%
Level III | Scenario Weighting | Private Equity | Maximum | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Base	80.00%
Downside	40.00%
Upside	33.00%
Level III | Scenario Weighting | Private Equity | Weighted Average | Growth Equity
Level III investments and other financial instruments by valuation methodologies
Base	52.60%
Downside	25.50%
Upside	21.90%
Level III | Yield Analysis | Credit | Minimum
Level III investments and other financial instruments by valuation methodologies
Yield	5.20%
Net Leverage	0.6
EBITDA Multiple	0.8
Level III | Yield Analysis | Credit | Maximum
Level III investments and other financial instruments by valuation methodologies
Yield	35.00%
Net Leverage	35.6
EBITDA Multiple	34.1
Level III | Yield Analysis | Credit | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Yield	8.50%
Net Leverage	4.3
EBITDA Multiple	6
Level III | Inputs to 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	25.00%
Weight Ascribed to Direct Income Capitalization	0.00%
Level III | Inputs to 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	100.00%
Weight Ascribed to Direct Income Capitalization	75.00%
Level III | Inputs to 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	64.40%
Weight Ascribed to Direct Income Capitalization	35.60%
Level III | Direct Income Capitalization | Real Assets | Minimum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Current Capitalization Rate	5.00%
Level III | Direct Income Capitalization | Real Assets | Maximum | Real Estate
Level III investments and other financial instruments by valuation methodologies
Current Capitalization Rate	12.00%
Level III | Direct Income Capitalization | Real Assets | Weighted Average | Real Estate
Level III investments and other financial instruments by valuation methodologies
Current Capitalization Rate	6.90%

FAIR VALUE OPTION - Financial I

FAIR VALUE OPTION - Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	$ 16,158,879	$ 15,238,882
Liabilities	13,178,833	12,365,222
Private Equity
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	105,586	211,474
Credit
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	1,262,369	936,063
Investments of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	13,514,574	12,735,309
Real Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	258,854	90,245
Equity Method
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	789,435	891,606
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	228,061	374,185
Debt Obligations of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Liabilities	$ 13,178,833	$ 12,365,222

FAIR VALUE OPTION - Change in F

FAIR VALUE OPTION - Change in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	$ (47,599)	$ (2,024)	$ (267,194)	$ 77,086
Fair value, option, liabilities, net realized gains (losses)	107,844	0	210,386	0
Fair value, option, assets, net unrealized gains (losses)	81,437	(290,966)	434,652	(125,568)
Fair value, option, liabilities, net unrealized gains (losses)	68,658	69,853	(378,505)	(44,650)
Private Equity
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	0	0	0	111,676
Fair value, option, assets, net unrealized gains (losses)	(446)	(13,921)	(2,744)	72,777
Credit
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	(31,310)	(11,774)	(26,293)	(14,944)
Fair value, option, assets, net unrealized gains (losses)	12,376	(25,793)	(29,662)	(67,364)
Investments of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	(18,697)	(341)	(239,502)	(26,494)
Fair value, option, assets, net unrealized gains (losses)	40,049	(157,045)	547,099	(79,651)
Real Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	2,945	0	2,945	0
Fair value, option, assets, net unrealized gains (losses)	(2,051)	4,214	8,544	13,354
Equity Method
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	225	7,703	(1,766)	7,703
Fair value, option, assets, net unrealized gains (losses)	42,525	(67,287)	(58,572)	(36,159)
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	(762)	2,388	(2,578)	(855)
Fair value, option, assets, net unrealized gains (losses)	(11,016)	(31,134)	(30,013)	(28,525)
Debt Obligations of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, liabilities, net realized gains (losses)	107,844	0	210,386	0
Fair value, option, liabilities, net unrealized gains (losses)	$ 68,658	$ 69,853	$ (378,505)	$ (44,650)

NET INCOME (LOSS) ATTRIBUTABL60

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders	$ 352,152	$ (190,588)	$ 116,103	$ 456,225
Basic Net Income (Loss) Per Common Unit
Weighted average common units outstanding - basic (in units)	445,989,300	452,165,697	448,149,747	444,675,159
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - basic (in dollars per unit)	$ 0.79	$ (0.42)	$ 0.26	$ 1.03
Diluted Net Income (Loss) Per Common Unit
Weighted average common units outstanding - basic (in units)	445,989,300	452,165,697	448,149,747	444,675,159
Weighted average unvested common units and other exchangeable securities (in units)	33,986,375	0	34,985,238	35,663,176
Weighted average common units outstanding - diluted (in units)	479,975,675	452,165,697	483,134,985	480,338,335
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - diluted (in dollars per unit)	$ 0.73	$ (0.42)	$ 0.24	$ 0.95
Weighted average KKR holdings units outstanding (in units)	357,528,999	365,717,358	358,853,469	370,306,583

