KKR & Co. (KKR) 10-Q 3 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document and Entity Information
Entity Registrant Name	KKR & Co. Inc.
Entity Central Index Key	1,404,912
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		524,765,893

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and Cash Equivalents	$ 2,065,172	$ 1,876,687
Cash and Cash Equivalents Held at Consolidated Entities	1,139,498	1,802,372
Restricted Cash and Cash Equivalents	76,967	56,302
Investments	42,622,545	39,013,934
Due from Affiliates	614,592	554,349
Other Assets	2,053,890	2,531,075
Total Assets	48,572,664	45,834,719
Liabilities and Equity
Debt Obligations	19,972,383	21,193,859
Due to Affiliates	259,259	323,810
Accounts Payable, Accrued Expenses and Other Liabilities	4,053,832	3,654,250
Total Liabilities	24,285,474	25,171,919
Commitments and Contingencies
Redeemable Noncontrolling Interests	962,147	610,540
Equity
KKR & Co. L.P. Capital - Common Unitholders (524,341,874 and 486,174,736 common units issued and outstanding as of June 30, 2018 and December 31, 2017, respectively)	7,909,830	6,703,382
Total KKR & Co. L.P. Partners' Capital	8,392,384	7,185,936
Noncontrolling Interests	14,932,659	12,866,324
Total Equity	23,325,043	20,052,260
Total Liabilities and Equity	48,572,664	45,834,719
Consolidated VIEs
Assets
Cash and Cash Equivalents Held at Consolidated Entities	1,094,025	1,699,252
Restricted Cash and Cash Equivalents	54,270	21,255
Investments	27,337,205	24,982,170
Due from Affiliates	6,178	23,562
Other Assets	404,852	344,575
Total Assets	28,896,530	27,070,814
Liabilities and Equity
Debt Obligations	13,631,989	16,356,566
Accounts Payable, Accrued Expenses and Other Liabilities	1,431,247	1,167,154
Total Liabilities	15,063,236	17,523,720
Consolidated VIEs | Consolidated CFEs
Assets
Cash and Cash Equivalents Held at Consolidated Entities	881,949	1,467,829
Restricted Cash and Cash Equivalents	0	0
Investments	13,368,099	15,573,203
Due from Affiliates	0	0
Other Assets	195,045	176,572
Total Assets	14,445,093	17,217,604
Liabilities and Equity
Debt Obligations	12,608,642	15,586,216
Accounts Payable, Accrued Expenses and Other Liabilities	1,224,506	923,494
Total Liabilities	13,833,148	16,509,710
Consolidated VIEs | Consolidated KKR Funds and Other Entities
Assets
Cash and Cash Equivalents Held at Consolidated Entities	212,076	231,423
Restricted Cash and Cash Equivalents	54,270	21,255
Investments	13,969,106	9,408,967
Due from Affiliates	6,178	23,562
Other Assets	209,807	168,003
Total Assets	14,451,437	9,853,210
Liabilities and Equity
Debt Obligations	1,023,347	770,350
Accounts Payable, Accrued Expenses and Other Liabilities	206,741	243,660
Total Liabilities	1,230,088	1,014,010
Capital - Series A Preferred Units
Equity
Series A Preferred Units (13,800,000 units issued and outstanding as of June 30, 2018 and December 31, 2017), Series B Preferred Units (6,200,000 units issued and outstanding as of June 30, 2018 and December 31, 2017)	332,988	332,988
Capital - Series B Preferred Units
Equity
Series A Preferred Units (13,800,000 units issued and outstanding as of June 30, 2018 and December 31, 2017), Series B Preferred Units (6,200,000 units issued and outstanding as of June 30, 2018 and December 31, 2017)	$ 149,566	$ 149,566

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - shares	Jun. 30, 2018	Dec. 31, 2017
Common units issued (in units)	524,341,874	486,174,736
Common units outstanding (in units)	524,341,874	486,174,736
Capital - Series A Preferred Units
Preferred units issued (in units)	13,800,000	13,800,000
Preferred units outstanding (in units)	13,800,000	13,800,000
Capital - Series B Preferred Units
Preferred units issued (in units)	6,200,000	6,200,000
Preferred units outstanding (in units)	6,200,000	6,200,000

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Fees and Other	$ 413,846	$ 380,785	$ 808,240	$ 760,964
Capital Allocation-Based Income	557,774	635,015	635,986	1,022,591
Total Revenues	971,620	1,015,800	1,444,226	1,783,555
Expenses
Compensation and Benefits	472,500	462,841	770,636	865,804
Occupancy and Related Charges	15,322	14,032	29,537	28,883
General, Administrative and Other	187,228	152,855	311,478	275,055
Total Expenses	675,050	629,728	1,111,651	1,169,742
Investment Income (Loss)
Net Gains (Losses) from Investment Activities	1,116,587	334,416	1,589,387	841,061
Dividend Income	66,344	69,446	99,408	79,370
Interest Income	351,705	295,718	649,961	576,698
Interest Expense	(203,850)	(198,590)	(423,440)	(385,444)
Total Investment Income (Loss)	1,330,786	500,990	1,915,316	1,111,685
Income (Loss) Before Taxes	1,627,356	887,062	2,247,891	1,725,498
Income Taxes	60,960	18,538	78,601	59,080
Net Income (Loss)	1,566,396	868,524	2,169,290	1,666,418
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	(18,016)	22,387	7,658	43,320
Net Income (Loss) Attributable to Noncontrolling Interests	895,690	432,150	1,294,467	941,427
Net Income (Loss) Attributable to KKR & Co. L.P.	688,722	413,987	867,165	681,671
Preferred Dividends	8,341	8,341	16,682	16,682
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders	$ 680,381	$ 405,646	$ 850,483	$ 664,989
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit
Basic (in dollars per unit)	$ 1.33	$ 0.87	$ 1.71	$ 1.45
Diluted (in dollars per unit)	$ 1.24	$ 0.81	$ 1.57	$ 1.33
Weighted Average Common Units Outstanding
Basic (in units)	510,586,631	466,170,025	499,208,944	459,967,395
Diluted (in units)	548,745,498	501,177,423	542,367,320	498,943,294
Capital - Series A Preferred Units
Investment Income (Loss)
Preferred Dividends	$ 5,822	$ 5,822	$ 11,644	$ 11,644
Capital - Series B Preferred Units
Investment Income (Loss)
Preferred Dividends	$ 2,519	$ 2,519	$ 5,038	$ 5,038

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 1,566,396	$ 868,524	$ 2,169,290	$ 1,666,418
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation Adjustments	(27,537)	20,520	(23,913)	37,096
Comprehensive Income (Loss)	1,538,859	889,044	2,145,377	1,703,514
Less: Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests	(18,016)	22,387	7,658	43,320
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests	881,741	441,638	1,279,791	961,747
Comprehensive Income (Loss) Attributable to KKR & Co. L.P.	$ 675,134	$ 425,019	$ 857,928	$ 698,447

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
Balance at Dec. 31, 2016	$ 16,485,735		$ 5,506,375	$ (49,096)	$ 5,457,279	$ 332,988	$ 149,566	$ 10,545,902
Balance (in units) at Dec. 31, 2016		452,380,335
Increase (Decrease) in Partners' Capital
Net Income (Loss)	1,623,098		664,989		664,989	11,644	5,038	941,427
Other Comprehensive Income (Loss)- Foreign Currency Translation (Net of Tax)	37,096			16,776	16,776			20,320
Changes in Consolidation	(71,657)							(71,657)
Transfer of interests under common control (See Note 15 Equity)			12,269	(1,988)	10,281			(10,281)
Exchange of KKR Holdings L.P. Units and Other Securities to KKR & Co. L.P. Common Units			154,789	(1,315)	153,474			(153,474)
Exchange of KKR Holdings L.P. Units and Other Securities to KKR & Co. L.P. Common Units (in units)		11,361,012
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and Other	3,029		2,605	424	3,029
Net Delivery of Common Units - Equity Incentive Plan (in units)		6,226,836
Net Delivery of Common Units - Equity Incentive Plan	(37,304)		(37,304)		(37,304)
Equity-Based and Other Non-Cash Compensation	198,976		94,919		94,919			104,057
Capital Contributions	1,759,873							1,759,873
Capital Distributions	(968,968)		(150,887)		(150,887)	(11,644)	(5,038)	(801,399)
Balance at Jun. 30, 2017	19,029,878		6,247,755	(35,199)	6,212,556	332,988	149,566	12,334,768
Balance (in units) at Jun. 30, 2017		469,968,183
Balance at Dec. 31, 2016	632,348
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss)	43,320
Changes in Consolidation	(315,057)
Capital Contributions	152,222
Capital Distributions	(352)
Balance at Jun. 30, 2017	512,481
Balance at Dec. 31, 2017	20,052,260		6,722,863	(19,481)	6,703,382	332,988	149,566	12,866,324
Balance (in units) at Dec. 31, 2017		486,174,736
Increase (Decrease) in Partners' Capital
Net Income (Loss)	2,161,632		850,483		850,483	11,644	5,038	1,294,467
Other Comprehensive Income (Loss)- Foreign Currency Translation (Net of Tax)	(23,913)			(9,237)	(9,237)			(14,676)
Changes in Consolidation	370,307							370,307
Exchange of KKR Holdings L.P. Units and Other Securities to KKR & Co. L.P. Common Units			507,470	(1,998)	505,472			(505,472)
Exchange of KKR Holdings L.P. Units and Other Securities to KKR & Co. L.P. Common Units (in units)		32,722,098
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and Other	6,465		6,448	17	6,465
Net Delivery of Common Units - Equity Incentive Plan (in units)		7,652,340
Net Delivery of Common Units - Equity Incentive Plan	(53,439)		(53,439)		(53,439)
Equity-Based and Other Non-Cash Compensation	187,936		125,994		125,994			61,942
Unit Repurchases	(52,212)		(52,212)		(52,212)
Unit Repurchases (in units)		(2,207,300)
Capital Contributions	2,410,722							2,410,722
Capital Distributions	(1,734,715)		(167,078)		(167,078)	(11,644)	(5,038)	(1,550,955)
Balance at Jun. 30, 2018	23,325,043		$ 7,940,529	$ (30,699)	$ 7,909,830	$ 332,988	$ 149,566	$ 14,932,659
Balance (in units) at Jun. 30, 2018		524,341,874
Balance at Dec. 31, 2017	610,540
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss)	7,658
Capital Contributions	349,451
Capital Distributions	(5,502)
Balance at Jun. 30, 2018	$ 962,147

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating Activities
Net Income (Loss)	$ 2,169,290	$ 1,666,418
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Equity-Based and Other Non-Cash Compensation	180,844	198,976
Net Realized (Gains) Losses on Investments	(185,164)	(44,752)
Change in Unrealized (Gains) Losses on Investments	(1,404,223)	(796,309)
Capital Allocation-Based Income	(635,986)	(1,022,591)
Other Non-Cash Amounts	29,942	34,447
Cash Flows Due to Changes in Operating Assets and Liabilities:
Change in Consolidation and Other	0	(2,244)
Change in Due from / to Affiliates	(128,841)	(124,400)
Change in Other Assets	437,096	146,267
Change in Accounts Payable, Accrued Expenses and Other Liabilities	373,360	883,099
Investments Purchased	(20,677,349)	(22,853,278)
Proceeds from Investments	15,302,724	19,852,232
Net Cash Provided (Used) by Operating Activities	(4,538,307)	(2,062,135)
Investing Activities
Purchase of Fixed Assets	(45,188)	(48,239)
Development of Oil and Natural Gas Properties	0	(1,111)
Proceeds from Sale of Oil and Natural Gas Properties	26,630	0
Net Cash Provided (Used) by Investing Activities	(18,558)	(49,350)
Financing Activities
Distributions to Partners	(167,078)	(150,887)
Distributions to Redeemable Noncontrolling Interests	(5,502)	(352)
Contributions from Redeemable Noncontrolling Interests	349,451	152,222
Distributions to Noncontrolling Interests	(1,550,955)	(801,399)
Contributions from Noncontrolling Interests	2,410,722	1,755,608
Preferred Unit Distributions	(16,682)	(16,682)
Net Delivery of Common Units - Equity Incentive Plan	(53,439)	(37,304)
Unit Repurchases	(52,212)	0
Proceeds from Debt Obligations	8,932,645	5,297,648
Repayment of Debt Obligations	(5,708,987)	(4,763,930)
Financing Costs Paid	(22,884)	(8,096)
Net Cash Provided (Used) by Financing Activities	4,115,079	1,426,828
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(11,938)	50,910
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash	(453,724)	(633,747)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	3,735,361	4,345,815
Cash, Cash Equivalents and Restricted Cash, End of Period	3,281,637	3,712,068
Supplemental Disclosures of Cash Flow Information
Payments for Interest	380,413	369,666
Payments for Income Taxes	36,476	22,828
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Equity-Based and Other Non-Cash Contributions	187,936	198,976
Non-Cash Contributions from Noncontrolling Interests	0	4,265
Debt Obligations - Net Gains (Losses), Translation and Other	373,625	(352,664)
Tax Effects Resulting from Exchange of KKR Holdings L.P. Units and delivery of KKR & Co. L.P. Common Units	6,465	3,029
Gain on Sale of Oil and Natural Gas Properties	15,224	0
Change in Consolidation and Other
Investments	(3,054,090)	(174,906)
Due From Affiliates	0	(3,536)
Other Assets	(114,770)	(298,097)
Debt Obligations	(4,049,685)	0
Accounts Payable, Accrued Expenses and Other Liabilities	197,874	(114,573)
Noncontrolling Interests	370,307	(71,657)
Redeemable Noncontrolling Interests	0	(315,057)
Gain on Asset Contribution	312,644	0
Reconciliation to the Condensed Consolidated Statements of Financial Condition
Cash, Cash Equivalents and Restricted Cash, End of Period	$ 3,735,361	$ 4,345,815