OTHER ASSETS AND ACCOUNTS PAY61

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES - Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Unsettled investment sales	$ 234,108		$ 234,108		$ 74,862
Receivables	255,260		255,260		78,297
Due from Broker	498,483		498,483		365,678
Oil & Gas Assets, net	272,731		272,731		355,537
Deferred Tax Assets, net	283,730		283,730		275,391
Interest, Dividend and Notes Receivable	287,668		287,668		372,699
Fixed Assets, net	262,659		262,659		226,340
Foreign Exchange Contracts and Options	170,304		170,304		635,183
Intangible Assets, net	142,481		142,481		176,987
Goodwill	89,000		89,000		89,000
Derivative Assets	25,409		25,409		5,703
Deferred Transaction Related Expenses	28,995		28,995		35,422
Prepaid Taxes	46,320		46,320		24,326
Prepaid Expenses	24,948		24,948		13,697
Deferred Financing Costs	9,168		9,168		65,225
Other	78,529		78,529		14,790
Total	2,709,793		$ 2,709,793		2,809,137
Interest rate on promissory note (as a percent)			2.00%
Accumulated depreciation and amortization	140,795		$ 140,795		$ 135,487
Depreciation and amortization expense	$ 4,121	$ 3,777	$ 12,025	$ 11,642

OTHER ASSETS AND ACCOUNTS PAY62

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Amounts Payable to Carry Pool	$ 1,121,510	$ 1,199,000
Unsettled Investment Purchases	781,171	594,152
Securities Sold Short	590,219	299,990
Derivative Liabilities	111,469	104,518
Accrued Compensation and Benefits	181,018	17,765
Interest Payable	101,633	102,195
Foreign Exchange Contracts and Options	87,002	83,748
Accounts Payable and Accrued Expenses	82,916	112,007
Contingent consideration obligation	35,900	46,600
Deferred Rent and Income	21,624	21,706
Taxes Payable	12,833	8,770
Due to Broker	0	27,121
Other Liabilities	69,755	97,778
Total	$ 3,197,050	$ 2,715,350

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Investments in Unconsolidated Investment Funds
Variable Interest Entity [Line Items]
Investments	$ 4,100,000
Commitment to unconsolidated investment funds	1,600,000
Investments in Unconsolidated CLO Vehicles
Variable Interest Entity [Line Items]
Investments	4,074,100	$ 264,277
Combined assets under management	1,100,000
Maximum exposure to loss as a result of investments in the residual interests	$ 1,400

VARIABLE INTEREST ENTITIES - Ma

VARIABLE INTEREST ENTITIES - Maximum Exposure to Loss (Details) - Investments in Unconsolidated CLO Vehicles - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Investments	$ 4,074,100	$ 264,277
Due from (to) Affiliates, net	34,807	4,315
Maximum Exposure to Loss	$ 4,108,907	$ 268,592

DEBT OBLIGATIONS - KKR's Borrow

DEBT OBLIGATIONS - KKR's Borrowings (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Nov. 15, 2016
Debt Instrument [Line Items]
Financing Available	$ 3,031,317,000	$ 4,965,238,000
Borrowing Outstanding	17,589,353,000	18,714,597,000
Fair Value	17,661,466,000	18,778,573,000
Junior Subordinated Notes | KFN
Debt Instrument [Line Items]
Aggregate principal amount	$ 284,000,000
Weighted average interest rate (percentage)	4.00%
Weighted average remaining maturity (in years)	20 years
Fund Financing Facilities and Other
Debt Instrument [Line Items]
Financing Available	$ 1,531,317,000	3,465,238,000
Borrowing Outstanding	1,770,306,000	3,710,854,000
Fair Value	$ 1,770,306,000	$ 3,710,854,000
Weighted average interest rate (percentage)	2.30%	2.30%
Weighted average remaining maturity (in years)	1 year 9 months 18 days	2 years 6 months
Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 7,743,242,000	$ 8,093,141,000
Fair Value	7,743,242,000	8,093,141,000
Senior Notes | 2020 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	497,658,000	497,217,000
Fair Value	582,030,000	$ 578,510,000
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	$ 491,073,000	$ 490,815,000
Fair Value	536,855,000	$ 517,880,000
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	$ 989,917,000	$ 988,985,000
Fair Value	1,021,930,000	$ 994,960,000
Aggregate principal amount	$ 1,000,000,000
Interest rate, stated percentage	5.125%	5.125%
Senior Notes | 2041 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 288,728,000	$ 289,660,000
Fair Value	264,132,000	$ 273,965,000
Aggregate principal amount	$ 259,000,000
Interest rate, stated percentage	8.375%	8.375%
Senior Notes | 2041 Senior Notes | Forecast
Debt Instrument [Line Items]
Interest rate, stated percentage			8.375%
Senior Notes | 2042 Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding	$ 123,108,000	$ 123,346,000
Fair Value	118,447,000	$ 120,425,000
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	$ 249,730,000	$ 248,498,000
Fair Value	188,933,000	216,757,000
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Borrowing Outstanding	5,435,591,000	4,272,081,000
Fair Value	$ 5,435,591,000	4,272,081,000
Collateralized Mortgage Backed Securities | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Weighted average interest rate (percentage)	4.50%
Weighted average remaining maturity (in years)	32 years 3 months 18 days
Revolving Credit Facility | Corporate Credit Agreement
Debt Instrument [Line Items]
Financing Available	$ 1,000,000,000	1,000,000,000
Borrowing Outstanding	0	0
Fair Value	0	0
Revolving Credit Facility | KCM Credit Agreement
Debt Instrument [Line Items]
Financing Available	500,000,000	500,000,000
Borrowing Outstanding	0	0
Fair Value	$ 0	$ 0

DEBT OBLIGATIONS - Narrative (D

DEBT OBLIGATIONS - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Debt Instrument [Line Items]
Total Assets	$ 37,984,599,000	$ 71,042,339,000	$ 69,056,926,000
Consolidated VIEs
Debt Instrument [Line Items]
Total Assets	24,270,891,000	13,844,695,000
Consolidated CFEs | Consolidated VIEs
Debt Instrument [Line Items]
Total Assets	14,621,432,000	$ 13,844,695,000
KCM Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity (up to)	$ 500,000,000
KCM Credit Agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
KCM Credit Agreement | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
KCM Credit Agreement | Prime Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.25%
KCM Credit Agreement | Prime Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
KCM Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity (up to)	$ 500,000,000

DEBT OBLIGATIONS - Obligations

DEBT OBLIGATIONS - Obligations of Consolidated CLOs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Borrowing Outstanding	$ 17,589,353	$ 18,714,597
Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 7,743,242	8,093,141
Senior Secured Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.50%
Weighted Average Remaining Maturity in Years	10 years 8 months 12 days
Subordinated Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Weighted Average Remaining Maturity in Years	9 years
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Borrowing Outstanding	$ 5,435,591	$ 4,272,081
Collateralized Mortgage Backed Securities | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.50%
Weighted Average Remaining Maturity in Years	32 years 3 months 18 days
Level II | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 13,178,833
Level II | Senior Secured Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	7,461,404
Level II | Subordinated Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	281,838
Level II | Collateralized Mortgage Backed Securities | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 5,435,591

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	1.10%	0.60%	3.70%	0.97%
Unrecognized tax benefits, increase (decrease)	$ 0		$ 0
Amount of change in unrecognized tax benefits that is reasonably possible	$ 0		$ 0

EQUITY BASED COMPENSATION - Exp

EQUITY BASED COMPENSATION - Expense (Details) - Compensation and Benefits - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Expense associated with equity based compensation
Equity based expenses	$ 61,552	$ 67,821	$ 186,032	$ 213,849
KKR Holdings Market Condition Awards
Expense associated with equity based compensation
Equity based expenses	6,831	0	19,841	0
Other Exchangeable Securities
Expense associated with equity based compensation
Equity based expenses	3,460	4,054	10,306	11,730
KKR Holdings Principal Awards
Expense associated with equity based compensation
Equity based expenses	594	2,045	1,297	6,238
KKR Holdings Restricted Equity Units
Expense associated with equity based compensation
Equity based expenses	0	(18)	0	131
Discretionary Compensation
Expense associated with equity based compensation
Equity based expenses	397	13,488	6,331	46,780
Equity Incentive Plan Units
Expense associated with equity based compensation
Equity based expenses	$ 50,270	$ 48,252	$ 148,257	$ 148,970

EQUITY BASED COMPENSATION - Nar

EQUITY BASED COMPENSATION - Narrative (Details)	Nov. 02, 2016USD ($)	Oct. 25, 2016$ / shares	Feb. 11, 2016$ / shares	Feb. 19, 2014shares	Sep. 30, 2016USD ($)shares
Common Units
Equity Based Payments
Common unit distribution announced (in dollars per unit) | $ / shares			$ 0.16
Common unit distribution announced, per annum (in dollars per unit) | $ / shares			$ 0.64
Common Units | Subsequent Event
Equity Based Payments
Common unit distribution announced (in dollars per unit) | $ / shares		$ 0.16
KKR Holdings Market Condition Awards
Equity Based Payments
Vesting period (in years)					4 years
Forfeiture rate assumed (as a percent)					4.00%
Estimated unrecognized equity-based payment expense					$ 54,800,000
Granted (in units) | shares					28,875,000
KKR Holdings Market Condition Awards | Subsequent Event
Equity Based Payments
Vesting period (in years)	5 years
Estimated unrecognized equity-based payment expense	$ 260,000,000
Compensation expense recognition period (in years)	5 years
KKR Holdings Market Condition Awards | Minimum
Equity Based Payments
Compensation expense recognition period (in years)					2 years
KKR Holdings Market Condition Awards | Maximum
Equity Based Payments
Compensation expense recognition period (in years)					5 years
Other Exchangeable Securities
Equity Based Payments
Vesting period (in years)					3 years
Forfeiture rate assumed (as a percent)					8.00%
Estimated unrecognized equity-based payment expense					$ 0
Granted (in units) | shares				2,545,602
Common units conversion basis					1
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 Awards
Equity Based Payments
Estimated unrecognized equity-based payment expense					$ 0
KKR Holdings Restricted Equity Units
Equity Based Payments
Estimated unrecognized equity-based payment expense					$ 0
Equity Incentive Plan Units
Equity Based Payments
Total awards issuable as a percentage of diluted common units outstanding					15.00%
Minimum retained ownership required to continuously hold common unit equivalents to as percentage of cumulatively vested interests					15.00%
Forfeiture rate assumed (as a percent)					8.00%
Estimated unrecognized equity-based payment expense					$ 247,000,000
Weighted average remaining vesting period over which unvested units are expected to vest (in years) (less than 1 year for equity bases awards)					1 year 1 month 6 days
Granted (in units) | shares					14,469,440
Equity Incentive Plan Units | Minimum
Equity Based Payments
Discount rate (as a percent)					8.00%
Equity Incentive Plan Units | Maximum
Equity Based Payments
Discount rate (as a percent)					56.00%
Equity Incentive Plan Units | KKR Holdings
Equity Based Payments
Minimum transfer restriction period with respect to one-half awards vested (in years)					1 year
Portion of awards vested having one-year transfer restriction period (as a percent)					50.00%
Minimum transfer restriction period with respect to remaining one-half awards vested (in years)					2 years
Portion of awards vested having two-year transfer restriction period (as a percent)					50.00%
Equity Incentive Plan Units | KKR Holdings | Minimum
Equity Based Payments
Vesting period (in years)					3 years
Equity Incentive Plan Units | KKR Holdings | Maximum
Equity Based Payments
Vesting period (in years)					5 years