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Effective on July 1, 2018, KKR & Co. L.P. converted from a Delaware limited partnership to a Delaware corporation named KKR & Co. Inc. (the "Conversion"). As a result of the Conversion, each KKR & Co. L.P. common unit was converted into a share of Class A common stock of KKR & Co. Inc., and each 6.75% Series A Preferred Unit and 6.50% Series B Preferred Unit of KKR & Co. L.P. was converted into a share of 6.75% Series A Preferred Stock and 6.50% Series B Preferred Stock of KKR & Co. Inc., respectively. Under the laws of the state of its incorporation, KKR & Co. Inc. is deemed to be the same entity as KKR & Co. L.P. Because the Conversion became effective on July 1, 2018, the accompanying financial statements as of and for the three and six months ended June 30, 2018 and related notes reflect KKR as a limited partnership and not a corporation. In connection with the Conversion, a wholly-owned subsidiary of KKR & Co. Inc., KKR Group Holdings Corp., became (i) a general partner of KKR Fund Holdings L.P. ("Fund Holdings") and KKR International Holdings L.P. ("International Holdings") and (ii) the sole stockholder of KKR Management Holdings Corp. (the general partner of KKR Management Holdings L.P. ("Management Holdings")) and KKR Fund Holdings GP Limited (the other general partner of Fund Holdings and International Holdings). In addition, certain wholly-owned subsidiaries of KKR & Co. Inc., namely KKR Group Holdings L.P. ("Group Holdings"), KKR Group Limited (the general partner of Group Holdings), KKR Subsidiary Corp. ("Subsidiary Corp.") and KKR Subsidiary Partnership L.P. ("Subsidiary Partnership"), were either merged into another wholly-owned subsidiary of KKR & Co. Inc. or entered into a plan of dissolution. KKR & Co. L.P., together with its consolidated subsidiaries ("KKR"), is a leading global investment firm that manages multiple alternative asset classes including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR's portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. KKR & Co. L.P. was formed as a Delaware limited partnership on June 25, 2007 and its general partner was KKR Management LLC (the "Managing Partner"). KKR & Co. L.P. was the parent company of KKR Group Limited, which was the non-economic general partner of Group Holdings, and KKR & Co. L.P. was the sole limited partner of Group Holdings. Group Holdings held a controlling economic interest in each of (i) Management Holdings through KKR Management Holdings Corp., a Delaware corporation which is a domestic corporation for U.S. federal income tax purposes, (ii) 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) International Holdings directly and through KKR Fund Holdings GP Limited. Group Holdings also owned certain economic interests in Management Holdings through Subsidiary Corp., a wholly owned Delaware corporate subsidiary of KKR Management Holdings Corp., and certain economic interests in Fund Holdings through Subsidiary Partnership, a Delaware partnership of which Group Holdings was the general partner with a 99% economic interest and KKR Management Holdings Corp. was a limited partner with a 1% economic interest. KKR & Co. L.P., through its indirect controlling economic interests in Fund Holdings, Management Holdings and International Holdings (together, the "KKR Group Partnerships"), was the holding partnership for the KKR business. KKR & Co. L.P. both indirectly controlled the KKR Group Partnerships and indirectly held Class A partner units in each KKR Group Partnership (collectively, "KKR Group Partnership Units") representing economic interests in KKR's business. The remaining KKR Group Partnership Units are held by KKR Holdings L.P. ("KKR Holdings"), which is not a subsidiary of KKR. As of June 30, 2018 , KKR & Co. L.P. held approximately 63.3% of the KKR Group Partnership Units and principals through KKR Holdings held approximately 36.7% 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 shares of Class A common stock of KKR & Co. Inc.) or when KKR & Co. L.P. (or KKR & Co. Inc.) otherwise issues or repurchases KKR & Co. L.P. common units (or shares of Class A common stock of KKR & Co. Inc.). The KKR Group Partnerships also have outstanding equity interests that provide for the carry pool and preferred units with economic terms that mirror the preferred units issued by KKR & Co. L.P. Sale of Controlling Beneficial Interests in CMBS Vehicles In April 2018, a consolidated entity of KKR sold its controlling beneficial interest in four consolidated CMBS vehicles. As a result of this sale, KKR deconsolidated these CMBS vehicles, resulting in a reduction in investments and debt obligations of $4.1 billion and $4.0 billion , respectively. As of June 30, 2018, KKR continues to consolidate one CMBS vehicle.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2018
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 financial statements are presented fairly and that estimates made in preparing the 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, 2017 condensed consolidated balance sheet data was derived from audited consolidated financial statements included in KKR & Co. L.P.’s Annual Report on Form 10-K for the year ended December 31, 2017 , which include all disclosures required by GAAP. These 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 for the year ended December 31, 2017 filed with the Securities and Exchange Commission ("SEC"). KKR & Co. L.P. consolidates the financial results of the KKR Group Partnerships and their consolidated entities, which include the accounts of KKR's investment management and capital markets companies, the general partners of certain unconsolidated investment funds, general partners of consolidated investment funds and their respective consolidated investment funds and 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. 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 revenues, 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." 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. Limited partnerships and other similar entities where unaffiliated limited partners have not been granted (i) substantive participatory rights or (ii) 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. 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. Fees earned by KKR that are customary and commensurate with the level of effort required to provide those services, 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 vehicle. 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 one year), or may be withdrawn subject to a redemption fee during the period when capital may not be otherwise withdrawn. Fund investors interests subject to redemption as described above are presented as Redeemable Noncontrolling Interests in the accompanying condensed consolidated statements of financial condition and presented as Net Income (Loss) Attributable to Redeemable Noncontrolling Interests in the accompanying condensed consolidated statements of operations. When redeemable amounts become legally payable to fund investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the accompanying condensed consolidated statements of financial condition. For all consolidated investment vehicles and funds in which redemption rights have not been granted, noncontrolling interests are presented within Equity in the accompanying condensed consolidated statements of financial condition as noncontrolling interests. Noncontrolling Interests Noncontrolling interests represent (i) noncontrolling interests in consolidated entities and (ii) noncontrolling interests held by KKR Holdings. Noncontrolling Interests in Consolidated Entities Noncontrolling interests in consolidated entities represent the non-redeemable ownership interests in KKR that are held primarily by: (i) third party fund investors in KKR's funds; (ii) third parties entitled to up to 1% of the carried interest received by certain general partners of KKR's funds that have made investments on or prior to 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 line and (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 Capital ("Avoca"). On January 16, 2018, KKR Financial Holdings LLC ("KFN") completed the redemption of all of its outstanding 7.375% Series A LLC Preferred Shares. 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 & Co. L.P. and are borne by KKR Holdings. The following table presents the calculation of noncontrolling interests held by KKR Holdings: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Balance at the beginning of the period $ 4,859,412 $ 4,491,197 $ 4,793,475 $ 4,293,337 Net income (loss) attributable to noncontrolling interests held by KKR Holdings (1) 449,859 305,280 570,861 521,712 Other comprehensive income (loss), net of tax (2) (9,554 ) 8,833 (6,411 ) 13,753 Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units (3) (451,679 ) (104,797 ) (485,454 ) (140,701 ) Equity-based and other non-cash compensation 29,247 42,964 61,942 104,057 Capital contributions 1,539 2,913 1,578 2,950 Capital distributions (58,317 ) (62,717 ) (115,484 ) (119,354 ) Transfer of interests under common control and Other (See Note 15 "Equity") — — — 7,919 Balance at the end of the period $ 4,820,507 $ 4,683,673 $ 4,820,507 $ 4,683,673 (1) Refer to the table below for calculation of net income (loss) attributable to noncontrolling interests held by KKR Holdings. (2) Calculated on a pro rata basis based on the weighted average KKR Group Partnership Units held by KKR Holdings during the reporting period. (3) 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. Common Unitholders and 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 holds 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) $ 1,566,396 $ 868,524 $ 2,169,290 $ 1,666,418 Less: Net income (loss) attributable to Redeemable Noncontrolling Interests (18,016 ) 22,387 7,658 43,320 Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities 445,831 126,870 723,606 419,715 Less: Net income (loss) attributable to Series A and Series B Preferred Unitholders 8,341 8,341 16,682 16,682 Plus: Income tax (benefit) attributable to KKR Management Holdings Corp. 40,897 5,348 46,965 24,508 Net income (loss) attributable to KKR & Co. L.P. Common Unitholders and KKR Holdings $ 1,171,137 $ 716,274 $ 1,468,309 $ 1,211,209 Net income (loss) attributable to Noncontrolling Interests held by KKR Holdings $ 449,859 $ 305,280 $ 570,861 $ 521,712 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 entity's functional currency are valued based on the spot rate of the respective currency at the end of the reporting period with changes related to exchange rate movements reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. Security and loan transactions are recorded on a trade date basis. Further disclosure on investments is presented in Note 4 "Investments." The following describes the types of securities held within each investment class. Private Equity - Consists primarily of equity investments in operating businesses, including growth equity investments. 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 originated, fixed-rate mortgage loans held directly by the consolidated CMBS vehicles. 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. Equity Method - Other - Consists primarily of (i) certain direct interests in operating companies in which KKR is deemed to exert significant influence under GAAP and (ii) certain interests in partnerships and joint ventures that hold private equity and real estate investments. Equity Method - Capital Allocation-Based Income - Consists primarily of (i) the capital interest KKR holds as the general partner in certain investment funds, which are not consolidated and (ii) the carried interest component of the general partner interest, which are accounted for as a single unit of account. 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 portfolio companies that are majority-owned and controlled by KKR's investment funds, 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 condensed 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 and not through 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 condensed consolidated statements of operations. Under the successful efforts method, exploration costs, other than the costs of drilling exploratory wells, are charged to expense as incurred. Costs that are associated with the drilling of successful exploration wells are capitalized if proved reserves are found. Lease acquisition costs are capitalized when incurred. Costs associated with the drilling of exploratory wells that do not find proved reserves, geological and geophysical costs and costs of certain nonproducing leasehold costs are charged to expense as incurred. Expenditures for repairs and maintenance, including workovers, are charged to expense as incurred. The capitalized costs of producing oil and natural gas properties are depleted on a field-by-field basis using the units-of production method based on the ratio of current production to estimated total net proved oil, natural gas and natural gas liquid reserves. Proved developed reserves are used in computing depletion rates for drilling and development costs and total proved reserves are used for depletion rates of leasehold costs. Estimated dismantlement and abandonment costs for oil and natural gas properties, net of salvage value, are capitalized at their estimated net present value and amortized on a unit-of-production basis over the remaining life of the related proved developed reserves. Whenever events or changes in circumstances indicate that the carrying amounts of oil and natural gas properties may not be recoverable, KKR evaluates 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. Any impairment in value is recognized when incurred and is recorded in General, Administrative, and Other expense in the condensed 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 - other and other financial instruments not held through a consolidated investment fund. 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 condensed 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 condensed 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. The carrying value of equity method investments 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 for which KKR has not elected the fair value option, 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. As of June 30, 2018 , equity method investees for which KKR reports financial results on a lag include Marshall Wace LLP ("Marshall Wace"). 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. The carrying value of Equity Method - Capital Allocation-Based Income investments approximate fair value, because the underlying investments of the unconsolidated investment funds are reported at fair value. Financial Instruments held by Consolidated CFEs KKR measures both the financial assets and financial liabilities of the consolidated CFEs in its financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities which results in KKR's consolidated net income (loss) reflecting 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. For the consolidated CLOs, KKR has determined that the fair value of the financial assets of the consolidated CLOs is 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 in consolidation as: (1) the sum of the fair value of the financial assets and the carrying value of any nonfinancial assets that are incidental to the operations of the CLOs less (2) the sum of the fair value of any beneficial interests retained by KKR (other than those that represent compensation for services) and KKR's carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by KKR). For the consolidated CMBS vehicles, KKR has determined that the fair value of the financial liabilities of the consolidated CMBS vehicles is 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. 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. 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. Investments and 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 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

NET GAINS (LOSSES) FROM INVESTM

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES	NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign denominated investments and related activities) and other financial instruments, including those for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period. The following tables summarize total Net Gains (Losses) from Investment Activities: Three Months Ended June 30, 2018 Three Months Ended Net Realized Net Unrealized Total Net Realized Net Unrealized Total Private Equity (1) $ 25,589 $ 496,927 $ 522,516 $ 21,253 $ 291,748 $ 313,001 Credit (1) (144,960 ) (86,863 ) (231,823 ) (184,537 ) 167,696 (16,841 ) Investments of Consolidated CFEs (1) (51,536 ) (36,514 ) (88,050 ) (3,777 ) 15,064 11,287 Real Assets (1) 10,393 146,213 156,606 (61,747 ) 170,593 108,846 Equity Method - Other (1) (163,153 ) 218,160 55,007 16,470 17,047 33,517 Other Investments (1) (73,901 ) (107,867 ) (181,768 ) (195,724 ) (12,384 ) (208,108 ) Foreign Exchange Forward Contracts and Options (2) (7,319 ) 177,689 170,370 8,082 (184,118 ) (176,036 ) Securities Sold Short (2) 252,378 (11,457 ) 240,921 258,924 9,398 268,322 Other Derivatives (2) — 11,259 11,259 (119 ) (706 ) (825 ) Debt Obligations and Other (3) 307,293 154,256 461,549 39,763 (38,510 ) 1,253 Net Gains (Losses) From Investment Activities $ 154,784 $ 961,803 $ 1,116,587 $ (101,412 ) $ 435,828 $ 334,416 Six Months Ended June 30, 2018 Six Months Ended Net Realized Net Unrealized Total Net Realized Net Unrealized Total Private Equity (1) $ 41,842 $ 655,296 $ 697,138 $ 128,066 $ 295,036 $ 423,102 Credit (1) (143,697 ) (28,713 ) (172,410 ) (398,394 ) 414,835 16,441 Investments of Consolidated CFEs (1) (78,052 ) (84,917 ) (162,969 ) (4,880 ) 28,047 23,167 Real Assets (1) 23,350 205,510 228,860 (58,687 ) 177,391 118,704 Equity Method - Other (1) (153,943 ) 353,764 199,821 16,183 52,367 68,550 Other Investments (1) (318,100 ) (21,502 ) (339,602 ) (203,988 ) 101,600 (102,388 ) Foreign Exchange Forward Contracts and Options (2) (39,933 ) 114,571 74,638 18,068 (242,381 ) (224,313 ) Securities Sold Short (2) 528,327 (41,331 ) 486,996 505,711 51,668 557,379 Other Derivatives (2) 3,642 3,036 6,678 (5,879 ) (5,553 ) (11,432 ) Debt Obligations and Other (3) 321,728 248,509 570,237 48,552 (76,701 ) (28,149 ) Net Gains (Losses) From Investment Activities $ 185,164 $ 1,404,223 $ 1,589,387 $ 44,752 $ 796,309 $ 841,061 (1) See Note 4 "Investments." (2) See Note 8 "Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities." (3) See Note 10 "Debt Obligations."

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2018
Investments [Abstract]
INVESTMENTS	INVESTMENTS Investments consist of the following: June 30, 2018 December 31, 2017 Private Equity $ 6,775,156 $ 3,301,261 Credit 8,268,776 7,621,320 Investments of Consolidated CFEs 13,368,099 15,573,203 Real Assets 3,295,160 2,302,061 Equity Method - Other 3,949,230 3,324,631 Equity Method - Capital Allocation-Based Income 4,248,036 4,132,171 Other Investments 2,718,088 2,759,287 Total Investments $ 42,622,545 $ 39,013,934 As of June 30, 2018 and December 31, 2017, there were no investments which represented greater than 5% of total investments. The majority of the securities underlying private equity investments represent equity securities. Strategic BDC Partnership with FS Investments On April 9, 2018, KKR completed the transaction to form a new strategic BDC partnership with Franklin Square Holdings, L.P. ("FS Investments") to provide investment advisory services to Corporate Capital Trust ("CCT") and Corporate Capital Trust II ("CCT II"), which are business development companies ("BDCs") that were previously advised and sub-advised, respectively, by KKR, and four BDCs that were previously advised by FS Investments. Following the closing of this transaction, the new strategic BDC partnership, FS/KKR Advisor, LLC, began serving as the investment adviser to all six of the aforementioned BDCs . In connection with this transaction, KKR contributed a combination of cash and intangible assets, which consisted of advisory contractual rights, in exchange for a 50% equity interest in FS/KKR Advisor, LLC. Certain of the intangible assets contributed by KKR had a carrying amount of zero. As a result, the fair value of KKR’s 50% interest in FS/KKR Advisor, LLC received in this transaction exceeded the carrying amount of the assets contributed by approximately $313 million . KKR holds a noncontrolling financial interest in FS/KKR Advisor, LLC and reports its investment in FS/KKR Advisor, LLC using the equity method of accounting.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2018
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. Investments classified as Equity Method - Other, for which the fair value option has not been elected, have been excluded from the tables below. Assets, at fair value: June 30, 2018 Level I Level II Level III Total Private Equity $ 1,349,126 $ 353,308 $ 5,072,722 $ 6,775,156 Credit — 2,185,068 6,083,708 8,268,776 Investments of Consolidated CFEs — 12,263,585 1,104,514 13,368,099 Real Assets 5,140 — 3,290,020 3,295,160 Equity Method - Other 45,112 269,543 1,253,565 1,568,220 Other Investments 871,882 144,383 1,701,823 2,718,088 Total 2,271,260 15,215,887 18,506,352 35,993,499 Foreign Exchange Contracts and Options — 98,058 — 98,058 Other Derivatives — 31,580 38,533 (1) 70,113 Total Assets $ 2,271,260 $ 15,345,525 $ 18,544,885 $ 36,161,670 December 31, 2017 Level I Level II Level III Total Private Equity $ 1,043,390 $ 85,581 $ 2,172,290 $ 3,301,261 Credit — 2,482,383 5,138,937 7,621,320 Investments of Consolidated CFEs — 10,220,113 5,353,090 15,573,203 Real Assets 50,794 — 2,251,267 2,302,061 Equity Method - Other 60,282 247,748 1,076,709 1,384,739 Other Investments 864,872 134,404 1,760,011 2,759,287 Total 2,019,338 13,170,229 17,752,304 32,941,871 Foreign Exchange Contracts and Options — 96,584 — 96,584 Other Derivatives — 33,125 51,949 (1) 85,074 Total Assets $ 2,019,338 $ 13,299,938 $ 17,804,253 $ 33,123,529 (1) Includes derivative assets that were valued using a third-party valuation firm. The approach used to estimate the fair value of these derivative assets was generally the discounted cash flow method, which includes consideration of the current portfolio, projected portfolio construction, projected portfolio realizations, portfolio volatility (based on the volatility, correlation, and size of each underlying asset class), and the discounting of future cash flows to the reporting date. Liabilities, at fair value: June 30, 2018 Level I Level II Level III Total Securities Sold Short $ 486,655 $ — $ — $ 486,655 Foreign Exchange Contracts and Options — 144,872 — 144,872 Unfunded Revolver Commitments — — 51,304 (1) 51,304 Other Derivatives — 16,764 27,700 (2) 44,464 Debt Obligations of Consolidated CFEs — 11,517,296 1,091,346 12,608,642 Total Liabilities $ 486,655 $ 11,678,932 $ 1,170,350 $ 13,335,937 December 31, 2017 Level I Level II Level III Total Securities Sold Short $ 692,007 $ — $ — $ 692,007 Foreign Exchange Contracts and Options — 260,948 — 260,948 Unfunded Revolver Commitments — — 17,629 (1) 17,629 Other Derivatives — 27,581 41,800 (2) 69,381 Debt Obligations of Consolidated CFEs — 10,347,980 5,238,236 15,586,216 Total Liabilities $ 692,007 $ 10,636,509 $ 5,297,665 $ 16,626,181 (1) These unfunded revolver commitments are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments. (2) Includes options issued in connection with the acquisition of the equity interest in Marshall Wace and its affiliates in November 2015 to increase KKR's ownership interest up to 39.9% in periodic increments. The options are 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. See Note 4 "Investments." The following tables summarize changes in investments and debt obligations reported at fair value for which Level III inputs have been used to determine fair value for the three and six months ended June 30, 2018 and 2017, respectively: For the Three Months Ended June 30, 2018 Level III Investments Level III Debt Obligations Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method - Other Other Investments Total Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 3,088,411 $ 5,818,855 $ 5,258,399 $ 2,827,433 $ 1,085,725 $ 1,801,204 $ 19,880,027 $ 5,138,167 Transfers In / (Out) Due to Changes in Consolidation 928,217 — (4,153,641 ) — — — (3,225,424 ) (4,045,957 ) Transfers In — — — — — — — — Transfers Out (52,568 ) — — — — — (52,568 ) — Asset Purchases / Debt Issuances 1,009,109 1,004,128 — 423,588 198,748 93,864 2,729,437 — Sales / Paydowns (94,971 ) (573,980 ) (14,286 ) (102,386 ) (7,170 ) (107,696 ) (900,489 ) — Settlements — 3,325 — — — — 3,325 (3,728 ) Net Realized Gains (Losses) 21,078 (1,416 ) 13,000 (21,991 ) (145,902 ) (31,823 ) (167,054 ) — Net Unrealized Gains (Losses) 173,446 (139,264 ) 1,042 163,376 122,164 (53,726 ) 267,038 2,864 Change in Other Comprehensive Income — (27,940 ) — — — — (27,940 ) — Balance, End of Period $ 5,072,722 $ 6,083,708 $ 1,104,514 $ 3,290,020 $ 1,253,565 $ 1,701,823 $ 18,506,352 $ 1,091,346 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 $ 193,140 $ (140,034 ) $ 1,042 $ 133,924 $ (24,559 ) $ (74,274 ) $ 89,239 $ 2,864 For the Three Months Ended June 30, 2017 Level III Investments Level III Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method - Other Other Investments Total Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 2,001,204 $ 3,903,023 $ 5,426,552 $ 2,045,587 $ 593,227 $ 1,806,381 $ 15,775,974 $ 5,313,570 Transfers In / (Out) Due to Changes in Consolidation — — — — — — — — Transfers In — — — — — — — — Transfers Out — — — — — — — — Asset Purchases / Debt Issuances 394,861 347,036 — 354,950 1,576 208,385 1,306,808 — Sales / Paydowns (149,854 ) (549,466 ) (8,995 ) (85,964 ) (8,300 ) (134,608 ) (937,187 ) — Settlements — 30,200 — — — — 30,200 (8,995 ) Net Realized Gains (Losses) 689 (93,386 ) — (61,747 ) 626 (3,911 ) (157,729 ) — Net Unrealized Gains (Losses) 147,598 224,757 29,693 170,593 (15,554 ) (104,620 ) 452,467 28,628 Change in Other Comprehensive Income — 2,906 — — — — 2,906 — Balance, End of Period $ 2,394,498 $ 3,865,070 $ 5,447,250 $ 2,423,419 $ 571,575 $ 1,771,627 $ 16,473,439 $ 5,333,203 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 $ 147,598 $ 127,361 $ 29,693 $ 100,146 $ (15,554 ) $ (104,620 ) $ 284,624 $ 28,628 For the Six Months Ended June 30, 2018 Level III Investments Level III Debt Obligations Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method - Other Other Investments Total Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 2,172,290 $ 5,138,937 $ 5,353,090 $ 2,251,267 $ 1,076,709 $ 1,760,011 $ 17,752,304 $ 5,238,236 Transfers In / (Out) Due to Changes in Consolidation 928,217 — (4,153,641 ) — — — (3,225,424 ) (4,045,957 ) Transfers In — — — — — — — — Transfers Out (52,568 ) — — — — — (52,568 ) — Asset Purchases / Debt Issuances 1,736,735 1,894,241 — 964,486 200,785 158,621 4,954,868 — Sales / Paydowns (130,216 ) (804,124 ) (25,827 ) (136,623 ) (39,109 ) (143,914 ) (1,279,813 ) — Settlements — (50,500 ) — — — — (50,500 ) (15,269 ) Net Realized Gains (Losses) 36,390 10,165 13,000 (13,637 ) (136,554 ) (22,931 ) (113,567 ) — Net Unrealized Gains (Losses) 381,874 (61,549 ) (82,108 ) 224,527 151,734 (49,964 ) 564,514 (85,664 ) Change in Other Comprehensive Income — (43,462 ) — — — — (43,462 ) — Balance, End of Period $ 5,072,722 $ 6,083,708 $ 1,104,514 $ 3,290,020 $ 1,253,565 $ 1,701,823 $ 18,506,352 $ 1,091,346 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 $ 401,568 $ (53,280 ) $ (82,108 ) $ 195,075 $ 10,369 $ (63,832 ) $ 407,792 $ (85,664 ) For the Six Months Ended June 30, 2017 Level III Investments Level III Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method - Other Other Investments Total Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 1,559,559 $ 3,290,361 $ 5,406,220 $ 1,807,128 $ 570,522 $ 1,767,573 $ 14,401,363 $ 5,294,741 Transfers In / (Out) Due to Changes in Consolidation — (95,962 ) — — — — (95,962 ) — Transfers In — — — — — — — — Transfers Out — — — — — (1,496 ) (1,496 ) — Asset Purchases / Debt Issuances 824,505 943,898 — 605,228 11,132 223,504 2,608,267 — Sales / Paydowns (172,483 ) (718,324 ) (17,935 ) (107,641 ) (20,978 ) (142,736 ) (1,180,097 ) — Settlements — 19,125 — — — — 19,125 (17,935 ) Net Realized Gains (Losses) 689 (102,629 ) — (58,687 ) 626 (23,441 ) (183,442 ) — Net Unrealized Gains (Losses) 182,228 504,796 58,965 177,391 10,273 (51,777 ) 881,876 56,397 Change in Other Comprehensive Income — 23,805 — — — — 23,805 — Balance, End of Period $ 2,394,498 $ 3,865,070 $ 5,447,250 $ 2,423,419 $ 571,575 $ 1,771,627 $ 16,473,439 $ 5,333,203 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 $ 182,228 $ 407,400 $ 58,965 $ 106,944 $ 10,273 $ (51,777 ) $ 714,033 $ 56,397 Total realized and unrealized gains and losses recorded for Level III assets and liabilities 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 six months ended June 30, 2018 and 2017: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Investments, at fair value: Transfers from Level III to Level I (1) $ 52,568 $ — $ 52,568 $ 1,496 (1) Transfers out of Level III into Level I are attributable to companies that are valued using their publicly traded market price. The following table presents additional information about valuation methodologies and significant unobservable inputs used for investments and debt obligations that are measured at fair value and categorized within Level III as of June 30, 2018 : Fair Value June 30, 2018 Valuation Methodologies Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Private Equity $ 5,072,722 Private Equity $ 3,057,726 Inputs to market comparables and discounted cash flow Illiquidity Discount 5.7% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 29.0% 0.0% - 50.0% (4) Weight Ascribed to Discounted Cash Flow 71.0% 50.0% - 100.0% (5) Market comparables Enterprise Value/LTM EBITDA Multiple 14.0x 7.7x - 34.0x Increase Enterprise Value/Forward EBITDA Multiple 13.8x 6.1x - 21.3x Increase Discounted cash flow Weighted Average Cost of Capital 10.5% 6.3% - 13.9% Decrease Enterprise Value/LTM EBITDA Exit Multiple 12.0x 5.2x - 13.5x Increase Growth Equity $ 2,014,996 Inputs to market comparables, discounted cash flow and milestones Illiquidity Discount 11.5% 10.0% - 20.0% Decrease Weight Ascribed to Market Comparables 21.0% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 14.3% 0.0% - 75.0% (5) Weight Ascribed to Milestones 64.7% 0.0% - 100.0% (6) Scenario Weighting Base 53.7% 40.0% - 80.0% Increase Downside 20.0% 5.0% - 30.0% Decrease Upside 26.3% 10.0% - 45.0% Increase Credit $ 6,083,708 Yield Analysis Yield 10.1% 3.6% - 36.2% Decrease Net Leverage 2.0x 0.5x - 22.8x Decrease EBITDA Multiple 9.6x 0.1x - 31.1x Increase Investments of Consolidated CFEs $ 1,104,514 (9) Debt Obligations of Consolidated CFEs $ 1,091,346 Discounted cash flow Yield 6.8% 2.3% - 16.5% Decrease Real Assets $ 3,290,020 (10) Energy $ 1,906,473 Discounted cash flow Weighted Average Cost of Capital 10.5% 9.4% - 14.7% Decrease Average Price Per BOE (8) $48.32 $43.21 - $50.09 Increase Fair Value June 30, 2018 Valuation Methodologies Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Real Estate $ 1,162,410 Inputs to direct income capitalization and discounted cash flow Weight Ascribed to Direct Income Capitalization 38.6% 0.0% - 100.0% (7) Weight Ascribed to Discounted Cash Flow 61.4% 0.0% - 100.0% (5) Direct income capitalization Current Capitalization Rate 6.0% 1.1% - 12.0% Decrease Discounted cash flow Unlevered Discount Rate 8.7% 4.5% - 18.0% Decrease Equity Method - Other $ 1,253,565 Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 9.6% 5.0% - 10.0% Decrease Weight Ascribed to Market Comparables 47.2% 0.0% - 50.0% (4) Weight Ascribed to Discounted Cash Flow 47.2% 0.0% - 50.0% (5) Weight Ascribed to Transaction Price 5.6% 0.0% - 100.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.4x 7.7x - 14.8x Increase Enterprise Value/Forward EBITDA Multiple 11.3x 6.1x - 12.5x Increase Discounted cash flow Weighted Average Cost of Capital 8.6% 6.2% - 11.4% Decrease Enterprise Value/LTM EBITDA Exit Multiple 10.6x 6.0x - 12.5x Increase Other Investments $ 1,701,823 (11) Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 10.5% 5.0% - 20.0% Decrease Weight Ascribed to Market Comparables 29.5% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 41.5% 0.0% - 100.0% (5) Weight Ascribed to Transaction Price 29.0% 0.0% - 100.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 9.4x 1.6x - 14.1x Increase Enterprise Value/Forward EBITDA Multiple 10.3x 1.2x - 16.0x Increase Discounted cash flow Weighted Average Cost of Capital 15.1% 8.2% - 30.7% Decrease Enterprise Value/LTM EBITDA Exit Multiple 6.9x 5.7x - 8.9x Increase (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 or milestones 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 ("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 91% liquids and 9% natural gas. (9) 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 $221.1 million that was valued using a discounted cash flow analysis. The significant inputs used included the weighted average cost of capital 7.0% and the enterprise value/LTM EBITDA Exit Multiple 12.0 x. (11) Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit, equity method - other or investments of consolidated CFEs. 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	6 Months Ended
	Jun. 30, 2018
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: June 30, 2018 December 31, 2017 Assets Private Equity $ 2,975 $ 3,744 Credit 4,681,500 4,381,519 Investments of Consolidated CFEs 13,368,099 15,573,203 Real Assets 344,965 343,820 Equity Method - Other 1,568,220 1,384,739 Other Investments 188,465 344,996 Total $ 20,154,224 $ 22,032,021 Liabilities Debt Obligations of Consolidated CFEs $ 12,608,642 $ 15,586,216 Total $ 12,608,642 $ 15,586,216 The following table presents the net realized and net change in unrealized gains (losses) on financial instruments on which the fair value option was elected: Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Net Realized Net Unrealized Gains (Losses) Total Net Realized Net Unrealized Gains (Losses) Total Assets Private Equity $ (4,978 ) $ 5,037 $ 59 $ 689 $ 40,133 $ 40,822 Credit (124,240 ) (21,443 ) (145,683 ) (169,500 ) 28,968 (140,532 ) Investments of Consolidated CFEs (51,536 ) (36,514 ) (88,050 ) (3,777 ) 15,064 11,287 Real Assets 2,976 12,667 15,643 30 40,822 40,852 Equity Method - Other (145,924 ) 92,596 (53,328 ) 626 (23,408 ) (22,782 ) Other Investments (13,723 ) 4,252 (9,471 ) (3,346 ) (4,471 ) (7,817 ) Total $ (337,425 ) $ 56,595 $ (280,830 ) $ (175,278 ) $ 97,108 $ (78,170 ) Liabilities Debt Obligations of Consolidated CFEs 376 105,804 106,180 35,621 (43,915 ) (8,294 ) Total $ 376 $ 105,804 $ 106,180 $ 35,621 $ (43,915 ) $ (8,294 ) Six Months Ended, June 30, 2018 Six Months Ended, Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Net Realized Net Unrealized Gains (Losses) Total Assets Private Equity $ (4,907 ) $ 5,353 $ 446 $ 689 $ 40,495 $ 41,184 Credit (153,107 ) (18,787 ) (171,894 ) (408,598 ) 84,838 (323,760 ) Investments of Consolidated CFEs (78,052 ) (84,917 ) (162,969 ) (4,880 ) 28,047 23,167 Real Assets 3,404 9,184 12,588 (186 ) 47,610 47,424 Equity Method - Other (136,576 ) 158,689 22,113 626 (3,046 ) (2,420 ) Other (9,116 ) (3,626 ) (12,742 ) (22,145 ) 12,810 (9,335 ) Total $ (378,354 ) $ 65,896 $ (312,458 ) $ (434,494 ) $ 210,754 $ (223,740 ) Liabilities Debt Obligations of Consolidated CFEs 13,632 199,458 213,090 40,446 (54,973 ) (14,527 ) Total $ 13,632 $ 199,458 $ 213,090 $ 40,446 $ (54,973 ) $ (14,527 )

NET INCOME (LOSS) ATTRIBUTABLE

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT	NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT For the three and six months ended June 30, 2018 and 2017 , basic and diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit were calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders $ 680,381 $ 405,646 $ 850,483 $ 664,989 Excess of carrying value over consideration transferred on redemption of KFN 7.375% Series A LLC Preferred Shares — — 3,102 — Net Income (Loss) Available to KKR & Co. L.P. Common Unitholders $ 680,381 $ 405,646 $ 853,585 $ 664,989 Basic Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 510,586,631 466,170,025 499,208,944 459,967,395 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic $ 1.33 $ 0.87 $ 1.71 $ 1.45 Diluted Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 510,586,631 466,170,025 499,208,944 459,967,395 Weighted Average Unvested Common Units and Other Exchangeable Securities 38,158,867 35,007,398 43,158,376 38,975,899 Weighted Average Common Units Outstanding - Diluted 548,745,498 501,177,423 542,367,320 498,943,294 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted $ 1.24 $ 0.81 $ 1.57 $ 1.33 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 and six months ended June 30, 2018 and 2017 , 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. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Weighted Average KKR Holdings Units Outstanding 319,040,229 346,473,324 326,984,091 349,513,066 Additionally, for the three and six months ended June 30, 2018 , 5.0 million KKR common units subject to a market price-based vesting condition ("Market Condition Awards") were excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted since the vesting conditions have not been satisfied. See Note 12 "Equity Based Compensation."

OTHER ASSETS AND ACCOUNTS PAYAB

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2018
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES	OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES Other Assets consist of the following: June 30, 2018 December 31, 2017 Unsettled Investment Sales (1) $ 175,010 $ 134,781 Receivables 42,415 138,109 Due from Broker (2) 403,810 682,403 Oil & Gas Assets, net (3) 227,476 252,371 Deferred Tax Assets, net 92,794 131,944 Interest Receivable 230,135 189,785 Fixed Assets, net (4) 401,363 364,203 Foreign Exchange Contracts and Options (5) 98,058 96,584 Intangible Assets, net (6) 11,399 129,178 Goodwill (7) 83,500 83,500 Derivative Assets 70,113 85,074 Deposits 7,598 16,330 Prepaid Taxes 80,775 83,371 Prepaid Expenses 21,315 25,677 Deferred Financing Costs 7,255 7,534 Other 100,874 110,231 Total $ 2,053,890 $ 2,531,075 (1) Represents amounts due from third parties for investments sold for which cash settlement has not occurred. (2) Represents amounts held at clearing brokers resulting from securities transactions. (3) 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. Depreciation, depletion and amortization amounted to $6,468 and $7,233 for the three months ended June 30, 2018 and 2017, respectively, and $13,545 and $13,097 for the six months ended June 30, 2018 and 2017, respectively. (4) Net of accumulated depreciation and amortization of $164,352 and $156,859 as of June 30, 2018 and December 31, 2017 , respectively. Depreciation and amortization expense of $3,775 and $3,867 for the three months ended June 30, 2018 and 2017, respectively, and $7,484 and $8,064 for the six months ended June 30, 2018 and 2017, respectively, is included in General, Administrative and Other in the accompanying condensed consolidated statements of operations. (5) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 "Net Gains (Losses) from Investment Activities" for the net changes in fair value associated with these instruments. (6) Net of accumulated amortization of $62,609 and $61,348 as of June 30, 2018 and December 31, 2017, respectively. Amortization expense of $1,317 and $5,062 for the three months ended June 30, 2018 and 2017, respectively, and $6,347 and $11,428 for the six months ended June 30, 2018 and 2017, respectively, is included in General, Administrative and Other in the accompanying condensed consolidated statements of operations. (7) As of June 30, 2018 , the carrying value of goodwill is recorded and assessed for impairment at the reporting unit. Accounts Payable, Accrued Expenses and Other Liabilities consist of the following: June 30, 2018 December 31, 2017 Amounts Payable to Carry Pool (1) $ 1,242,835 $ 1,220,559 Unsettled Investment Purchases (2) 1,240,808 885,945 Securities Sold Short (3) 486,655 692,007 Derivative Liabilities 44,464 69,381 Accrued Compensation and Benefits 217,635 35,953 Interest Payable 182,230 168,673 Foreign Exchange Contracts and Options (4) 144,872 260,948 Accounts Payable and Accrued Expenses 113,670 152,916 Deferred Rent 15,094 17,441 Taxes Payable 24,352 35,933 Uncertain Tax Positions Reserve 58,369 58,369 Other Liabilities 282,848 56,125 Total $ 4,053,832 $ 3,654,250 (1) 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. (2) Represents amounts owed to third parties for investment purchases for which cash settlement has not occurred. (3) Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 "Net Gains (Losses) from Investment Activities" for the net changes in fair value associated with these instruments. (4) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 "Net Gains (Losses) from Investment Activities" for the net changes in fair value associated with these instruments.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES Consolidated VIEs KKR consolidates certain VIEs in which it is determined that KKR is the primary beneficiary 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 $4.2 billion at June 30, 2018 . Accordingly, disaggregation of KKR's involvement by type of unconsolidated investment fund would not provide more useful information. For these unconsolidated investment funds in which KKR is the sponsor, KKR may have an obligation as general partner to provide commitments to such investment funds. As of June 30, 2018 , KKR's commitments to these unconsolidated investment funds was $1.9 billion . KKR has not provided any financial support other than its obligated amount as of June 30, 2018 . Investments in Unconsolidated CLO Vehicles KKR provides collateral management services for, and has made nominal investments in, certain CLO vehicles that it does not consolidate. KKR's investments in the unconsolidated CLO vehicles, if any, are carried at fair value in the condensed consolidated statements of financial condition. KKR earns management fees, including subordinated collateral management fees, for managing the collateral of the CLO vehicles. As of June 30, 2018 , combined assets under management in the pools of unconsolidated CLO vehicles were $0.5 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 $27.0 million as of June 30, 2018 . CLO investors in the CLO vehicles may only use the assets of the CLO to settle the debt of the related CLO, and otherwise have no recourse against KKR for any losses sustained in the CLO structures. As of June 30, 2018 and December 31, 2017, 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: June 30, 2018 December 31, 2017 Investments $ 4,275,032 $ 4,417,003 Due from (to) Affiliates, net 322,815 176,131 Maximum Exposure to Loss $ 4,597,847 $ 4,593,134