EQUITY BASED COMPENSATION - Est

EQUITY BASED COMPENSATION - Estimated Unrecognized Expense (Details) $ in Millions	Sep. 30, 2016USD ($)
Equity Incentive Plan Units
Equity Based Payments
Estimated unrecognized equity-based payment expense	$ 247
Equity Incentive Plan Units | Remainder of 2016
Equity Based Payments
Estimated unrecognized equity-based payment expense	36.9
Equity Incentive Plan Units | 2017
Equity Based Payments
Estimated unrecognized equity-based payment expense	126.4
Equity Incentive Plan Units | 2018
Equity Based Payments
Estimated unrecognized equity-based payment expense	68.6
Equity Incentive Plan Units | 2019
Equity Based Payments
Estimated unrecognized equity-based payment expense	14.9
Equity Incentive Plan Units | 2020
Equity Based Payments
Estimated unrecognized equity-based payment expense	0.2
KKR Holdings Market Condition Awards
Equity Based Payments
Estimated unrecognized equity-based payment expense	54.8
KKR Holdings Market Condition Awards | Remainder of 2016
Equity Based Payments
Estimated unrecognized equity-based payment expense	6.7
KKR Holdings Market Condition Awards | 2017
Equity Based Payments
Estimated unrecognized equity-based payment expense	26.5
KKR Holdings Market Condition Awards | 2018
Equity Based Payments
Estimated unrecognized equity-based payment expense	12.7
KKR Holdings Market Condition Awards | 2019
Equity Based Payments
Estimated unrecognized equity-based payment expense	6.6
KKR Holdings Market Condition Awards | 2020
Equity Based Payments
Estimated unrecognized equity-based payment expense	$ 2.3

EQUITY BASED COMPENSATION - Awa

EQUITY BASED COMPENSATION - Awards Rollforward (Details) - $ / shares	Feb. 19, 2014	Sep. 30, 2016
Other Exchangeable Securities
Units
Balance at the beginning of the period (in units)		847,989
Granted (in units)	2,545,602
Vested (in units)		(19,177)
Forfeited (in units)		0
Balance at the end of the period (in units)		828,812
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit)		$ 17.28
Vested (in dollars per unit)		13.86
Forfeited (in dollars per unit)		0
Balance at the end of the period (in dollars per unit)		$ 17.36
Equity Incentive Plan Units
Units
Balance at the beginning of the period (in units)		23,128,228
Granted (in units)		14,469,440
Vested (in units)		(7,009,686)
Forfeited (in units)		(1,311,813)
Balance at the end of the period (in units)		29,276,169
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit)		$ 14.61
Granted (in dollars per unit)		13.35
Vested (in dollars per unit)		16.57
Forfeited (in dollars per unit)		14.75
Balance at the end of the period (in dollars per unit)		$ 13.51

EQUITY BASED COMPENSATION - Rem

EQUITY BASED COMPENSATION - Remaining Vesting Tranches (Details) - Equity Incentive Plan Units - shares	Sep. 30, 2016	Dec. 31, 2015
Equity Based Payments
Principal units (in units)	29,276,169	23,128,228
October 1, 2016
Equity Based Payments
Principal units (in units)	5,203,475
April 1, 2017
Equity Based Payments
Principal units (in units)	8,553,424
October 1, 2017
Equity Based Payments
Principal units (in units)	2,353,493
April 1, 2018
Equity Based Payments
Principal units (in units)	7,286,943
October 1, 2018
Equity Based Payments
Principal units (in units)	1,948,559
April 1, 2019
Equity Based Payments
Principal units (in units)	3,376,734
October 1, 2019
Equity Based Payments
Principal units (in units)	482,959
April 1, 2020
Equity Based Payments
Principal units (in units)	62,816
October 1, 2020
Equity Based Payments
Principal units (in units)	7,766