DEBT OBLIGATIONS

DEBT OBLIGATIONS	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS KKR borrows and enters into credit agreements and issues debt for its general operating and investment purposes. Additionally, certain of KKR's consolidated 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 investment funds. When an investment fund borrows from the facility in which it participates, the proceeds from the borrowings are 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, certain consolidated CFE vehicles issue debt securities to third-party investors which are collateralized by assets held by the CFE vehicle. 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. CFEs also may have warehouse facilities with banks to provide liquidity to the CFE. The CFE's debt obligations are non-recourse to KKR beyond the assets of the CFE. KKR's borrowings consisted of the following: June 30, 2018 December 31, 2017 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 451,723 — — 487,656 — — KCM Short-Term Credit Agreement 750,000 — — 750,000 — — Notes Issued: KKR Issued 6.375% Notes Due 2020 (1) — 498,682 532,755 (14) — 498,390 549,000 (14) KKR Issued 5.500% Notes Due 2043 (2) — 491,667 527,405 (14) — 491,496 580,000 (14) KKR Issued 5.125% Notes Due 2044 (3) — 990,557 1,017,580 (14) — 990,375 1,107,100 (14) KKR Issued 0.509% Notes Due 2023 (4) — 224,693 225,723 (14) — — — KKR Issued 0.764% Notes Due 2025 (5) — 44,556 45,139 (14) — — — KKR Issued 1.595% Notes Due 2038 (6) — 92,013 93,379 (14) — — — KFN Issued 5.500% Notes Due 2032 (7) — 493,325 506,454 — 493,129 505,235 KFN Issued 5.200% Notes Due 2033 (8) — 118,230 117,980 — — — KFN Issued 5.400% Notes Due 2033 (9) — 68,636 70,248 — — — KFN Issued Junior Subordinated Notes (10) — 231,471 209,526 — 236,038 201,828 Other Consolidated Debt Obligations: Fund Financing Facilities and Other (11) 1,726,052 4,109,911 4,109,911 (15) 2,056,096 2,898,215 2,898,215 (15) CLO Senior Secured Notes (12) — 11,127,365 11,127,365 — 10,055,686 10,055,686 CLO Subordinated Notes (12) — 389,931 389,931 — 292,294 292,294 CMBS Debt Obligations (13) — 1,091,346 1,091,346 — 5,238,236 5,238,236 $ 3,927,775 $ 19,972,383 $ 20,064,742 $ 4,293,752 $ 21,193,859 $ 21,427,594 (1) $500 million aggregate principal amount of 6.375% senior notes of KKR due 2020. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $0.9 million and $1.0 million as of June 30, 2018 and December 31, 2017 , respectively. (2) $500 million aggregate principal amount of 5.500% senior notes of KKR due 2043. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $3.6 million and $3.7 million as of June 30, 2018 and December 31, 2017 . (3) $1.0 billion aggregate principal amount of 5.125% senior notes of KKR due 2044. Borrowing outstanding is presented net of (i) unamortized note discount (net of premium) and (ii) unamortized debt issuance costs of $8.2 million and $8.3 million as of June 30, 2018 and December 31, 2017 , respectively. (4) ¥25 billion (or $226.0 million ) aggregate principal amount of 0.509% senior notes of KKR due 2023. Borrowing outstanding is presented net of unamortized debt issuance costs of $1.3 million as of June 30, 2018 . These senior notes are denominated in Japanese Yen ("JPY"). (5) ¥5.0 billion (or $45.2 million ) aggregate principal amount of 0.764% senior notes of KKR due 2025. Borrowing outstanding is presented net of unamortized debt issuance costs of $0.6 million as of June 30, 2018 . These senior notes are denominated in JPY. (6) ¥10.3 billion (or $93.1 million ) aggregate principal amount of 1.595% senior notes of KKR due 2038. Borrowing outstanding is presented net of unamortized debt issuance costs of $1.1 million as of June 30, 2018 . These senior notes are denominated in JPY. (7) KKR consolidates KFN and thus reports KFN's outstanding $500.0 million aggregate principal amount of 5.500% senior notes due 2032. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $4.5 million and $4.7 million as of June 30, 2018 and December 31, 2017 , respectively. 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. (8) KKR consolidates KFN and thus reports KFN's outstanding $120.0 million aggregate principal amount of 5.200% senior notes due 2033. Borrowing outstanding is presented net of unamortized debt issuance costs of $1.8 million as of June 30, 2018 . 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. (9) KKR consolidates KFN and thus reports KFN's outstanding $70.0 million aggregate principal amount of 5.400% senior notes due 2033. Borrowing outstanding is presented net of unamortized debt issuance costs of $1.4 million as of June 30, 2018 . 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. (10) KKR consolidates KFN and thus reports KFN's outstanding $258.5 million aggregate principal amount of junior subordinated notes. The weighted average interest rate is 4.8% and 3.8% and the weighted average years to maturity is 18.3 years and 19.0 years as of June 30, 2018 and December 31, 2017 , respectively. 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. (11) 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 4.6% and 4.2% as of June 30, 2018 and December 31, 2017 , respectively. In addition, the weighted average years to maturity is 3.4 years and 3.6 years as of June 30, 2018 and December 31, 2017 , respectively. (12) 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." (13) 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." (14) The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes. (15) Carrying value approximates fair value given the fund financing facilities' interest rates are variable. Revolving Credit Facilities KCM Credit Agreement As of June 30, 2018 and December 31, 2017, no amounts were outstanding under the KCM Credit Agreement, however various letters of credit were outstanding in the amount of $48.3 million and $12.3 million , respectively, which reduce the overall capacity of the KCM Credit Agreement. KCM Short-Term Credit Agreement On June 28, 2018, KKR Capital Markets Holdings L.P. and certain other capital market subsidiaries of KKR & Co. L.P. (collectively, the “KCM Borrowers”) entered into a 364 -day revolving credit agreement (the “KCM Revolver Agreement”) with Mizuho Bank, Ltd., as administrative agent. The KCM Revolver Agreement provides for revolving borrowings of up to $750 million , expires on June 27, 2019, and ranks pari passu with the existing $500 million credit facility provided by them for KKR's capital markets business. The prior 364 -day revolving credit agreement, dated as of June 29, 2017, between the KCM Borrowers and Mizuho Bank, Ltd., as administrative agent, expired according to its terms on June 28, 2018. Borrowings under the KCM Revolver Agreement may only be used to facilitate the settlement of debt transactions syndicated by KKR’s capital markets business. Obligations under the KCM Revolver Agreement are limited to the KCM Borrowers, which are solely entities involved in KKR’s capital markets business, and liabilities under the KCM Revolver Agreement are non-recourse to other parts of KKR. If a borrowing is made under the KCM Revolver Agreement, the interest rate will vary depending on the type of drawdown requested. If the borrowing is a Eurocurrency loan, it will be based on a LIBOR rate plus an applicable margin ranging between 1.25% and 2.50% , depending on the duration of the loan. If the borrowing is an ABR loan, it will be based on a base rate plus an applicable margin ranging between 0.25% and 1.50% , depending on the duration of the loan. A facility fee of 0.20% is also payable on the entire facility amount. The KCM Revolver Agreement contains customary representations and warranties, events of default, and affirmative and negative covenants, including a financial covenant providing for a maximum debt to equity ratio for the KCM Borrowers. The KCM Borrowers’ obligations under the KCM Revolver Agreement are secured by certain assets of the KCM Borrowers, including a pledge of equity interests of certain subsidiaries of the KCM Borrowers. Notes Issuances KKR Issued 0.509% Senior Notes Due 2023, 0.764% Senior Notes Due 2025, and 1.595% Senior Notes Due 2038 On March 23, 2018, KKR Group Finance Co. IV LLC ("KKR Group Finance IV"), an indirect subsidiary of KKR & Co. L.P., completed the offering of ¥40.3 billion , aggregate principal amount of its (i) ¥25.0 billion 0.509% Senior Notes due 2023 (the "2023 Notes"), (ii) ¥5.0 billion 0.764% Senior Notes due 2025 (the "2025 Notes") and (iii) ¥10.3 billion 1.595% Senior Notes due 2038 (the "2038 Notes" and, together with the 2023 Notes and the 2025 Notes, the "JPY Notes"). The JPY Notes are guaranteed by KKR & Co. L.P. and KKR Management Holdings L.P., KKR Fund Holdings L.P. and KKR International Holdings L.P., each an indirect subsidiary of KKR & Co. L.P. (collectively with KKR & Co. L.P., the "Guarantors"). The 2023 Notes bear interest at a rate of 0.509% per annum and will mature on March 23, 2023 unless earlier redeemed. The 2025 Notes bear interest at a rate of 0.764% per annum and will mature on March 21, 2025 unless earlier redeemed. The 2038 Notes bear interest at a rate of 1.595% per annum and will mature on March 23, 2038 unless earlier redeemed. Interest on the JPY Notes accrues from March 23, 2018 and is payable semiannually in arrears on March 23 and September 23 of each year, commencing on September 23, 2018 and ending on the applicable maturity date. The JPY Notes are unsecured and unsubordinated obligations of KKR Group Finance IV. The JPY Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors. The guarantees are unsecured and unsubordinated obligations of the Guarantors. The indenture, as supplemented by the first supplemental indenture, related to the JPY Notes includes covenants, including limitations on KKR Group Finance IV's and the Guarantors' ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indenture, as supplemented, also provides for events of default and further provides that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding JPY Notes may declare the JPY Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the JPY Notes and any accrued and unpaid interest on the JPY Notes automatically become due and payable. KKR Group Finance IV may redeem the JPY Notes at its option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the JPY Notes to be redeemed, together with interest accrued and unpaid to, but excluding, the date fixed for redemption, at any time, in the event of certain changes affecting taxation as provided in the JPY Indenture. KFN Issued 5.200% Notes Due 2033 On February 12, 2018, KFN issued $120.0 million aggregate principal amount of 5.200% Senior Notes due 2033 (the "KFN 2033 Senior Notes"). The KFN 2033 Senior Notes are unsecured and unsubordinated obligations of KFN, which do not provide for recourse to KKR beyond the assets of KFN. The KFN 2033 Senior Notes are not guaranteed by the Guarantors. The KFN 2033 Senior Notes will mature on February 12, 2033, unless earlier redeemed or repurchased. The KFN 2033 Senior Notes bear interest at a rate of 5.200% per annum, accruing from February 12, 2018. Interest is payable semi-annually in arrears on February 12 and August 12 of each year. The indenture, as supplemented by a first supplemental indenture, relating to the KFN 2033 Senior Notes includes covenants, including (i) limitations on KFN's ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of certain of its subsidiaries or merge, consolidate or sell, transfer or lease assets, (ii) requirements that KFN maintain a minimum Consolidated Net Worth (as defined in the indenture) and (iii) requirements that KFN maintain a minimum Cash and Liquid Investments (as defined in the indenture). The indenture, as supplemented, also provides for events of default and further provides that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding KFN 2033 Senior Notes may declare the KFN 2033 Senior Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the KFN 2033 Senior Notes and any accrued and unpaid interest on the KFN 2033 Senior Notes automatically becomes due and payable. Beginning on February 12, 2023, KFN may redeem the KFN 2033 Senior Notes in whole, but not in part, at KFN's option, at a redemption price equal to 100% of the outstanding principal amount plus accrued and unpaid interest to, but excluding, the date of redemption. At any time prior to February 12, 2023, KFN may redeem the KFN 2033 Senior Notes in whole, but not in part, at KFN's option at any time, at a "make-whole" redemption price set forth in the KFN 2033 Senior Notes. If a change of control occurs, the KFN 2033 Senior Notes are subject to repurchase by the issuer at a repurchase price in cash equal to 101% of the aggregate principal amount of the KFN 2033 Senior Notes repurchased plus any accrued and unpaid interest on the KFN 2033 Senior Notes repurchased to, but not including, the date of repurchase. KFN Issued 5.400% Notes Due 2033 On May 23, 2018, KFN issued $70.0 million aggregate principal amount of 5.400% Senior Notes due 2033 (the "KFN 5.400% Senior Notes"). The KFN 5.400% Senior Notes are unsecured and unsubordinated obligations of KFN, which do not provide for recourse to KKR beyond the assets of KFN. The KFN 5.400% Senior Notes are not guaranteed by the Guarantors. The KFN 5.400% Senior Notes will mature on May 23, 2033, unless earlier redeemed or repurchased. The KFN 5.400% Senior Notes bear interest at a rate of 5.400% per annum, accruing from May 23, 2018. Interest is payable semi-annually in arrears on May 23 and November 23 of each year. The indenture, as supplemented by a second supplemental indenture, relating to the KFN 5.400% Senior Notes includes covenants, including (i) limitations on KFN's ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of certain of its subsidiaries or merge, consolidate or sell, transfer or lease assets, (ii) requirements that KFN maintain a minimum Consolidated Net Worth (as defined in the indenture) and (iii) requirements that KFN maintain minimum Cash and Liquid Investments (as defined in the indenture). The indenture, as supplemented, also provides for events of default and further provides that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding KFN 5.400% Senior Notes may declare the KFN 5.400% Senior Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the KFN 5.400% Senior Notes and any accrued and unpaid interest on the KFN 5.400% Senior Notes automatically becomes due and payable. Beginning on May 23, 2023, KFN may redeem the KFN 5.400% Senior Notes in whole, but not in part, at KFN's option, at a redemption price equal to 100% of the outstanding principal amount plus accrued and unpaid interest to, but excluding, the date of redemption. At any time prior to May 23, 2023, KFN may redeem the KFN 5.400% Senior Notes in whole, but not in part, at KFN's option at any time, at a "make-whole" redemption price set forth in the KFN 5.400% Senior Notes. If a change of control occurs, the KFN 5.400% Senior Notes are subject to repurchase by the issuer at a repurchase price in cash equal to 101% of the aggregate principal amount of the KFN 5.400% Senior Notes repurchased plus any accrued and unpaid interest on the KFN 5.400% Senior Notes repurchased to, but not including, the date of repurchase. Other Consolidated Debt Obligations Debt Obligations of Consolidated CFEs As of June 30, 2018 , 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 $ 11,127,365 3.2 % 11.7 Subordinated Notes of Consolidated CLOs 389,931 (1) 12.1 Debt Obligations of Consolidated CMBS Vehicles 1,091,346 4.0 % 30.3 $ 12,608,642 (1) The subordinated notes do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any. Debt obligations of consolidated CFEs are collateralized by assets held by each respective CFE vehicle and assets of one CFE vehicle may not be used to satisfy the liabilities of another. As of June 30, 2018 , the fair value of the consolidated CFE assets was $14.4 billion . This collateral consisted of Cash and Cash Equivalents Held at Consolidated Entities, Investments, and Other Assets. 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 as of June 30, 2018 . KKR is in compliance with its debt covenants in all material respects as of June 30, 2018 .

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2018
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 partners who beneficially own such partnerships and disregarded entities and are generally not payable by KKR. However, certain consolidated entities are treated as corporations for U.S. and non-U.S. tax purposes and are therefore subject to U.S. federal, state and/or local income taxes and/or non-U.S. taxes at the entity-level. In addition, certain consolidated entities which are treated as partnerships for U.S. tax purposes are subject to the New York City Unincorporated Business Tax or other local taxes. The effective tax rates were 3.75% and 2.09% for the three months ended June 30, 2018 and 2017, respectively, and 3.50% and 3.42% for the six months ended June 30, 2018 and 2017, 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. On December 22, 2017, the 2017 Tax Act was enacted in the United States, which instituted fundamental changes to the taxation of multinational businesses. During the year ended December 31, 2017, the Company estimated that $96.4 million of deferred tax expense, recorded in connection with the remeasurement of certain deferred tax assets and liabilities at the reduced U.S. federal tax rate, and $1.5 million of expense, net of the reversal of the deferred tax liability related to unremitted foreign earnings, recorded in connection with the transition tax on the mandatory deemed repatriation of foreign earnings was a provisional amount and a reasonable estimate in accordance with Staff Accounting Bulletin 118 ("SAB 118"). As of June 30, 2018 , the Company has not completed the accounting for the effects of the 2017 Tax Act and there have been no material changes to our estimated amounts. Accordingly, there has been no change to the provisional amounts previously recorded and there is no impact to the effective tax rate for such provisional amounts for the three and six months ended June 30, 2018 . During the three and six months ended June 30, 2018 , there were no material changes to KKR’s uncertain tax positions and KKR believes there will be no significant increase or decrease to the uncertain tax positions within 12 months of the reporting date.

EQUITY BASED COMPENSATION

EQUITY BASED COMPENSATION	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY BASED COMPENSATION	EQUITY BASED COMPENSATION The following table summarizes the expense associated with equity-based compensation for the three and six months ended June 30, 2018 and 2017 , respectively. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Equity Incentive Plan Units $ 58,198 $ 44,976 $ 125,994 $ 94,919 KKR Holdings Principal Awards 29,195 27,268 56,477 72,247 Total (1) $ 87,393 $ 72,244 $ 182,471 $ 167,166 (1) Includes $2,828 and $7,092 of equity based charges for the three and six months ended June 30, 2018 related to employees of equity method investees. Such amounts are included in Net Gains (Losses) from Investment Activities in the consolidated statements of operations. 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 awards are also subject to minimum retained ownership rules requiring the award recipient to continuously hold common unit equivalents equal to at least 15% of their cumulatively vested awards that have the minimum retained ownership requirement. 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. Beginning with the financial results reported for the first quarter of 2017, KKR's distribution policy has been to make equal quarterly distributions to common unitholders of $ 0.17 per common unit per quarter or $ 0.68 per year. Therefore, for units granted on or after January 1, 2017, the discount for lack of participation rights in the expected distributions on unvested units was based on the $ 0.68 annual distribution. See Note 18 "Subsequent Events" for an update to KKR's distribution policy. KKR has made equal quarterly distributions to holders of its common units of $0 .16 per common unit per quarter or $ 0.64 per year in respect of financial results reported for the first quarter of 2016 through the fourth quarter of 2016. Accordingly, for units granted subsequent to December 31, 2015 but before January 1, 2017, the discount for the lack of participation rights in the expected distributions on unvested units was based on the $0.64 annual distribution. The discount range for awards granted prior to December 31, 2015 was based on management's estimates of future distributions that the unvested equity awards would not be entitled to receive between the grant date and the vesting date which ranged from 8% to 56% . Expense is recognized on a straight line basis over the life of the award and assumes a forfeiture rate of up to 7% annually based upon expected turnover by class of recipient. Market Condition Awards On November 2, 2017, KKR's Co-Presidents and Co-Chief Operating Officers were each granted 2.5 million KKR common units subject to a market price-based vesting condition ("Market Condition Awards"). These units were granted under the Equity Incentive Plan. All of such units will vest upon the market price of KKR common units reaching and maintaining a closing market price of $40 per unit for 10 consecutive trading days on or prior to December 31, 2022, subject to the employee's continued service to the time of such vesting. If the $40 price target is not achieved by the close of business on December 31, 2022, the unvested Market Condition Awards will be automatically canceled and forfeited. These Market Condition Awards are subject to additional transfer restrictions and minimum retained ownership requirements after vesting. Due to the existence of the market condition, the vesting period for the Market Condition Awards is not explicit, and as such, compensation expense will be recognized over the period derived from the valuation technique used to estimate the grant-date fair value of the award (the "Derived Vesting Period"). The fair value of the Market Condition Awards at the date of grant was $4.02 per unit 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 $19.90 Risk Free Rate 2.02 % Volatility 25.00 % Dividend Yield 3.42 % Expected Cost of Equity 11.02 % 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. Compensation expense is recognized over the Derived Vesting Period, which was estimated to be 3 years from the date of grant, on a straight-line basis. As of June 30, 2018 , there was approximately $15.7 million of estimated unrecognized compensation expense related to unvested Market Condition Awards and such awards did not meet their market-price based vesting condition. As of June 30, 2018 , there was approximately $435.8 million of total estimated unrecognized expense related to unvested awards, including Market Condition Awards. That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2018 $ 105.6 2019 167.3 2020 112.1 2021 39.0 2022 10.9 2023 0.9 Total $ 435.8 A summary of the status of unvested awards granted under the Equity Incentive Plan, excluding Market Condition Awards as described above, from January 1, 2018 through June 30, 2018 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2018 46,422,733 $ 14.98 Granted 1,620,205 19.91 Vested (10,242,743 ) 13.65 Forfeitures (1,539,560 ) 13.79 Balance, June 30, 2018 36,260,635 $ 15.63 The weighted average remaining vesting period over which unvested awards are expected to vest is 1.5 years . A summary of the remaining vesting tranches of awards granted under the Equity Incentive Plan is presented below: Vesting Date Units October 1, 2018 5,817,507 April 1, 2019 9,314,434 October 1, 2019 4,487,128 April 1, 2020 6,523,676 October 1, 2020 3,443,008 April 1, 2021 3,353,555 October 1, 2021 1,976,345 April 1, 2022 116,532 October 1, 2022 1,137,278 October 1, 2023 91,172 36,260,635 KKR Holdings Awards KKR Holdings units are exchangeable for KKR Group Partnership Units and allow for their exchange into common units of KKR & Co. L.P. on a one -for-one basis. As of June 30, 2018 and 2017, KKR Holdings owned approximately 36.7% or 304,107,762 units and 42.2% or 342,993,993 units, respectively, of outstanding KKR Group Partnership Units. Awards for KKR Holdings units that have been granted are generally subject to service based vesting, typically over a three to five year period from the date of grant. They are also generally subject to transfer restrictions which last 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, the recipients are also subject to minimum retained ownership rules requiring them to continuously hold 25% of their vested interests. Upon separation from KKR, award recipients are subject to the terms of a confidentiality and restrictive covenants agreement that would require the forfeiture of certain vested and unvested units should the terms of the agreement be violated. Holders of KKR Holdings units are not entitled to participate in distributions made on KKR Group Partnership Units underlying their KKR Holdings units until such units are vested. All of the KKR Holdings units (except for less than 0.2% of the outstanding KKR Holdings units) have been granted as of June 30, 2018 . The fair value of awards granted out of KKR Holdings is generally based on the closing price of KKR & Co. L.P. common units on the date of grant. KKR determined this to be the best evidence of fair value as a KKR & Co. L.P. common unit is traded in an active market and has an observable market price. Additionally, a KKR Holdings unit is an instrument with terms and conditions similar to those of a KKR & Co. L.P. common unit. Specifically, units in both KKR Holdings and KKR & Co. L.P. represent ownership interests in KKR Group Partnership Units and, subject to any vesting, minimum retained ownership requirements and transfer restrictions, each KKR Holdings unit is exchangeable into a KKR Group Partnership Unit and then into a KKR & Co. L.P. common unit on a one -for-one basis. In February 2016, approximately 28.9 million KKR Holdings units were granted that were originally subject to market condition and service-based vesting that were subsequently modified in November 2016 to eliminate the market condition vesting and instead require only service-based vesting in equal annual installments over a five year period. At the date of modification, total future compensation expense amounted to $320.9 million , net of estimated forfeitures, to be recognized over the remaining vesting period of the modified awards. The awards described above were granted from outstanding but previously unallocated units of KKR Holdings, and consequently these grants did not increase the number of KKR Holdings units outstanding or outstanding KKR common units on a fully-diluted basis. If and when vested, these awards will not dilute KKR's respective ownership interests in the KKR Group Partnerships. KKR Holdings Awards give rise to equity-based compensation in the consolidated statements of operations based on the grant-date fair value of the award discounted for the lack of participation rights in the expected distributions on unvested units. Beginning with the financial results reported for the first quarter of 2017, KKR's distribution policy has been to make quarterly distributions to common unitholders of $ 0.17 per common unit per quarter or $ 0.68 per year. Therefore, for awards granted on or after January 1, 2017, the discount for lack of participation rights in the expected distributions on unvested units is based on the $ 0.68 annual distribution. See Note 18 "Subsequent Events" for an update to KKR's distribution policy. KKR has made equal quarterly distributions to holders of its common units of $0.16 per common unit per quarter or $0.64 per year in respect of financial results reported for the first quarter of 2016 through the fourth quarter of 2016. Accordingly, for awards granted subsequent to December 31, 2015 but before January 1, 2017, the discount for the lack of participation rights in the expected distributions on unvested units was based on the $0.64 annual distribution. Expense is recognized on a straight line basis over the life of the award and assumes a forfeiture rate of up to 7% annually based on expected turnover by class of recipient. As of June 30, 2018 , there was approximately $306.6 million of estimated unrecognized expense related to unvested KKR Holdings awards. That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2018 $ 49.9 2019 96.1 2020 87.9 2021 47.4 2022 25.3 Total $ 306.6 A summary of the status of unvested awards granted under the KKR Holdings Plan from January 1, 2018 through June 30, 2018 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2018 30,848,583 $ 14.42 Granted 450,000 20.90 Vested (4,524,590 ) 13.37 Forfeitures (680,000 ) 11.99 Balance, June 30, 2018 26,093,993 $ 14.78 The weighted average remaining vesting period over which unvested awards are expected to vest is 2.3 years. A summary of the remaining vesting tranches of awards granted under the KKR Holdings Plan is presented below: Vesting Date Units October 1, 2018 1,970,000 April 1, 2019 229,514 May 1, 2019 3,680,000 October 1, 2019 2,455,000 April 1, 2020 124,479 May 1, 2020 3,680,000 October 1, 2020 2,940,000 May 1, 2021 3,680,000 October 1, 2021 3,425,000 October 1, 2022 3,910,000 26,093,993