EQUITY BASED COMPENSATION - Fai

EQUITY BASED COMPENSATION - Fair Value Assumptions (Details) - KKR Holdings Market Condition Awards	9 Months Ended
	Sep. 30, 2016$ / shares
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Closing KKR unit price as of valuation date (in dollars per unit)	$ 15.23
Risk free rate (as a percent)	1.72%
Volatility (as a percent)	25.00%
Dividend yield (as a percent)	4.20%
Expected cost of equity (as a percent)	11.76%

EQUITY BASED COMPENSATION - Uni

EQUITY BASED COMPENSATION - Units Granted and Respective Information (Details) - KKR Holdings Market Condition Awards	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Equity Based Payments
Granted (in units) | shares	28,875,000
January 1, 2018
Equity Based Payments
Granted (in units) | shares	5,775,000
Marketing condition threshold per KKR common unit (in dollars per unit)	$ 23.65
Grant date fair value per unit (in dollars per unit)	$ 5.07
January 1, 2019
Equity Based Payments
Granted (in units) | shares	5,775,000
Marketing condition threshold per KKR common unit (in dollars per unit)	$ 27.02
Grant date fair value per unit (in dollars per unit)	$ 3.44
January 1, 2020
Equity Based Payments
Granted (in units) | shares	8,662,500
Marketing condition threshold per KKR common unit (in dollars per unit)	$ 30.40
Grant date fair value per unit (in dollars per unit)	$ 2.32
January 1, 2021
Equity Based Payments
Granted (in units) | shares	8,662,500
Marketing condition threshold per KKR common unit (in dollars per unit)	$ 33.78
Grant date fair value per unit (in dollars per unit)	$ 1.57

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Related Party Transactions
Due from Affiliates	$ 343,106	$ 139,783
Due to Affiliates	375,931	144,807
Portfolio Companies
Related Party Transactions
Due from Affiliates	48,739	46,716
Unconsolidated Investment Funds
Related Party Transactions
Due from Affiliates	276,958	74,409
Due to Affiliates	242,151	0
Related Entities
Related Party Transactions
Due from Affiliates	17,409	18,658
Due to Affiliates	689	16,845
Due to KKR Holdings in connection with the tax receivable agreement
Related Party Transactions
Due to Affiliates	$ 133,091	$ 127,962

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	9 Months Ended
	Sep. 30, 2016segment
Segment Reporting [Abstract]
Number of reportable segments	4
Expenses allocated, number of segments	3