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Due from Affiliates consists of: June 30, 2018 December 31, 2017 Amounts due from portfolio companies $ 107,149 $ 129,594 Amounts due from unconsolidated investment funds 497,120 415,907 Amounts due from related entities 10,323 8,848 Due from Affiliates $ 614,592 $ 554,349 Due to Affiliates consists of: June 30, 2018 December 31, 2017 Amounts due to KKR Holdings in connection with the tax receivable agreement $ 84,954 $ 84,034 Amounts due to unconsolidated investment funds 174,305 239,776 Due to Affiliates $ 259,259 $ 323,810

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING KKR operates through one operating and reportable segment. This single reportable segment reflects how the chief operating decision makers allocate resources and assess performance under KKR's "one-firm approach," which includes operating collaboratively across business lines, with predominantly a single expense pool. These segment financial results represent the combined financial results of the KKR Group Partnerships as a whole. KKR’s segment reporting is presented prior to giving effect to the allocation of income (loss) between KKR & Co. L.P. and KKR Holdings L.P. and as such represents the business in total. In addition, KKR’s segment reporting is presented without giving effect to the consolidation of the investment funds and CFEs that KKR manages as well as other consolidated entities that are not subsidiaries of KKR & Co. L.P. The segment measures used in KKR’s segment reporting, including segment revenues, segment expenses, after-tax distributable earnings and segment assets, are used by management in making operational and resource deployment decisions as well as assessing the overall performance of KKR’s business. After-Tax Distributable Earnings After-tax distributable earnings is a measure of KKR’s earnings on a segment basis excluding mark-to-market gains (losses). Starting with the second quarter of 2018, it is defined as the amount of realized earnings of KKR that would be available for distribution to common unitholders for a given reporting period, after deducting equity-based compensation. KKR revised the definition of after-tax distributable earnings starting in the second quarter of 2018, because it currently reflects how the chief operating decision makers allocate resources and assess performance of KKR’s business. KKR believes that after-tax distributable earnings is useful to unitholders as it aligns KKR’s net realization performance with the manner in which KKR receives its revenues and determines the compensation of its employees. After-tax distributable earnings does not represent and is not used to calculate actual dividends under KKR’s distribution policy. Historically, equity-based compensation expense relating to the Equity Incentive Plan was not reflected in our calculation of after-tax distributable earnings. Under KKR’s current segment presentation, equity-based compensation expense is included in after-tax distributable earnings as a component of compensation expense in order to reflect the dilutive nature of these non-cash equity-based awards. For comparability, after-tax distributable earnings for the comparable prior periods have been calculated using this new definition. Modification of Segment Information In connection with a change to KKR's chief operating decision makers, KKR's management has reevaluated the manner in which it makes operational and resource deployment decisions and assesses the overall performance of KKR's business. Effective with the three months ended June 30, 2018, the items detailed below have changed with respect to the preparation of the reports used by KKR's chief operating decision makers. As a result, KKR has modified the presentation of its segment financial information effective as of and for the three months ended June 30, 2018, with retrospective application to all prior periods presented. The most significant changes between KKR's current segment presentation and its previous segment presentation reported prior to the three months ended June 30, 2018, are as follows: • After-tax Distributable Earnings - After-tax distributable earnings is the performance measure for KKR's profitability and is used by management in making operational and resource deployment decisions since after-tax distributable earnings aligns KKR's net realized performance with the manner in which KKR receives its revenues and determines the compensation of its employees. Previously, economic net income was a key performance measure. The key distinction between after-tax distributable earnings and economic net income is that after-tax distributable earnings reflects the earnings of KKR excluding mark-to-market gains (losses). • Single Reportable Segment - KKR operates through one operating and reportable segment as the chief operating decision makers assess performance of and allocate resources to all of its business lines on a collective basis. These performance assessments and resource allocation decisions are based both on individual and group performance and on broad considerations reflecting KKR's "one-firm approach," which includes operating collaboratively across business lines with predominantly a single expense pool. Historically, KKR operated as four reportable segments. • Elimination of Expense Allocation Process - In previous periods, certain expenses were allocated among four historical reportable segments. Effective with the three months ended June 30, 2018, for the reasons discussed above, a majority of our expenses, namely compensation expense and interest expense, are not specifically allocated among our business lines. Accordingly, KKR has eliminated the expense allocation process that was used in prior periods. • Inclusion of Equity Based Compensation in After-tax Distributable Earnings - Historically, equity-based compensation expense relating to the Equity Incentive Plan was not reflected in our calculation of after-tax distributable earnings. Under KKR's current segment presentation, equity-based compensation expense is included in after-tax distributable earnings as a component of compensation expense in order to reflect the dilutive nature of these non-cash equity-based awards. For comparability, after-tax distributable earnings for the comparable prior periods have been calculated using this new definition in this report. • Interest Expense Excluded from Segment Revenues - Historically, KKR's interest expense on its debt capital was allocated entirely to the Principal Activities business line (one of the four historical reportable segments) as a reduction of investment income. As such, interest expense was included as a reduction to total segment revenues. Under KKR's current segment presentation, interest expense is not allocated among its business lines, as its debt capital supports KKR's entire business and not just the Principal Activities business line. As such, KKR's current segment presentation excludes interest expense from total segment revenues. In connection with these modifications, segment information as of and for the three and six months ended June 30, 2017 has been presented in this Quarterly Report on Form 10-Q to conform to KKR's current segment presentation for comparability purposes. Consequently, this information will be different from the historical segment financial results previously reported by KKR in its reports filed with the SEC. The following tables set forth information regarding KKR's segment results. As of and for the Three Months Ended As of and for the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Segment Revenues Fees and Other, Net Management Fees $ 261,450 $ 229,569 $ 513,035 $ 437,853 Transaction Fees 163,925 156,465 320,770 399,500 Monitoring Fees 25,394 30,510 42,924 43,730 Fee Credits (53,021 ) (51,384 ) (96,795 ) (140,401 ) Total Fees and Other, Net 397,748 365,160 779,934 740,682 Realized Performance Income (Loss) Carried Interest 342,089 264,668 544,644 470,872 Incentive Fees 17,651 2,624 34,058 4,310 Total Realized Performance Income (Loss) 359,740 267,292 578,702 475,182 Realized Investment Income (Loss) Net Realized Gains (Losses) (1) 97,480 7,180 105,355 86,631 Interest Income and Dividends 71,228 67,836 143,805 124,718 Total Realized Investment Income (Loss) 168,708 75,016 249,160 211,349 Total Segment Revenues $ 926,196 $ 707,468 $ 1,607,796 $ 1,427,213 Segment Expenses Compensation and Benefits (2) 368,562 292,415 669,042 569,860 Occupancy and Related Charges 14,665 13,407 28,248 27,776 Other Operating Expenses (3) 63,561 53,069 121,466 106,567 Total Segment Expenses $ 446,788 $ 358,891 $ 818,756 $ 704,203 Segment Operating Earnings 479,408 348,577 789,040 723,010 Interest Expense 45,474 47,026 95,666 88,735 Preferred Dividends 8,341 8,341 16,682 16,682 Income (Loss) Attributable to Noncontrolling Interests 1,082 1,180 2,285 2,764 Income Taxes Paid 19,820 15,084 33,988 41,359 After-tax Distributable Earnings $ 404,691 $ 276,946 $ 640,419 $ 573,470 Total Segment Assets $ 17,476,683 $ 15,000,669 $ 17,476,683 $ 15,000,669 (1) Given the extraordinary nature of the Conversion, the reported segment financial results for the three and six months ended June 30, 2018 exclude approximately $729.4 million of losses on certain investments which were realized in the second quarter in advance of the Conversion. (2) Includes equity-based compensation of $58,198 and $44,976 for the three months ended June 30, 2018 and 2017, respectively, and $125,994 and $94,919 for the six months ended June 30, 2018 and 2017, respectively. (3) For the three and six months ended June 30, 2018, excludes approximately $11.5 million of non-recurring costs in connection with the Conversion. KKR's business lines are differentiated primarily by their business objectives, investment strategies and sources of revenue, and are summarized below. Through KKR's Private Markets business line, KKR manages and sponsors private equity funds and co-investment vehicles, which invest capital for long-term appreciation, either through controlling ownership of a company or strategic minority positions. In addition to its traditional private equity funds, KKR sponsors investment funds that invest in growth equity and core equity investments. KKR also manages and sponsors investment funds and co-investment vehicles that invest capital in real assets, such as infrastructure, energy and real estate. Through KKR's Public Markets business line, KKR operates its combined credit and hedge funds platforms. KKR's credit platform invests capital in leveraged credit strategies, including leveraged loans, high-yield bonds, opportunistic credit and revolving credit strategies, and alternative credit strategies including special situations and private credit opportunities, such as direct lending and private opportunistic credit investment strategies. KKR's hedge funds platform consists of strategic manager partnerships with third-party hedge fund managers in which KKR owns a minority stake. KKR's Capital Markets business line 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, placing and underwriting securities offerings and providing other types of capital markets services. Through KKR's Principal Activities business line, KKR manages the firm's assets and deploys capital to support and grow its business lines including making capital commitments as general partner to its funds, to seed new business strategies or investments for new funds or to bridge capital selectively for its funds' investments. The Principal Activities business line also provides the required capital to fund the various commitments of KKR's Capital Markets business line or to meet regulatory capital requirements. The following tables provide KKR's segment revenues on a disaggregated basis by business line for the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, 2018 Private Markets Public Markets Capital Markets Principal Activities Total Fees and Other, Net Management Fees $ 156,295 $ 105,155 $ — $ — $ 261,450 Transaction Fees 48,567 10,673 104,685 — 163,925 Monitoring Fees 25,394 — — — 25,394 Fee Credits (43,249 ) (9,772 ) — — (53,021 ) Total Fees and Other, Net 187,007 106,056 104,685 — 397,748 Realized Performance Income (Loss) Carried Interest 342,089 — — — 342,089 Incentive Fees — 17,651 — — 17,651 Total Realized Performance Income (Loss) 342,089 17,651 — — 359,740 Realized Investment Income (Loss) Net Realized Gains (Losses) — — — 97,480 97,480 Interest Income and Dividends — — — 71,228 71,228 Total Realized Investment Income (Loss) — — — 168,708 168,708 Total $ 529,096 $ 123,707 $ 104,685 $ 168,708 $ 926,196 Three Months Ended June 30, 2017 Private Markets Public Markets Capital Markets Principal Activities Total Fees and Other, Net Management Fees $ 142,253 $ 87,316 $ — $ — $ 229,569 Transaction Fees 37,252 25,515 93,698 — 156,465 Monitoring Fees 30,510 — — — 30,510 Fee Credits (31,750 ) (19,634 ) — — (51,384 ) Total Fees and Other, Net 178,265 93,197 93,698 — 365,160 Realized Performance Income (Loss) Carried Interest 264,668 — — — 264,668 Incentive Fees — 2,624 — — 2,624 Total Realized Performance Income (Loss) 264,668 2,624 — — 267,292 Realized Investment Income (Loss) Net Realized Gains (Losses) — — — 7,180 7,180 Interest Income and Dividends — — — 67,836 67,836 Total Realized Investment Income (Loss) — — — 75,016 75,016 Total $ 442,933 $ 95,821 $ 93,698 $ 75,016 $ 707,468 Six Months Ended June 30, 2018 Private Markets Public Markets Capital Markets Principal Activities Total Fees and Other, Net Management Fees $ 314,485 $ 198,550 $ — $ — $ 513,035 Transaction Fees 95,256 13,231 212,283 — 320,770 Monitoring Fees 42,924 — — — 42,924 Fee Credits (84,592 ) (12,203 ) — — (96,795 ) Total Fees and Other, Net 368,073 199,578 212,283 — 779,934 Realized Performance Income (Loss) Carried Interest 544,644 — — — 544,644 Incentive Fees — 34,058 — — 34,058 Total Realized Performance Income (Loss) 544,644 34,058 — — 578,702 Realized Investment Income (Loss) Net Realized Gains (Losses) — — — 105,355 105,355 Interest Income and Dividends — — — 143,805 143,805 Total Realized Investment Income (Loss) — — — 249,160 249,160 Total $ 912,717 $ 233,636 $ 212,283 $ 249,160 $ 1,607,796 Six Months Ended June 30, 2017 Private Markets Public Markets Capital Markets Principal Activities Total Fees and Other, Net Management Fees $ 265,765 $ 172,088 $ — $ — $ 437,853 Transaction Fees 155,134 29,571 214,795 — 399,500 Monitoring Fees 43,730 — — — 43,730 Fee Credits (117,400 ) (23,001 ) — — (140,401 ) Total Fees and Other, Net 347,229 178,658 214,795 — 740,682 Realized Performance Income (Loss) Carried Interest 470,872 — — — 470,872 Incentive Fees — 4,310 — — 4,310 Total Realized Performance Income (Loss) 470,872 4,310 — — 475,182 Realized Investment Income (Loss) Net Realized Gains (Losses) — — — 86,631 86,631 Interest Income and Dividends — — — 124,718 124,718 Total Realized Investment Income (Loss) — — — 211,349 211,349 Total $ 818,101 $ 182,968 $ 214,795 $ 211,349 $ 1,427,213 The following tables reconcile the most directly comparable financial measures calculated and presented in accordance with GAAP to KKR's segment information: Revenues Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Total GAAP Revenues $ 971,620 $ 1,015,800 $ 1,444,226 $ 1,783,555 Add: Management Fees - Consolidated Funds and Other 101,431 54,072 166,027 101,964 Deduct: Fee Credits - Consolidated Funds 18,174 2,707 32,895 3,646 Deduct: Capital Allocation-Based Income (GAAP) 557,774 635,015 635,986 1,022,591 Add: Segment Realized Carried Interest 342,089 264,668 544,644 470,872 Add: Segment Realized Investment Income (Loss) 168,708 75,016 249,160 211,349 Deduct: Revenue Earned by Other Consolidated Entities 31,128 28,290 56,593 54,665 Deduct: Expense Reimbursements 50,576 36,076 70,787 59,625 Total Segment Revenues $ 926,196 $ 707,468 $ 1,607,796 $ 1,427,213 Expenses Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Total GAAP Expenses $ 675,050 $ 629,728 $ 1,111,651 $ 1,169,742 Deduct: Equity-based and Other Compensation - KKR Holdings L.P. 29,247 42,964 61,942 104,057 Deduct: Segment Unrealized Performance Income Compensation 67,092 119,774 23,969 176,988 Deduct: Amortization of Intangibles 1,317 5,062 6,347 11,428 Deduct: Reimbursable Expenses 56,312 43,438 82,405 72,237 Deduct: Operating Expenses relating to Other Consolidated Entities 53,114 44,093 97,423 77,873 Deduct: One-time Non-recurring Costs (1) 11,501 — 11,501 — Add: Other (9,679 ) (15,506 ) (9,308 ) (22,956 ) Total Segment Expenses $ 446,788 $ 358,891 $ 818,756 $ 704,203 (1) Represents non-recurring costs in connection with the Conversion. Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 GAAP Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders $ 680,381 $ 405,646 $ 850,483 $ 664,989 Add: Net Income (Loss) Attributable to Noncontrolling Interests held by KKR Holdings L.P. 449,859 305,280 570,861 521,712 Add: Equity-based and Other Compensation - KKR Holdings L.P. 29,247 42,964 61,942 104,057 Add: Amortization of Intangibles and Other, net (50,643 ) 4,524 (2,934 ) 37,361 Add: One-time Non-recurring Costs (1) 11,501 — 11,501 — Add: Realized Losses on Certain Investments (2) 729,425 — 729,425 — Deduct: Unrealized Carried Interest 163,442 296,719 51,710 437,345 Deduct: Net Unrealized Gains (Losses) 1,389,869 307,977 1,597,731 512,013 Add: Unrealized Performance Income Compensation 67,092 119,774 23,969 176,988 Add: Income Tax Provision 60,960 18,538 78,601 59,080 Deduct: Income Taxes Paid 19,820 15,084 33,988 41,359 After-tax Distributable Earnings $ 404,691 $ 276,946 $ 640,419 $ 573,470 (1) Represents non-recurring costs in connection with the Conversion. (2) Represents losses on certain investments which were realized in the second quarter in advance of the Conversion. The items that reconcile KKR's reportable segment income (loss) attributable to noncontrolling interests to the corresponding 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. Assets As of June 30, 2018 2017 Total GAAP Assets $ 48,572,664 $ 42,868,081 Less: Impact of Consolidation of Funds and Other Entities 29,701,863 26,412,562 Less: Carry Pool Reclassification from Liabilities 1,242,835 1,152,015 Less: Impact of KKR Management Holdings Corp. 151,283 302,835 Total Segment Assets $ 17,476,683 $ 15,000,669