SEGMENT REPORTING - Financial D

SEGMENT REPORTING - Financial Data for KKR's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Management, Monitoring and Transaction Fees, Net
Fee Credits	$ (46,975)	$ (2,081)	$ (106,506)	$ (12,346)
Total Fees and Other	687,056	188,626	1,426,618	735,845
Performance Income (Loss)
Realized Carried Interest	3,800	157	6,045	11,623
Investment Income (Loss)
Total Investment Income (Loss)	809,649	(1,136,991)	322,458	4,680,562
Segment Expenses
Total Compensation and Benefits	358,161	96,959	780,062	873,649
Occupancy and Related Charges	16,405	16,484	49,159	48,388
Total Expenses	511,117	276,920	1,242,658	1,346,130
Income (Loss) attributable to noncontrolling interests	326,454	(848,304)	266,385	3,188,007
Total Assets	37,984,599	69,056,926	37,984,599	69,056,926	$ 71,042,339
Reportable segments
Management, Monitoring and Transaction Fees, Net
Management Fees	201,508	181,780	599,725	536,961
Monitoring Fees	11,091	24,964	52,126	170,515
Transaction Fees	111,354	61,437	276,003	257,674
Fee Credits	(47,392)	(23,293)	(109,272)	(160,245)
Total Fees and Other	276,561	244,888	818,582	804,905
Performance Income (Loss)
Realized Incentive Fees	3,659	880	9,897	12,438
Realized Carried Interest	350,469	265,291	753,032	819,943
Unrealized Carried Interest	70,351	(428,493)	(134,756)	51,157
Total Performance Income (Loss)	424,479	(162,322)	628,173	883,538
Investment Income (Loss)
Net Realized Gains (Losses)	170,078	61,439	370,594	418,366
Net Unrealized Gains (Losses)	136,740	(384,460)	(725,699)	(263,197)
Total Realized and Unrealized	306,818	(323,021)	(355,105)	155,169
Interest Income and Dividends	71,185	101,318	253,756	325,629
Interest Expense	(47,506)	(52,681)	(144,497)	(150,911)
Net Interest and Dividends	23,679	48,637	109,259	174,718
Total Investment Income (Loss)	330,497	(274,384)	(245,846)	329,887
Total Segment Revenues	1,031,537	(191,818)	1,200,909	2,018,330
Segment Expenses
Cash Compensation and Benefits	101,967	87,680	299,756	288,956
Realized Performance Income Compensation	159,151	106,469	322,671	332,952
Unrealized Performance Income Compensation	29,393	(170,621)	(48,724)	21,576
Total Compensation and Benefits	290,511	23,528	573,703	643,484
Occupancy and Related Charges	15,877	15,720	47,486	45,991
Other Operating Expenses	55,123	52,081	166,542	164,640
Total Expenses	361,511	91,329	787,731	854,115
Income (Loss) attributable to noncontrolling interests	760	2,902	2,002	10,907
Economic Net Income (Loss)	669,266	(286,049)	411,176	1,153,308
Total Assets	13,538,649	13,748,799	13,538,649	13,748,799
Reportable segments | Private Markets
Management, Monitoring and Transaction Fees, Net
Management Fees	117,795	118,250	354,376	342,872
Monitoring Fees	11,091	24,964	52,126	170,515
Transaction Fees	53,223	17,732	114,021	104,652
Fee Credits	(37,127)	(20,266)	(93,042)	(143,458)
Total Fees and Other	144,982	140,680	427,481	474,581
Performance Income (Loss)
Realized Incentive Fees	0	0	0	0
Realized Carried Interest	350,469	265,291	749,194	810,990
Unrealized Carried Interest	53,339	(394,126)	(131,386)	45,190
Total Performance Income (Loss)	403,808	(128,835)	617,808	856,180
Investment Income (Loss)
Net Realized Gains (Losses)	0	0	0	0
Net Unrealized Gains (Losses)	0	0	0	0
Total Realized and Unrealized	0	0	0	0
Interest Income and Dividends	0	0	0	0
Interest Expense	0	0	0	0
Net Interest and Dividends	0	0	0	0
Total Investment Income (Loss)	0	0	0	0
Total Segment Revenues	548,790	11,845	1,045,289	1,330,761
Segment Expenses
Cash Compensation and Benefits	47,858	38,965	142,500	135,363
Realized Performance Income Compensation	157,688	106,116	317,178	324,396
Unrealized Performance Income Compensation	22,588	(156,874)	(47,377)	19,190
Total Compensation and Benefits	228,134	(11,793)	412,301	478,949
Occupancy and Related Charges	9,248	8,417	27,212	24,553
Other Operating Expenses	32,031	30,422	95,166	87,902
Total Expenses	269,413	27,046	534,679	591,404
Income (Loss) attributable to noncontrolling interests	0	250	0	1,112
Economic Net Income (Loss)	279,377	(15,451)	510,610	738,245
Total Assets	1,835,166	1,848,332	1,835,166	1,848,332
Reportable segments | Public Markets
Management, Monitoring and Transaction Fees, Net
Management Fees	83,713	63,530	245,349	194,089
Monitoring Fees	0	0	0	0
Transaction Fees	10,748	3,386	17,768	20,689
Fee Credits	(10,265)	(3,027)	(16,230)	(16,787)
Total Fees and Other	84,196	63,889	246,887	197,991
Performance Income (Loss)
Realized Incentive Fees	3,659	880	9,897	12,438
Realized Carried Interest	0	0	3,838	8,953
Unrealized Carried Interest	17,012	(34,367)	(3,370)	5,967
Total Performance Income (Loss)	20,671	(33,487)	10,365	27,358
Investment Income (Loss)
Net Realized Gains (Losses)	0	0	0	0
Net Unrealized Gains (Losses)	0	0	0	0
Total Realized and Unrealized	0	0	0	0
Interest Income and Dividends	0	0	0	0
Interest Expense	0	0	0	0
Net Interest and Dividends	0	0	0	0
Total Investment Income (Loss)	0	0	0	0
Total Segment Revenues	104,867	30,402	257,252	225,349
Segment Expenses
Cash Compensation and Benefits	22,022	16,690	61,193	49,985
Realized Performance Income Compensation	1,463	353	5,493	8,556
Unrealized Performance Income Compensation	6,805	(13,747)	(1,347)	2,386
Total Compensation and Benefits	30,290	3,296	65,339	60,927
Occupancy and Related Charges	2,570	2,424	7,252	7,209
Other Operating Expenses	8,894	7,458	28,102	30,004
Total Expenses	41,754	13,178	100,693	98,140
Income (Loss) attributable to noncontrolling interests	0	305	0	958
Economic Net Income (Loss)	63,113	16,919	156,559	126,251
Total Assets	1,179,955	575,878	1,179,955	575,878
Reportable segments | Capital Markets
Management, Monitoring and Transaction Fees, Net
Management Fees	0	0	0	0
Monitoring Fees	0	0	0	0
Transaction Fees	47,383	40,319	144,214	132,333
Fee Credits	0	0	0	0
Total Fees and Other	47,383	40,319	144,214	132,333
Performance Income (Loss)
Realized Incentive Fees	0	0	0	0
Realized Carried Interest	0	0	0	0
Unrealized Carried Interest	0	0	0	0
Total Performance Income (Loss)	0	0	0	0
Investment Income (Loss)
Net Realized Gains (Losses)	0	0	0	0
Net Unrealized Gains (Losses)	0	0	0	0
Total Realized and Unrealized	0	0	0	0
Interest Income and Dividends	0	0	0	0
Interest Expense	0	0	0	0
Net Interest and Dividends	0	0	0	0
Total Investment Income (Loss)	0	0	0	0
Total Segment Revenues	47,383	40,319	144,214	132,333
Segment Expenses
Cash Compensation and Benefits	7,803	8,858	23,374	27,749
Realized Performance Income Compensation	0	0	0	0
Unrealized Performance Income Compensation	0	0	0	0
Total Compensation and Benefits	7,803	8,858	23,374	27,749
Occupancy and Related Charges	330	670	1,901	1,952
Other Operating Expenses	3,552	3,461	10,870	10,540
Total Expenses	11,685	12,989	36,145	40,241
Income (Loss) attributable to noncontrolling interests	760	2,347	2,002	8,837
Economic Net Income (Loss)	34,938	24,983	106,067	83,255
Total Assets	403,609	418,701	403,609	418,701
Reportable segments | Principal Activities
Management, Monitoring and Transaction Fees, Net
Management Fees	0	0	0	0
Monitoring Fees	0	0	0	0
Transaction Fees	0	0	0	0
Fee Credits	0	0	0	0
Total Fees and Other	0	0	0	0
Performance Income (Loss)
Realized Incentive Fees	0	0	0	0
Realized Carried Interest	0	0	0	0
Unrealized Carried Interest	0	0	0	0
Total Performance Income (Loss)	0	0	0	0
Investment Income (Loss)
Net Realized Gains (Losses)	170,078	61,439	370,594	418,366
Net Unrealized Gains (Losses)	136,740	(384,460)	(725,699)	(263,197)
Total Realized and Unrealized	306,818	(323,021)	(355,105)	155,169
Interest Income and Dividends	71,185	101,318	253,756	325,629
Interest Expense	(47,506)	(52,681)	(144,497)	(150,911)
Net Interest and Dividends	23,679	48,637	109,259	174,718
Total Investment Income (Loss)	330,497	(274,384)	(245,846)	329,887
Total Segment Revenues	330,497	(274,384)	(245,846)	329,887
Segment Expenses
Cash Compensation and Benefits	24,284	23,167	72,689	75,859
Realized Performance Income Compensation	0	0	0	0
Unrealized Performance Income Compensation	0	0	0	0
Total Compensation and Benefits	24,284	23,167	72,689	75,859
Occupancy and Related Charges	3,729	4,209	11,121	12,277
Other Operating Expenses	10,646	10,740	32,404	36,194
Total Expenses	38,659	38,116	116,214	124,330
Income (Loss) attributable to noncontrolling interests	0	0	0	0
Economic Net Income (Loss)	291,838	(312,500)	(362,060)	205,557
Total Assets	$ 10,119,919	$ 10,905,888	$ 10,119,919	$ 10,905,888