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
EQUITY	EQUITY Transfer of Interests Under Common Control and Other On March 30, 2017, KKR reorganized KKR's Indian capital markets and credit asset management businesses to create KKR India Financial Investments Pte. Ltd. ("KIFL"). This reorganization transaction was accounted for as a transfer of interests under common control, and the difference between KKR's carrying value before and after the transaction was treated as a reallocation of equity interests. No gain or loss was recognized in the condensed consolidated financial statements. On November 24, 2017, KIFL issued equity to an unaffiliated third-party. This transaction was accounted for as a subsidiary's direct issuance of its equity to third-parties, and the difference between KKR's carrying value before and after the transaction was treated as a reallocation of equity interests. No gain or loss was recognized in the condensed consolidated financial statements. Both transactions above resulted in an increase to KKR's equity and to noncontrolling interests held by KKR Holdings. Unit Repurchase Program On May 3, 2018, KKR increased the available amount under its repurchase program to $500 million , which may be used for the repurchase of its common units (or shares of Class A common stock of KKR & Co. Inc.) and retirement of equity awards issued pursuant to the Equity Incentive Plan (and any successor equity plan thereto). Under this repurchase program, common units (or Class A common stock of KKR & Co. Inc.) 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 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. The program does not require KKR to repurchase any specific number of common units (or Class A common stock of KKR & Co. Inc.), and the program may be suspended, extended, modified or discontinued at any time. During the three and six months ended June 30, 2018, approximately 2.2 million common units were repurchased pursuant to this program. There were no common units repurchased pursuant to this program during the three and six months ended June 30, 2017.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Funding Commitments As of June 30, 2018 , KKR had unfunded commitments consisting of $5,259.3 million to its active private equity and other investment vehicles. In addition to the uncalled commitments to KKR's investment funds, KKR has entered into contractual commitments with respect to (i) the purchase of investments and other assets in its Principal Activities business line and (ii) underwriting transactions, debt financing, and syndications in KKR's Capital Markets business line. As of June 30, 2018 , these commitments amounted to $508.9 million and $992.5 million , respectively. Whether these amounts are actually funded, in whole or in part, depends on the contractual terms of such commitments, including the satisfaction or waiver of any conditions to closing or funding. The unfunded commitments shown for KKR's Capital Markets business line are shown without reflecting arrangements that may reduce the actual amount of contractual commitments shown; KKR's Capital Markets business line has an arrangement with a third party, which reduces its risk when underwriting certain debt transactions. In the case of purchases of investments or assets in KKR's Principal Activities business line, the amount to be funded includes amounts that are intended to be syndicated to third parties, and the actual amounts to be funded may be less than shown. 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 June 30, 2018 , $10.1 million of carried interest was subject to this clawback obligation, assuming that all applicable carry-paying funds were liquidated at their June 30, 2018 fair values. Had the investments in such funds been liquidated at zero value, the clawback obligation would have been approximately $1.9 billion . Carried interest is recognized in the condensed consolidated statements 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. Indemnifications and Other Guarantees KKR may incur contingent liabilities for claims that may be made against it in the future. KKR enters into contracts that contain a variety of representations, warranties and covenants, including indemnifications. For example, certain of KKR's investment funds and KFN have provided certain indemnities relating to environmental and other matters and have 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 and for certain investment vehicles that KKR manages. In addition, KKR has also provided credit support to certain of its subsidiaries' obligations in connection with a limited number of investment vehicles that KKR manages. For example, KKR has guaranteed the obligations of a general partner to post collateral on behalf of its investment vehicle in connection with such vehicle's derivative transactions, and KKR has also agreed to be liable for certain investment losses and/or for providing liquidity in the events specified in the governing documents of other investment vehicles. KKR has also provided credit support regarding repayment obligations to third-party lenders to certain of its employees, excluding its executive officers, in connection with their personal investments in KKR investment funds and to a strategic partner regarding the ownership of its business. KKR also may become liable for certain fees payable to sellers of businesses or assets if a transaction does not close, subject to certain conditions, if any, specified in the acquisition agreements for such businesses or assets. KKR's maximum exposure under these arrangements is currently unknown and KKR's liabilities for these matters would require a claim to be made against KKR in the future. 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. In December 2017, KKR & Co. L.P. and its Co-Chief Executive Officers were named as defendants in a lawsuit pending in Kentucky state court alleging, among other things, the violation of fiduciary and other duties in connection with certain separately managed accounts that Prisma Capital Partners LP, a former subsidiary of KKR, manages for the Kentucky Retirement Systems. Also named as defendants in the lawsuit are certain current and former trustees and officers of the Kentucky Retirement Systems, Prisma Capital Partners LP, and various other service providers to the Kentucky Retirement Systems and their related persons. 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 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 financial statements. However, given the potentially large and/or indeterminate amounts sought or may be sought in certain of these matters and the inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on KKR's financial results in any particular period.