SEGMENT REPORTING - Fees (Detai

SEGMENT REPORTING - Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Total investment income (loss)	$ 809,649	$ (1,136,991)	$ 322,458	$ 4,680,562
Revenue earned by oil & gas producing entities	16,191	29,620	47,977	90,264
Fees and Other	687,056	188,626	1,426,618	735,845
Reportable segments
Segment Reporting Information [Line Items]
Total Segment Revenues	1,031,537	(191,818)	1,200,909	2,018,330
Net realized and unrealized carried interest - consolidated funds	(424,479)	162,322	(628,173)	(883,538)
Total investment income (loss)	330,497	(274,384)	(245,846)	329,887
Fees and Other	276,561	244,888	818,582	804,905
Segment Reconciling Items
Segment Reporting Information [Line Items]
Management fees relating to consolidated funds and other entities	(49,017)	(131,581)	(131,335)	(387,020)
Fee credits relating to consolidated funds	417	21,212	2,766	147,899
Net realized and unrealized carried interest - consolidated funds	(5,956)	163,202	(15,581)	(871,100)
Total investment income (loss)	(330,497)	274,384	245,846	(329,887)
Revenue earned by oil & gas producing entities	16,191	29,620	47,977	90,264
Reimbursable expenses	12,064	14,390	46,583	41,710
Other	$ 12,317	$ 9,217	$ 29,453	$ 25,649

SEGMENT REPORTING - Expenses (D

SEGMENT REPORTING - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Total Expenses	$ 511,117	$ 276,920	$ 1,242,658	$ 1,346,130
Reportable segments
Segment Reporting Information [Line Items]
Total Expenses	361,511	91,329	787,731	854,115
Segment Reconciling Items
Segment Reporting Information [Line Items]
Equity based compensation	61,552	67,821	186,032	213,849
Reimbursable expenses	18,255	18,064	72,887	64,470
Operating expenses relating to consolidated funds, CFEs and other entities	20,141	15,901	85,093	37,953
Expenses incurred by oil & gas producing entities	17,782	60,224	56,000	107,355
Intangible amortization, acquisition, and litigation	22,112	12,726	35,640	34,248
Other	$ 9,764	$ 10,855	$ 19,275	$ 34,140

SEGMENT REPORTING - Income (Los

SEGMENT REPORTING - Income (Loss) Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Income tax	$ (10,826)	$ 7,390	$ (18,761)	$ (39,295)
Equity based compensation			(186,032)	(213,849)
Preferred Unit Distributions	(8,201)	0	(13,894)	0
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders	352,152	(190,588)	116,103	456,225
Reportable segments
Segment Reporting Information [Line Items]
Economic net income (loss)	669,266	(286,049)	411,176	1,153,308
Segment Reconciling Items
Segment Reporting Information [Line Items]
Income tax	(10,826)	7,390	(18,761)	(39,295)
Amortization of intangibles and other, net	48,299	(10,186)	10,273	(45,306)
Equity based compensation	(61,552)	(67,821)	(186,032)	(213,849)
Net income (loss) attributable to noncontrolling interests held by KKR Holdings	(284,834)	166,078	(86,659)	(398,633)
Preferred Unit Distributions	(8,201)	0	(13,894)	0
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders	$ 352,152	$ (190,588)	$ 116,103	$ 456,225

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$ 37,984,599	$ 71,042,339	$ 69,056,926
Carry Pool Reclassification from Liabilities	1,121,510	1,199,000
Impact of KKR Management Holdings Corp.	2,709,793	$ 2,809,137
Reportable segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	13,538,649		13,748,799
Segment Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Impact of Consolidation of Investment Vehicles and Other Entities	23,013,503		53,902,049
Accounting basis difference for oil & natural gas properties	5,966		47,862
Carry Pool Reclassification from Liabilities	1,121,510		1,117,225
Impact of KKR Management Holdings Corp.	$ 310,937		$ 288,853

EQUITY (Details)

EQUITY (Details) - USD ($)	Jun. 20, 2016	Mar. 17, 2016	Sep. 30, 2016	Oct. 27, 2015
Class of Stock [Line Items]
Liquidation preference per share (in dollars per unit)			$ 25
Change of control event, increase in dividend rate (as a percent)			5.00%
Capital - Series A Preferred Units
Class of Stock [Line Items]
Units issued (in units)		13,800,000
Preferred units dividend rate (as a percent)		6.75%
Redemption price per unit (in dollars per unit)		$ 25
Redemption terms, change of control event, required period of notice (in days)		30 days
Redemption terms, change of control event, threshold days of occurrence (in days)		60 days
Change of control even, redemption price per share (in dollars per unit)		$ 25.25
Capital - Series B Preferred Units
Class of Stock [Line Items]
Units issued (in units)	6,200,000
Preferred units dividend rate (as a percent)	6.50%
Redemption price per unit (in dollars per unit)	$ 25
Redemption terms, change of control event, required period of notice (in days)	30 days
Redemption terms, change of control event, threshold days of occurrence (in days)	60 days
Change of control even, redemption price per share (in dollars per unit)	$ 25.25
2015 Unit Repurchase Program
Class of Stock [Line Items]
Unit repurchase program, authorized amount (in units)				$ 500,000,000

GOODWILL AND INTANGIBLE ASSET84

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
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	253,747	284,766
Accumulated Amortization (includes foreign exchange)	(111,266)	(107,779)
Intangible Assets, Net	$ 142,481	$ 176,987

GOODWILL AND INTANGIBLE ASSET85

GOODWILL AND INTANGIBLE ASSETS - Change in Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Changes in Intangible Assets, Net consists of the following:
Balance, Beginning of Period	$ 176,987
Amortization Expense	(20,061)
Write-Offs	(15,416)
Foreign Exchange	971
Balance, End of Period	$ 142,481

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Sep. 30, 2016USD ($)
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	2,310,800,000
Clawback receivable maximum potential amount (up to)	223,600,000
Clawback receivable	148,400,000
Clawback obligations, amount due from noncontrolling interest holders	0
Private Equity
Investment Commitments
Unfunded commitments	2,507,100,000
Capital Market Investments
Investment Commitments
Unfunded commitments	92,100,000
Merchant Capital Solutions Llc
Investment Commitments
Unfunded commitments	128,600,000
Other Investment Commitments
Investment Commitments
Unfunded commitments	$ 98,300,000

REGULATORY CAPITAL REQUIREMEN87

REGULATORY CAPITAL REQUIREMENTS (Details) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)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 | $	$ 148.4

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 15, 2016	Nov. 15, 2016	Oct. 25, 2016	Feb. 11, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Subsequent Events
Redemption of debt					$ 4,353,147	$ 4,539,684
Senior Notes | 2041 Senior Notes
Subsequent Events
Interest rate, stated percentage					8.375%		8.375%
Forecast | Senior Notes | 2041 Senior Notes
Subsequent Events
Redemption of debt		$ 258,750
Interest rate, stated percentage		8.375%
Redemption of debt, percentage of principal amount redeemed		100.00%
Common Units
Subsequent Events
Unit distribution announced (in dollars per unit)				$ 0.16
Capital - Series A Preferred Units | Forecast
Subsequent Events
Unit distribution to be paid (in dollars per unit)	$ 0.421875
Capital - Series B Preferred Units | Forecast
Subsequent Events
Unit distribution to be paid (in dollars per unit)	$ 0.406250
Subsequent Event | Common Units
Subsequent Events
Unit distribution announced (in dollars per unit)			$ 0.16