REGULATORY CAPITAL REQUIREMENTS

REGULATORY CAPITAL REQUIREMENTS	6 Months Ended
	Jun. 30, 2018
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS	REGULATORY CAPITAL REQUIREMENTS KKR has registered broker-dealer subsidiaries which are subject to the minimum net capital requirements of the SEC and the FINRA. Additionally, KKR entities based in London and Dublin 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 Tokyo 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 and the Securities and Exchange Board of India. All of these entities have continuously operated in excess of their respective minimum regulatory capital requirements. The regulatory capital requirements referred to above may restrict KKR's ability to withdraw capital from its registered broker-dealer entities. At June 30, 2018 , approximately $109.0 million of cash at KKR's registered broker-dealer entities may be restricted as to the payment of cash dividends and advances to KKR.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Common Stock Dividend A dividend of $0.17 per share of Class A common stock of KKR & Co. Inc. was announced on July 26, 2018 , and will be paid on August 21, 2018 to Class A common stockholders of record as of the close of business on August 6, 2018 . KKR Holdings will receive its pro rata share of the distribution from the KKR Group Partnerships. Preferred Stock Dividend A dividend of $0.421875 per share of Series A Preferred Stock has been declared as announced on July 26, 2018 and set aside for payment on September 15, 2018 to holders of record of Series A Preferred Stock as of the close of business on September 1, 2018 . A dividend of $0.406250 per share of Series B Preferred Stock has been declared as announced on July 26, 2018 and set aside for payment on September 15, 2018 to holders of record of Series B Preferred Stock as of the close of business on September 1, 2018 . Distribution Policy KKR's distribution policy as a limited partnership had been to pay annual aggregate distributions to holders of our common units of $0.68 per common unit, and KKR has announced that it anticipates that its dividend policy as a corporation will be to pay dividends to holders of our Class A common stock in an initial annual aggregate amount of $0.50 per share, in each case, subject to the discretion of KKR's board of directors and compliance with applicable law. For U.S. federal income tax purposes, any dividends KKR pays following the Conversion (including dividends on KKR's preferred shares) generally will be treated as qualified dividend income (generally taxable to U.S. individual stockholders at capital gain rates) paid by a domestic corporation to the extent paid out of our current or accumulated earnings and profits, as determined for U.S. federal income tax purposes.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2018
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 financial statements are presented fairly and that estimates made in preparing the 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, 2017 condensed consolidated balance sheet data was derived from audited consolidated financial statements included in KKR & Co. L.P.’s Annual Report on Form 10-K for the year ended December 31, 2017 , which include all disclosures required by GAAP. These 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 for the year ended December 31, 2017 filed with the Securities and Exchange Commission ("SEC"). KKR & Co. L.P. consolidates the financial results of the KKR Group Partnerships and their consolidated entities, which include the accounts of KKR's investment management and capital markets companies, the general partners of certain unconsolidated investment funds, general partners of consolidated investment funds and their respective consolidated investment funds and 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. 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 revenues, 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." 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. Limited partnerships and other similar entities where unaffiliated limited partners have not been granted (i) substantive participatory rights or (ii) 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. 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. Fees earned by KKR that are customary and commensurate with the level of effort required to provide those services, 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 vehicle.
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 one year), or may be withdrawn subject to a redemption fee during the period when capital may not be otherwise withdrawn. Fund investors interests subject to redemption as described above are presented as Redeemable Noncontrolling Interests in the accompanying condensed consolidated statements of financial condition and presented as Net Income (Loss) Attributable to Redeemable Noncontrolling Interests in the accompanying condensed consolidated statements of operations. When redeemable amounts become legally payable to fund investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the accompanying condensed consolidated statements of financial condition. For all consolidated investment vehicles and funds in which redemption rights have not been granted, noncontrolling interests are presented within Equity in the accompanying condensed consolidated statements of financial condition as noncontrolling interests.
Noncontrolling Interests	Net income (loss) attributable to KKR & Co. L.P. Common Unitholders and 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 holds 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 that have made investments on or prior to 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 line and (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 Capital ("Avoca"). On January 16, 2018, KKR Financial Holdings LLC ("KFN") completed the redemption of all of its outstanding 7.375% Series A LLC Preferred Shares. 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 & Co. L.P. 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 entity's functional currency are valued based on the spot rate of the respective currency at the end of the reporting period with changes related to exchange rate movements reflected as a component of Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. Security and loan transactions are recorded on a trade date basis. Further disclosure on investments is presented in Note 4 "Investments." The following describes the types of securities held within each investment class. Private Equity - Consists primarily of equity investments in operating businesses, including growth equity investments. 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 originated, fixed-rate mortgage loans held directly by the consolidated CMBS vehicles. 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. Equity Method - Other - Consists primarily of (i) certain direct interests in operating companies in which KKR is deemed to exert significant influence under GAAP and (ii) certain interests in partnerships and joint ventures that hold private equity and real estate investments. Equity Method - Capital Allocation-Based Income - Consists primarily of (i) the capital interest KKR holds as the general partner in certain investment funds, which are not consolidated and (ii) the carried interest component of the general partner interest, which are accounted for as a single unit of account. 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 portfolio companies that are majority-owned and controlled by KKR's investment funds, 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 condensed 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 and not through 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 condensed consolidated statements of operations. Under the successful efforts method, exploration costs, other than the costs of drilling exploratory wells, are charged to expense as incurred. Costs that are associated with the drilling of successful exploration wells are capitalized if proved reserves are found. Lease acquisition costs are capitalized when incurred. Costs associated with the drilling of exploratory wells that do not find proved reserves, geological and geophysical costs and costs of certain nonproducing leasehold costs are charged to expense as incurred. Expenditures for repairs and maintenance, including workovers, are charged to expense as incurred. The capitalized costs of producing oil and natural gas properties are depleted on a field-by-field basis using the units-of production method based on the ratio of current production to estimated total net proved oil, natural gas and natural gas liquid reserves. Proved developed reserves are used in computing depletion rates for drilling and development costs and total proved reserves are used for depletion rates of leasehold costs. Estimated dismantlement and abandonment costs for oil and natural gas properties, net of salvage value, are capitalized at their estimated net present value and amortized on a unit-of-production basis over the remaining life of the related proved developed reserves. Whenever events or changes in circumstances indicate that the carrying amounts of oil and natural gas properties may not be recoverable, KKR evaluates 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. Any impairment in value is recognized when incurred and is recorded in General, Administrative, and Other expense in the condensed 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 - other and other financial instruments not held through a consolidated investment fund. 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 condensed 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 condensed 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. The carrying value of equity method investments 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 for which KKR has not elected the fair value option, 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. As of June 30, 2018 , equity method investees for which KKR reports financial results on a lag include Marshall Wace LLP ("Marshall Wace"). 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. The carrying value of Equity Method - Capital Allocation-Based Income investments approximate fair value, because the underlying investments of the unconsolidated investment funds are reported at fair value.
Financial Instruments held by Consolidated CFEs	Financial Instruments held by Consolidated CFEs KKR measures both the financial assets and financial liabilities of the consolidated CFEs in its financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities which results in KKR's consolidated net income (loss) reflecting 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. For the consolidated CLOs, KKR has determined that the fair value of the financial assets of the consolidated CLOs is 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 in consolidation as: (1) the sum of the fair value of the financial assets and the carrying value of any nonfinancial assets that are incidental to the operations of the CLOs less (2) the sum of the fair value of any beneficial interests retained by KKR (other than those that represent compensation for services) and KKR's carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by KKR). For the consolidated CMBS vehicles, KKR has determined that the fair value of the financial liabilities of the consolidated CMBS vehicles is 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.
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. 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. Investments and 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 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 reported within Investments of Consolidated CFEs and 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 Investments and financial instruments 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. In addition, 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, an estimated 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 may be 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, which involves significant assumptions and judgments. A milestone analysis may also be conducted to assess the current level of progress towards value drivers that we have determined to be important, which involves significant assumptions and judgments. 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. Real Asset 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 can 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 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. 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 generally 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, which are reported within Investments of Consolidated CFEs 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. The valuations of certain real asset investments are determined solely by an independent valuation firm without the preparation of preliminary valuations by our investment professionals, and instead such independent valuation firm relies principally on valuation information available to it as a broker or valuation firm. For credit investments and debt obligations of consolidated CMBS vehicles, an independent valuation firm is generally engaged by KKR with respect to investments classified as Level III. The valuation firm either provides a value or 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 for review and approval by KKR's valuation committees. KKR has a global valuation committee that 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. The global valuation committee is assisted by the asset class-specific valuation committees that exist for private equity (including growth equity), real estate, energy and infrastructure, and credit. The asset class-specific valuation committees are responsible for the review and approval of all preliminary Level III valuations in their respective asset classes on a quarterly basis. The members of these valuation 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. For periods prior to the completion of the PAAMCO Prisma transaction, when Level III valuations were required to be performed on hedge fund investments, a valuation committee for hedge funds reviewed these valuations. All Level III valuations are also subject to approval by the global valuation committee, which is comprised of senior employees including investment professionals and professionals from business operations functions, and includes one of KKR's Co-Presidents and Co-Chief Operating Officers and its Chief Financial Officer, General Counsel and Chief Compliance Officer. 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.
Fees and Other	Fees and Other Fees and Other, as detailed above, are accounted for as contracts with customers. Under the guidance for contracts with customers, KKR is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract and (e) recognize revenue when (or as) it satisfies a performance obligation. In determining the transaction price, KKR has included variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 14 “Segment Reporting” for a disaggregated presentation of revenues by business line from contracts with customers. Management Fees KKR provides investment management services to investment funds, CLOs, and other vehicles in exchange for a management fee. The performance obligation for management fees is satisfied over time as the services are rendered. KKR provides these services in accordance with the contractual terms of the related agreement. Management fees are determined quarterly based on an annual rate and are generally based upon a percentage of the capital committed or capital invested during the investment period. Thereafter, management fees are generally based on a percentage of remaining invested capital, net asset value, gross assets or as otherwise defined in the respective contractual agreements. Management fees are a form of variable consideration, because these fees may fluctuate during the period in which the related investment management services are performed based on fluctuations in the management fee base. Since some of the factors that cause the fees to fluctuate are outside of KKR's control, management fees are considered to be constrained and are therefore not included in the transaction price. As a result, management fees are determined and recognized at the end of the period over which management services are performed. Management fees are generally billed quarterly or annually under the terms of the related agreement. Management fees earned from KKR's consolidated investment funds, CLOs and other vehicles are eliminated in consolidation. However, because these amounts are funded by, and earned from, noncontrolling interests, KKR's allocated share of the net income from the consolidated investment funds, CLOs and other vehicles is increased by the amount of fees that are eliminated. Accordingly, the elimination of these fees does not impact the net income (loss) attributable to KKR or KKR partners' capital. Management fees earned from private equity funds generally range from 1% to 2% of committed capital during the fund's investment period and are generally 0.75% to 1.25% of invested capital after the expiration of the fund's investment period with subsequent reductions over time. Typically, an investment period is defined as a period of up to six years. The actual length of the investment period is often shorter due to the earlier deployment of committed capital. Management fees earned from growth equity, real assets, and core investment strategy funds generally range from 0.5% to 2.0% and are generally based on the investment fund's average net asset value, capital commitments, or invested capital. Management fees earned from credit funds and other investment vehicles in the Public Markets business line generally range from 0.33% to 1.75% . Such rates may be based on the investment fund's average net asset value, capital commitments, or invested capital. Management fees earned from CLOs include senior collateral management fees and subordinate collateral management fees. When combined, senior collateral management fees and subordinate collateral management fees are determined based on an annual rate ranging from 0.40% to 0.50% of collateral. If amounts distributable on any payment date are insufficient to pay the collateral management fees according to the priority of payments, any shortfall is deferred and payable on subsequent payment dates. KKR has the right to waive all or any portion of any collateral management fee. For the purpose of calculating the collateral management fees, collateral, the payment dates, and the priority of payments are terms defined in the management agreements. Management fees recognized but not received from investment funds, CLOs and other vehicles are recorded in Due from Affiliates on the condensed consolidated statements of financial condition (See Note 13 "Related Party Transactions"). Transaction Fees KKR (i) arranges debt and equity financing, places and underwrites securities offerings and provides other types of capital markets services for companies seeking financing in its Capital Markets business line and (ii) provides advisory services in connection with successful Private Markets and Public Markets portfolio company investment transactions, in each case, in exchange for a transaction fee. Transaction fees are separately negotiated for each transaction and are generally based on (i) in our Capital Markets business line, a percentage of the overall transaction size and (ii) for Private Markets and Public Markets transactions, a percentage of either total enterprise value of an investment or a percentage of the aggregate price paid for an investment. Transaction fees are recognized at a point in time when the underlying services rendered are completed in accordance with the terms of the transaction and advisory agreements, which is typically when the transaction closes. Transaction fees are generally paid on or shortly after the closing of a transaction. Transaction fees from our Private Markets and Public Markets business lines recognized but not received from portfolio companies are recorded in Due from Affiliates on the condensed consolidated statements of financial condition (See Note 13 "Related Party Transactions"). Transaction fees from our Capital Markets business line recognized but not received from third parties are recorded in Other Assets on the condensed consolidated statements of financial condition (See Note 8 "Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities"). Monitoring Fees KKR agrees to provide services in connection with monitoring portfolio companies in exchange for a fee. Monitoring fees are recognized over time in the period during which the related services are rendered in accordance with the contractual terms of the related agreement. Monitoring fees are determined quarterly and are generally paid based on a fixed periodic schedule by the portfolio companies either in advance or in arrears and are separately negotiated for each portfolio company. In addition, certain monitoring fee provisions may provide for a termination payment following an initial public offering or change of control as defined in the contractual terms of the related agreement. These termination payments are recognized in the period when the related transaction closes. Monitoring fees recognized but not received from portfolio companies are recorded in Due from Affiliates on the condensed consolidated statements of financial condition (See Note 13 "Related Party Transactions"). Fee Credits Under the terms of the management agreements with certain of its investment funds, KKR is required to share with such funds an agreed upon percentage of certain fees, including monitoring and transaction fees earned from portfolio companies ("Fee Credits"). Investment funds earn 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 costs related to investment transactions that were not consummated ("broken deal costs") and generally amount to 80% for older funds, or 100% for our newer funds, of allocable monitoring and transaction fees after broken deal costs are recovered, although the actual percentage may vary from fund to fund. Fee Credits are recognized and owed to investment funds concurrently with the recognition of monitoring fees, transaction fees and broken deal costs. Since Fee Credits are payable to investment funds, amounts owed are generally applied as a reduction of the management fee that is otherwise billed to the investment fund. KKR acts as an agent for the investment funds it manages, from an accounting standpoint, and fee credits are recorded as a reduction of revenues in the consolidated statement of operations. Fee credits owed to investment funds are recorded in Due to Affiliates on the condensed consolidated statements of financial condition (See Note 13 "Related Party Transactions"). Incentive Fees KKR provides investment management services to investment funds, CLOs and other vehicles in exchange for a management fee as discussed above and, in some cases an incentive fee when KKR is not entitled to a carried interest. Incentive fees are recognized based on fund performance, subject to the achievement of minimum return levels, and/or high water marks, in accordance with the respective terms set out in each governing agreement. Incentive fee rates generally range from 5% to 20% of investment gains. Incentive fees are considered a form of variable consideration as these fees are subject to reversal, and therefore the recognition of such fees is deferred until the end of each fund's measurement period (which is generally one year) when the performance-based incentive fees become fixed and determinable. Incentive fees are generally paid within 90 days of the end of the investment vehicles' measurement period. Incentive fees recognized but not received from investment funds, CLOs and other vehicles are recorded in Due from Affiliates on the condensed consolidated statements of financial condition (See Note 13 "Related Party Transactions"). Expense Reimbursements In connection with the (i) investment management services provided to investment funds and (ii) the monitoring of portfolio companies, KKR receives reimbursement for certain expenses incurred on behalf of these entities that have been determined by KKR to be additional compensation to satisfy its performance obligation. For these expense reimbursements KKR is considered the principal under the agreements and records the expense and related reimbursement revenue on a gross basis. Costs incurred are classified as General, Administrative and Other and reimbursements of such costs are classified as Expense Reimbursements within Revenues on the condensed consolidated statements of operations. Expense reimbursements recognized but not received from investment funds and portfolio companies are recorded in Due from Affiliates on the condensed consolidated statements of financial condition (See Note 13 "Related Party Transactions"). Oil and Gas Revenue Oil and gas revenue is recognized when the performance obligation is satisfied, which occurs at the point in time when control of the product transfers to the customer. Performance obligations are typically satisfied through the monthly delivery of production. Revenue is recognized based on KKR's proportionate share of production from non-operated properties as marketed by the operator. Oil and gas revenue recognized but not received from third parties are recorded in Other Assets on the condensed consolidated statements of financial condition (See Note 8 "Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities"). Consulting Fees Certain consolidated entities that employ non-employee operating consultants provide consulting and other services to portfolio companies and other companies in exchange for a consulting fee. Consulting fees are recognized over time in the period during which the related advisory services are rendered in accordance with the contractual terms of the related agreement. Consulting fees are separately negotiated with each portfolio company for which services are provided and are not shared with KKR. Consulting fees recognized but not received from portfolio companies are recorded in Due from Affiliates on the condensed consolidated statements of financial condition (See Note 13 "Related Party Transactions"). Capital Allocation-Based Income Capital allocation-based income is earned from those arrangements where KKR has a general partner capital interest and is entitled to a disproportionate allocation of investment income (referred to hereafter as “carried interest”). KKR accounts for its general partner interests in capital allocation-based arrangements as financial instruments under ASC 323, Investments - Equity Method and Joint Ventures (“ASC 323”) since the general partner has significant governance rights in the investment funds in which it invests, which demonstrates significant influence. In accordance with ASC 323, KKR records equity method income based on the proportionate share of the income of the investment fund, including carried interest, assuming the investment fund was liquidated as of each reporting date pursuant to each investment fund's governing agreements. Accordingly, these general partner interests are accounted for outside of the scope of ASC 606. Other arrangements surrounding contractual incentive fees through an advisory contract are separate and distinct and accounted for in accordance with ASC 606. In these incentive fee arrangements, accounted for in accordance with ASC 606, KKR’s economics in the entity do not involve an allocation of capital. See “Incentive Fees” above. Carried interest is allocated to the general partner based on cumulative fund performance to date, and where applicable, subject to a preferred return to the funds' limited partners. At the end of each reporting period, KKR calculates the carried interest that would be due to KKR for each investment 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, 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 to make the required positive or negative adjustments. KKR ceases to record negative carried interest allocations once previously recognized carried interest allocations for an investment fund have been fully reversed. KKR is not obligated to make payments for guaranteed returns or hurdles and, therefore, cannot have negative carried interest over the life of an investment fund. Accrued but unpaid carried interest as of the reporting date is reflected in Investments in the condensed consolidated statements of financial condition. Prior to January 1, 2018, to the extent an investment fund was not consolidated, KKR accounted for carried interest within Fees and Other separately from its general partner capital interest, which was included in Net Gains (Losses) from Investment Activities in the condensed consolidated statements of operations. Effective January 1, 2018, the carried interest component of the general partner interest and the capital interest KKR holds in its investment funds as the general partner are accounted for as a single unit of account and reported in capital allocation-based income within Revenues in the condensed consolidated statements of operations. This change in accounting principle has been applied on a full retrospective basis.
Cash and Cash Equivalents Held at Consolidated Entities	Cash and Cash Equivalents Held at Consolidated Entities Cash and cash equivalents held at consolidated entities represents cash that, although not legally restricted, is not available to fund general liquidity needs of KKR as the use of such funds is generally limited to the investment activities of KKR's investment funds and CFEs.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents Restricted cash and cash equivalents primarily represent amounts that are held by third parties under certain of KKR's financing and derivative transactions. The duration of this restricted cash generally matches the duration of the related financing or derivative transaction.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Revenue from Contracts with Customers The FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) in May 2014 and subsequently issued several amendments to the standard. ASU 2014-09, and related amendments, provide comprehensive guidance for recognizing revenue from contracts with customers. Entities will be able to recognize revenue when the entity transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The guidance includes a five-step framework that requires an entity to: (i) identify the contracts with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contracts and (v) recognize revenue when the entity satisfies a performance obligation. The guidance in ASU 2014-09, and the related amendments, is effective for KKR beginning on January 1, 2018, and KKR adopted this guidance on that date. KKR has concluded that its Fees and Other are within the scope of the amended revenue recognition guidance. Additionally, KKR has concluded that investments made alongside its fund investors in investment funds which entitle KKR to a carried interest represent equity method investments that are not in the scope of the amended revenue recognition guidance. KKR has implemented ASU 2014-09 and its related amendments and there were no changes to KKR's historical pattern of recognizing revenue. See the accounting policy for Revenues above. Cash Flows In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, 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 is effective for KKR beginning on January 1, 2018, and KKR adopted this guidance on that date. This adoption did not have a material impact on KKR's condensed consolidated statements of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which amends the guidance to add or clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. The amended guidance requires the following: (i) restricted cash and restricted cash equivalents should be included in the cash and cash-equivalents balances in the statement of cash flows; (ii) changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents, and restricted cash and restricted cash equivalents should not be presented as cash flow activities in the statement of cash flows; (iii) a reconciliation between the statement of financial position and the statement of cash flows must be disclosed when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents and (iv) the nature of the restrictions must be disclosed for material restricted cash and restricted cash equivalents amounts. The guidance is effective for KKR beginning on January 1, 2018, and KKR adopted this guidance on that date. Upon adoption, (i) Restricted Cash and Cash Equivalents and (ii) Cash and Cash Equivalents Held at Consolidated Entities were (a) included in the cash and cash-equivalents balances in the condensed consolidated statements of cash flows and (b) disclosed in a reconciliation between the condensed consolidated statements of financial condition and the condensed consolidated statements of cash flows. This guidance has been applied on a full retrospective basis. For the six months ended June 30, 2017, $198.7 million of cash provided by operating activities and $108.8 million of cash provided by investing activities were removed from net cash provided (used) by operating activities and net cash provided (used) by investing activities, respectively, and included in net increase/(decrease) in cash, cash-equivalents and restricted cash in the condensed consolidated statements of cash flows. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) which has subsequently been amended by ASU 2018-11. 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 of this guidance on the financial statements. Equity-Based Compensation In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ("ASU 2017-09"), which amends the scope of modification accounting for share-based payment arrangements. ASU 2017-09 provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. ASU 2017-09 is effective for fiscal years and interim periods beginning after December 15, 2017. This guidance has been adopted as of January 1, 2018 and did not have a material impact to KKR. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ("ASU 2018-07"), which generally simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under ASU 2018-07, most of the guidance on such payments to nonemployees is generally aligned with the requirements for share-based payments granted to employees. Prior to adoption of ASU 2018-07, share-based payment arrangements with employees were accounted for under ASC 718, Compensation - Stock Compensation, while nonemployee share-based payments issued for goods and services were accounted for under ASC 505-50, Equity - Equity Based Payments to Non-Employees. ASC 505-50, before the ASU’s amendments, differed significantly from ASC 718. Differences included the guidance on (1) the determination of the measurement date (which generally is the date on which the measurement of equity-classified share-based payments becomes fixed), (2) the accounting for performance conditions, (3) the ability of a nonpublic entity to use certain practical expedients for measurement and (4) the accounting for share-based payments after vesting. ASU 2018-07 eliminates most of these differences. The guidance is effective for fiscal periods beginning after December 15, 2018. KKR has elected to early adopt ASU 2018-07 during the second quarter of 2018 with adjustments reflected as of January 1, 2018. Such adoption did not have a material impact to KKR. Income Taxes In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-entity Transfers of Assets Other Than Inventory ("ASU 2016-16"), which removed the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. ASU 2016-16 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. This guidance has been adopted as of January 1, 2018 and did not have a material impact to KKR. Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"). This guidance amends the definition of a business and provides a threshold which must be considered to determine whether a transaction is an asset acquisition or a business combination. ASU 2017-01 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted for transactions (i.e. acquisitions or dispositions) that occurred before the issuance date or effective date of the standard if the transactions were not reported in financial statements that have been issued or made available for issuance. This guidance has been adopted as of the fourth quarter of 2017. Goodwill In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This guidance simplifies the accounting for goodwill impairments by eliminating the second step from the goodwill impairment test. The ASU requires goodwill impairments to be measured on the basis of the fair value of a reporting unit relative to the reporting unit's carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The ASU also (i) clarifies the requirements for excluding and allocating foreign currency translation adjustments to reporting units related to an entity's testing of reporting units for goodwill impairment and (ii) clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for fiscal periods beginning after December 15, 2019. Early adoption is allowed for entities as of January 1, 2017, for annual and any interim impairment tests occurring after January 1, 2017. KKR is currently evaluating the impact of this guidance on the financial statements. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities ("ASU 2017-08"). This guidance amends the amortization period for certain purchased callable debt securities held at a premium. The guidance requires the premium to be amortized to the earliest call date. The guidance does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted and the guidance when adopted should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. KKR is currently evaluating the impact of this guidance on the financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"). Under ASC 740-10-45-15, the effects of changes in tax rates and laws on deferred tax balances are recorded as a component of tax expense related to continuing operations for the period in which the law was enacted, even if the assets and liabilities related to items of accumulated other comprehensive income ("OCI"). ASU 2018-02 allows entities to reclassify from accumulated OCI to retained earnings stranded tax effects related to the change in federal tax rate for all items accounted for in OCI. Entities can also elect to reclassify other stranded tax effects that relate to the Tax Cuts and Jobs Act, which was enacted in December 2017 and amended various aspects of U.S. federal income tax legislation (the "2017 Tax Act"), but do not directly relate to the change in the federal tax rate. Tax effects that are stranded in OCI for other reasons may not be reclassified. In the period of adoption, entities that elect to reclassify the income tax effects of the 2017 Tax Act from accumulated OCI to retained earnings must disclose that they made such an election. Entities must also disclose a description of other income tax effects related to the 2017 Tax Act that are reclassified from accumulated OCI to retained earnings, if any. The guidance is effective for fiscal periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted for periods for which financial statement have not yet been issued or made available upon issuance, including in the period the 2017 Tax Act was enacted. An entity that adopts ASU 2018-02 in an annual or interim periods after the period of enactment is able to choose whether to apply the amendments retrospectively to each period in which the effect of the 2017 Tax Act is recognized or to apply the amendments in the period of adoption. KKR is currently evaluating the impact of this guidance on the financial statements.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Balance at the beginning of the period $ 4,859,412 $ 4,491,197 $ 4,793,475 $ 4,293,337 Net income (loss) attributable to noncontrolling interests held by KKR Holdings (1) 449,859 305,280 570,861 521,712 Other comprehensive income (loss), net of tax (2) (9,554 ) 8,833 (6,411 ) 13,753 Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units (3) (451,679 ) (104,797 ) (485,454 ) (140,701 ) Equity-based and other non-cash compensation 29,247 42,964 61,942 104,057 Capital contributions 1,539 2,913 1,578 2,950 Capital distributions (58,317 ) (62,717 ) (115,484 ) (119,354 ) Transfer of interests under common control and Other (See Note 15 "Equity") — — — 7,919 Balance at the end of the period $ 4,820,507 $ 4,683,673 $ 4,820,507 $ 4,683,673 (1) Refer to the table below for calculation of net income (loss) attributable to noncontrolling interests held by KKR Holdings. (2) Calculated on a pro rata basis based on the weighted average KKR Group Partnership Units held by KKR Holdings during the reporting period. (3) 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) $ 1,566,396 $ 868,524 $ 2,169,290 $ 1,666,418 Less: Net income (loss) attributable to Redeemable Noncontrolling Interests (18,016 ) 22,387 7,658 43,320 Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities 445,831 126,870 723,606 419,715 Less: Net income (loss) attributable to Series A and Series B Preferred Unitholders 8,341 8,341 16,682 16,682 Plus: Income tax (benefit) attributable to KKR Management Holdings Corp. 40,897 5,348 46,965 24,508 Net income (loss) attributable to KKR & Co. L.P. Common Unitholders and KKR Holdings $ 1,171,137 $ 716,274 $ 1,468,309 $ 1,211,209 Net income (loss) attributable to Noncontrolling Interests held by KKR Holdings $ 449,859 $ 305,280 $ 570,861 $ 521,712
Schedule of fees	For the three and six months ended June 30, 2018 and 2017 , respectively, revenues consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Management Fees $ 171,172 $ 177,269 $ 358,899 $ 338,451 Transaction Fees 170,221 156,472 328,874 400,130 Monitoring Fees 25,363 30,995 42,949 44,499 Fee Credits (34,847 ) (48,677 ) (63,900 ) (136,755 ) Incentive Fees 233 845 14,038 1,118 Expense Reimbursements 50,576 35,591 70,787 58,856 Oil and Gas Revenue 13,853 17,382 28,360 34,655 Consulting Fees 17,275 10,908 28,233 20,010 Total Fees and Other (1) 413,846 380,785 808,240 760,964 Carried Interest 491,176 551,003 553,923 886,776 General Partner Capital Interest 66,598 84,012 82,063 135,815 Total Capital Allocation-Based Income 557,774 635,015 635,986 1,022,591 Total Revenues $ 971,620 $ 1,015,800 $ 1,444,226 $ 1,783,555 (1) Fees and Other presented in the table above, except for oil and gas revenue and certain transaction fees earned by KKR's Capital Markets business line, are earned from KKR investment funds and portfolio companies.

NET GAINS (LOSSES) FROM INVES28

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2018
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: Three Months Ended June 30, 2018 Three Months Ended Net Realized Net Unrealized Total Net Realized Net Unrealized Total Private Equity (1) $ 25,589 $ 496,927 $ 522,516 $ 21,253 $ 291,748 $ 313,001 Credit (1) (144,960 ) (86,863 ) (231,823 ) (184,537 ) 167,696 (16,841 ) Investments of Consolidated CFEs (1) (51,536 ) (36,514 ) (88,050 ) (3,777 ) 15,064 11,287 Real Assets (1) 10,393 146,213 156,606 (61,747 ) 170,593 108,846 Equity Method - Other (1) (163,153 ) 218,160 55,007 16,470 17,047 33,517 Other Investments (1) (73,901 ) (107,867 ) (181,768 ) (195,724 ) (12,384 ) (208,108 ) Foreign Exchange Forward Contracts and Options (2) (7,319 ) 177,689 170,370 8,082 (184,118 ) (176,036 ) Securities Sold Short (2) 252,378 (11,457 ) 240,921 258,924 9,398 268,322 Other Derivatives (2) — 11,259 11,259 (119 ) (706 ) (825 ) Debt Obligations and Other (3) 307,293 154,256 461,549 39,763 (38,510 ) 1,253 Net Gains (Losses) From Investment Activities $ 154,784 $ 961,803 $ 1,116,587 $ (101,412 ) $ 435,828 $ 334,416 Six Months Ended June 30, 2018 Six Months Ended Net Realized Net Unrealized Total Net Realized Net Unrealized Total Private Equity (1) $ 41,842 $ 655,296 $ 697,138 $ 128,066 $ 295,036 $ 423,102 Credit (1) (143,697 ) (28,713 ) (172,410 ) (398,394 ) 414,835 16,441 Investments of Consolidated CFEs (1) (78,052 ) (84,917 ) (162,969 ) (4,880 ) 28,047 23,167 Real Assets (1) 23,350 205,510 228,860 (58,687 ) 177,391 118,704 Equity Method - Other (1) (153,943 ) 353,764 199,821 16,183 52,367 68,550 Other Investments (1) (318,100 ) (21,502 ) (339,602 ) (203,988 ) 101,600 (102,388 ) Foreign Exchange Forward Contracts and Options (2) (39,933 ) 114,571 74,638 18,068 (242,381 ) (224,313 ) Securities Sold Short (2) 528,327 (41,331 ) 486,996 505,711 51,668 557,379 Other Derivatives (2) 3,642 3,036 6,678 (5,879 ) (5,553 ) (11,432 ) Debt Obligations and Other (3) 321,728 248,509 570,237 48,552 (76,701 ) (28,149 ) Net Gains (Losses) From Investment Activities $ 185,164 $ 1,404,223 $ 1,589,387 $ 44,752 $ 796,309 $ 841,061 (1) See Note 4 "Investments." (2) See Note 8 "Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities." (3) See Note 10 "Debt Obligations."

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Investments [Abstract]
Summary of investments	Investments consist of the following: June 30, 2018 December 31, 2017 Private Equity $ 6,775,156 $ 3,301,261 Credit 8,268,776 7,621,320 Investments of Consolidated CFEs 13,368,099 15,573,203 Real Assets 3,295,160 2,302,061 Equity Method - Other 3,949,230 3,324,631 Equity Method - Capital Allocation-Based Income 4,248,036 4,132,171 Other Investments 2,718,088 2,759,287 Total Investments $ 42,622,545 $ 39,013,934

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
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. Investments classified as Equity Method - Other, for which the fair value option has not been elected, have been excluded from the tables below. Assets, at fair value: June 30, 2018 Level I Level II Level III Total Private Equity $ 1,349,126 $ 353,308 $ 5,072,722 $ 6,775,156 Credit — 2,185,068 6,083,708 8,268,776 Investments of Consolidated CFEs — 12,263,585 1,104,514 13,368,099 Real Assets 5,140 — 3,290,020 3,295,160 Equity Method - Other 45,112 269,543 1,253,565 1,568,220 Other Investments 871,882 144,383 1,701,823 2,718,088 Total 2,271,260 15,215,887 18,506,352 35,993,499 Foreign Exchange Contracts and Options — 98,058 — 98,058 Other Derivatives — 31,580 38,533 (1) 70,113 Total Assets $ 2,271,260 $ 15,345,525 $ 18,544,885 $ 36,161,670 December 31, 2017 Level I Level II Level III Total Private Equity $ 1,043,390 $ 85,581 $ 2,172,290 $ 3,301,261 Credit — 2,482,383 5,138,937 7,621,320 Investments of Consolidated CFEs — 10,220,113 5,353,090 15,573,203 Real Assets 50,794 — 2,251,267 2,302,061 Equity Method - Other 60,282 247,748 1,076,709 1,384,739 Other Investments 864,872 134,404 1,760,011 2,759,287 Total 2,019,338 13,170,229 17,752,304 32,941,871 Foreign Exchange Contracts and Options — 96,584 — 96,584 Other Derivatives — 33,125 51,949 (1) 85,074 Total Assets $ 2,019,338 $ 13,299,938 $ 17,804,253 $ 33,123,529 (1) Includes derivative assets that were valued using a third-party valuation firm. The approach used to estimate the fair value of these derivative assets was generally the discounted cash flow method, which includes consideration of the current portfolio, projected portfolio construction, projected portfolio realizations, portfolio volatility (based on the volatility, correlation, and size of each underlying asset class), and the discounting of future cash flows to the reporting date. Liabilities, at fair value: June 30, 2018 Level I Level II Level III Total Securities Sold Short $ 486,655 $ — $ — $ 486,655 Foreign Exchange Contracts and Options — 144,872 — 144,872 Unfunded Revolver Commitments — — 51,304 (1) 51,304 Other Derivatives — 16,764 27,700 (2) 44,464 Debt Obligations of Consolidated CFEs — 11,517,296 1,091,346 12,608,642 Total Liabilities $ 486,655 $ 11,678,932 $ 1,170,350 $ 13,335,937 December 31, 2017 Level I Level II Level III Total Securities Sold Short $ 692,007 $ — $ — $ 692,007 Foreign Exchange Contracts and Options — 260,948 — 260,948 Unfunded Revolver Commitments — — 17,629 (1) 17,629 Other Derivatives — 27,581 41,800 (2) 69,381 Debt Obligations of Consolidated CFEs — 10,347,980 5,238,236 15,586,216 Total Liabilities $ 692,007 $ 10,636,509 $ 5,297,665 $ 16,626,181 (1) These unfunded revolver commitments are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments. (2) Includes options issued in connection with the acquisition of the equity interest in Marshall Wace and its affiliates in November 2015 to increase KKR's ownership interest up to 39.9% in periodic increments. The options are 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. See Note 4 "Investments."
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 investments and debt obligations reported at fair value for which Level III inputs have been used to determine fair value for the three and six months ended June 30, 2018 and 2017, respectively: For the Three Months Ended June 30, 2018 Level III Investments Level III Debt Obligations Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method - Other Other Investments Total Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 3,088,411 $ 5,818,855 $ 5,258,399 $ 2,827,433 $ 1,085,725 $ 1,801,204 $ 19,880,027 $ 5,138,167 Transfers In / (Out) Due to Changes in Consolidation 928,217 — (4,153,641 ) — — — (3,225,424 ) (4,045,957 ) Transfers In — — — — — — — — Transfers Out (52,568 ) — — — — — (52,568 ) — Asset Purchases / Debt Issuances 1,009,109 1,004,128 — 423,588 198,748 93,864 2,729,437 — Sales / Paydowns (94,971 ) (573,980 ) (14,286 ) (102,386 ) (7,170 ) (107,696 ) (900,489 ) — Settlements — 3,325 — — — — 3,325 (3,728 ) Net Realized Gains (Losses) 21,078 (1,416 ) 13,000 (21,991 ) (145,902 ) (31,823 ) (167,054 ) — Net Unrealized Gains (Losses) 173,446 (139,264 ) 1,042 163,376 122,164 (53,726 ) 267,038 2,864 Change in Other Comprehensive Income — (27,940 ) — — — — (27,940 ) — Balance, End of Period $ 5,072,722 $ 6,083,708 $ 1,104,514 $ 3,290,020 $ 1,253,565 $ 1,701,823 $ 18,506,352 $ 1,091,346 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 $ 193,140 $ (140,034 ) $ 1,042 $ 133,924 $ (24,559 ) $ (74,274 ) $ 89,239 $ 2,864 For the Three Months Ended June 30, 2017 Level III Investments Level III Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method - Other Other Investments Total Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 2,001,204 $ 3,903,023 $ 5,426,552 $ 2,045,587 $ 593,227 $ 1,806,381 $ 15,775,974 $ 5,313,570 Transfers In / (Out) Due to Changes in Consolidation — — — — — — — — Transfers In — — — — — — — — Transfers Out — — — — — — — — Asset Purchases / Debt Issuances 394,861 347,036 — 354,950 1,576 208,385 1,306,808 — Sales / Paydowns (149,854 ) (549,466 ) (8,995 ) (85,964 ) (8,300 ) (134,608 ) (937,187 ) — Settlements — 30,200 — — — — 30,200 (8,995 ) Net Realized Gains (Losses) 689 (93,386 ) — (61,747 ) 626 (3,911 ) (157,729 ) — Net Unrealized Gains (Losses) 147,598 224,757 29,693 170,593 (15,554 ) (104,620 ) 452,467 28,628 Change in Other Comprehensive Income — 2,906 — — — — 2,906 — Balance, End of Period $ 2,394,498 $ 3,865,070 $ 5,447,250 $ 2,423,419 $ 571,575 $ 1,771,627 $ 16,473,439 $ 5,333,203 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 $ 147,598 $ 127,361 $ 29,693 $ 100,146 $ (15,554 ) $ (104,620 ) $ 284,624 $ 28,628 For the Six Months Ended June 30, 2018 Level III Investments Level III Debt Obligations Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method - Other Other Investments Total Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 2,172,290 $ 5,138,937 $ 5,353,090 $ 2,251,267 $ 1,076,709 $ 1,760,011 $ 17,752,304 $ 5,238,236 Transfers In / (Out) Due to Changes in Consolidation 928,217 — (4,153,641 ) — — — (3,225,424 ) (4,045,957 ) Transfers In — — — — — — — — Transfers Out (52,568 ) — — — — — (52,568 ) — Asset Purchases / Debt Issuances 1,736,735 1,894,241 — 964,486 200,785 158,621 4,954,868 — Sales / Paydowns (130,216 ) (804,124 ) (25,827 ) (136,623 ) (39,109 ) (143,914 ) (1,279,813 ) — Settlements — (50,500 ) — — — — (50,500 ) (15,269 ) Net Realized Gains (Losses) 36,390 10,165 13,000 (13,637 ) (136,554 ) (22,931 ) (113,567 ) — Net Unrealized Gains (Losses) 381,874 (61,549 ) (82,108 ) 224,527 151,734 (49,964 ) 564,514 (85,664 ) Change in Other Comprehensive Income — (43,462 ) — — — — (43,462 ) — Balance, End of Period $ 5,072,722 $ 6,083,708 $ 1,104,514 $ 3,290,020 $ 1,253,565 $ 1,701,823 $ 18,506,352 $ 1,091,346 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 $ 401,568 $ (53,280 ) $ (82,108 ) $ 195,075 $ 10,369 $ (63,832 ) $ 407,792 $ (85,664 ) For the Six Months Ended June 30, 2017 Level III Investments Level III Private Equity Credit Investments of Consolidated CFEs Real Assets Equity Method - Other Other Investments Total Debt Obligations of Consolidated CFEs Balance, Beg. of Period $ 1,559,559 $ 3,290,361 $ 5,406,220 $ 1,807,128 $ 570,522 $ 1,767,573 $ 14,401,363 $ 5,294,741 Transfers In / (Out) Due to Changes in Consolidation — (95,962 ) — — — — (95,962 ) — Transfers In — — — — — — — — Transfers Out — — — — — (1,496 ) (1,496 ) — Asset Purchases / Debt Issuances 824,505 943,898 — 605,228 11,132 223,504 2,608,267 — Sales / Paydowns (172,483 ) (718,324 ) (17,935 ) (107,641 ) (20,978 ) (142,736 ) (1,180,097 ) — Settlements — 19,125 — — — — 19,125 (17,935 ) Net Realized Gains (Losses) 689 (102,629 ) — (58,687 ) 626 (23,441 ) (183,442 ) — Net Unrealized Gains (Losses) 182,228 504,796 58,965 177,391 10,273 (51,777 ) 881,876 56,397 Change in Other Comprehensive Income — 23,805 — — — — 23,805 — Balance, End of Period $ 2,394,498 $ 3,865,070 $ 5,447,250 $ 2,423,419 $ 571,575 $ 1,771,627 $ 16,473,439 $ 5,333,203 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 $ 182,228 $ 407,400 $ 58,965 $ 106,944 $ 10,273 $ (51,777 ) $ 714,033 $ 56,397
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 six months ended June 30, 2018 and 2017: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Investments, at fair value: Transfers from Level III to Level I (1) $ 52,568 $ — $ 52,568 $ 1,496 (1) Transfers out of Level III into Level I are attributable to companies that are valued using their publicly traded market price.
Summary of valuation methodologies used for assets, measured at fair value and categorized within Level III	The following table presents additional information about valuation methodologies and significant unobservable inputs used for investments and debt obligations that are measured at fair value and categorized within Level III as of June 30, 2018 : Fair Value June 30, 2018 Valuation Methodologies Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Private Equity $ 5,072,722 Private Equity $ 3,057,726 Inputs to market comparables and discounted cash flow Illiquidity Discount 5.7% 5.0% - 15.0% Decrease Weight Ascribed to Market Comparables 29.0% 0.0% - 50.0% (4) Weight Ascribed to Discounted Cash Flow 71.0% 50.0% - 100.0% (5) Market comparables Enterprise Value/LTM EBITDA Multiple 14.0x 7.7x - 34.0x Increase Enterprise Value/Forward EBITDA Multiple 13.8x 6.1x - 21.3x Increase Discounted cash flow Weighted Average Cost of Capital 10.5% 6.3% - 13.9% Decrease Enterprise Value/LTM EBITDA Exit Multiple 12.0x 5.2x - 13.5x Increase Growth Equity $ 2,014,996 Inputs to market comparables, discounted cash flow and milestones Illiquidity Discount 11.5% 10.0% - 20.0% Decrease Weight Ascribed to Market Comparables 21.0% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 14.3% 0.0% - 75.0% (5) Weight Ascribed to Milestones 64.7% 0.0% - 100.0% (6) Scenario Weighting Base 53.7% 40.0% - 80.0% Increase Downside 20.0% 5.0% - 30.0% Decrease Upside 26.3% 10.0% - 45.0% Increase Credit $ 6,083,708 Yield Analysis Yield 10.1% 3.6% - 36.2% Decrease Net Leverage 2.0x 0.5x - 22.8x Decrease EBITDA Multiple 9.6x 0.1x - 31.1x Increase Investments of Consolidated CFEs $ 1,104,514 (9) Debt Obligations of Consolidated CFEs $ 1,091,346 Discounted cash flow Yield 6.8% 2.3% - 16.5% Decrease Real Assets $ 3,290,020 (10) Energy $ 1,906,473 Discounted cash flow Weighted Average Cost of Capital 10.5% 9.4% - 14.7% Decrease Average Price Per BOE (8) $48.32 $43.21 - $50.09 Increase Fair Value June 30, 2018 Valuation Methodologies Unobservable Input(s) (1) Weighted Average (2) Range Impact to Valuation from an Increase in Input (3) Real Estate $ 1,162,410 Inputs to direct income capitalization and discounted cash flow Weight Ascribed to Direct Income Capitalization 38.6% 0.0% - 100.0% (7) Weight Ascribed to Discounted Cash Flow 61.4% 0.0% - 100.0% (5) Direct income capitalization Current Capitalization Rate 6.0% 1.1% - 12.0% Decrease Discounted cash flow Unlevered Discount Rate 8.7% 4.5% - 18.0% Decrease Equity Method - Other $ 1,253,565 Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 9.6% 5.0% - 10.0% Decrease Weight Ascribed to Market Comparables 47.2% 0.0% - 50.0% (4) Weight Ascribed to Discounted Cash Flow 47.2% 0.0% - 50.0% (5) Weight Ascribed to Transaction Price 5.6% 0.0% - 100.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 12.4x 7.7x - 14.8x Increase Enterprise Value/Forward EBITDA Multiple 11.3x 6.1x - 12.5x Increase Discounted cash flow Weighted Average Cost of Capital 8.6% 6.2% - 11.4% Decrease Enterprise Value/LTM EBITDA Exit Multiple 10.6x 6.0x - 12.5x Increase Other Investments $ 1,701,823 (11) Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount 10.5% 5.0% - 20.0% Decrease Weight Ascribed to Market Comparables 29.5% 0.0% - 100.0% (4) Weight Ascribed to Discounted Cash Flow 41.5% 0.0% - 100.0% (5) Weight Ascribed to Transaction Price 29.0% 0.0% - 100.0% (6) Market comparables Enterprise Value/LTM EBITDA Multiple 9.4x 1.6x - 14.1x Increase Enterprise Value/Forward EBITDA Multiple 10.3x 1.2x - 16.0x Increase Discounted cash flow Weighted Average Cost of Capital 15.1% 8.2% - 30.7% Decrease Enterprise Value/LTM EBITDA Exit Multiple 6.9x 5.7x - 8.9x Increase (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 or milestones 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 ("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 91% liquids and 9% natural gas. (9) 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 $221.1 million that was valued using a discounted cash flow analysis. The significant inputs used included the weighted average cost of capital 7.0% and the enterprise value/LTM EBITDA Exit Multiple 12.0 x. (11) Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit, equity method - other or investments of consolidated CFEs.

FAIR VALUE OPTION (Tables)

FAIR VALUE OPTION (Tables)	6 Months Ended
	Jun. 30, 2018
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: June 30, 2018 December 31, 2017 Assets Private Equity $ 2,975 $ 3,744 Credit 4,681,500 4,381,519 Investments of Consolidated CFEs 13,368,099 15,573,203 Real Assets 344,965 343,820 Equity Method - Other 1,568,220 1,384,739 Other Investments 188,465 344,996 Total $ 20,154,224 $ 22,032,021 Liabilities Debt Obligations of Consolidated CFEs $ 12,608,642 $ 15,586,216 Total $ 12,608,642 $ 15,586,216 The following table presents the net realized and net change in unrealized gains (losses) on financial instruments on which the fair value option was elected: Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Net Realized Net Unrealized Gains (Losses) Total Net Realized Net Unrealized Gains (Losses) Total Assets Private Equity $ (4,978 ) $ 5,037 $ 59 $ 689 $ 40,133 $ 40,822 Credit (124,240 ) (21,443 ) (145,683 ) (169,500 ) 28,968 (140,532 ) Investments of Consolidated CFEs (51,536 ) (36,514 ) (88,050 ) (3,777 ) 15,064 11,287 Real Assets 2,976 12,667 15,643 30 40,822 40,852 Equity Method - Other (145,924 ) 92,596 (53,328 ) 626 (23,408 ) (22,782 ) Other Investments (13,723 ) 4,252 (9,471 ) (3,346 ) (4,471 ) (7,817 ) Total $ (337,425 ) $ 56,595 $ (280,830 ) $ (175,278 ) $ 97,108 $ (78,170 ) Liabilities Debt Obligations of Consolidated CFEs 376 105,804 106,180 35,621 (43,915 ) (8,294 ) Total $ 376 $ 105,804 $ 106,180 $ 35,621 $ (43,915 ) $ (8,294 ) Six Months Ended, June 30, 2018 Six Months Ended, Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Net Realized Net Unrealized Gains (Losses) Total Assets Private Equity $ (4,907 ) $ 5,353 $ 446 $ 689 $ 40,495 $ 41,184 Credit (153,107 ) (18,787 ) (171,894 ) (408,598 ) 84,838 (323,760 ) Investments of Consolidated CFEs (78,052 ) (84,917 ) (162,969 ) (4,880 ) 28,047 23,167 Real Assets 3,404 9,184 12,588 (186 ) 47,610 47,424 Equity Method - Other (136,576 ) 158,689 22,113 626 (3,046 ) (2,420 ) Other (9,116 ) (3,626 ) (12,742 ) (22,145 ) 12,810 (9,335 ) Total $ (378,354 ) $ 65,896 $ (312,458 ) $ (434,494 ) $ 210,754 $ (223,740 ) Liabilities Debt Obligations of Consolidated CFEs 13,632 199,458 213,090 40,446 (54,973 ) (14,527 ) Total $ 13,632 $ 199,458 $ 213,090 $ 40,446 $ (54,973 ) $ (14,527 )

NET INCOME (LOSS) ATTRIBUTABL32

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of basic and diluted Net Income (Loss) attributable to KKR & Co. earnings per common unit	For the three and six months ended June 30, 2018 and 2017 , basic and diluted Net Income (Loss) attributable to KKR & Co. L.P. per common unit were calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders $ 680,381 $ 405,646 $ 850,483 $ 664,989 Excess of carrying value over consideration transferred on redemption of KFN 7.375% Series A LLC Preferred Shares — — 3,102 — Net Income (Loss) Available to KKR & Co. L.P. Common Unitholders $ 680,381 $ 405,646 $ 853,585 $ 664,989 Basic Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 510,586,631 466,170,025 499,208,944 459,967,395 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic $ 1.33 $ 0.87 $ 1.71 $ 1.45 Diluted Net Income (Loss) Per Common Unit Weighted Average Common Units Outstanding - Basic 510,586,631 466,170,025 499,208,944 459,967,395 Weighted Average Unvested Common Units and Other Exchangeable Securities 38,158,867 35,007,398 43,158,376 38,975,899 Weighted Average Common Units Outstanding - Diluted 548,745,498 501,177,423 542,367,320 498,943,294 Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted $ 1.24 $ 0.81 $ 1.57 $ 1.33
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Weighted Average KKR Holdings Units Outstanding 319,040,229 346,473,324 326,984,091 349,513,066

OTHER ASSETS AND ACCOUNTS PAY33

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2018
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of other assets	Other Assets consist of the following: June 30, 2018 December 31, 2017 Unsettled Investment Sales (1) $ 175,010 $ 134,781 Receivables 42,415 138,109 Due from Broker (2) 403,810 682,403 Oil & Gas Assets, net (3) 227,476 252,371 Deferred Tax Assets, net 92,794 131,944 Interest Receivable 230,135 189,785 Fixed Assets, net (4) 401,363 364,203 Foreign Exchange Contracts and Options (5) 98,058 96,584 Intangible Assets, net (6) 11,399 129,178 Goodwill (7) 83,500 83,500 Derivative Assets 70,113 85,074 Deposits 7,598 16,330 Prepaid Taxes 80,775 83,371 Prepaid Expenses 21,315 25,677 Deferred Financing Costs 7,255 7,534 Other 100,874 110,231 Total $ 2,053,890 $ 2,531,075 (1) Represents amounts due from third parties for investments sold for which cash settlement has not occurred. (2) Represents amounts held at clearing brokers resulting from securities transactions. (3) 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. Depreciation, depletion and amortization amounted to $6,468 and $7,233 for the three months ended June 30, 2018 and 2017, respectively, and $13,545 and $13,097 for the six months ended June 30, 2018 and 2017, respectively. (4) Net of accumulated depreciation and amortization of $164,352 and $156,859 as of June 30, 2018 and December 31, 2017 , respectively. Depreciation and amortization expense of $3,775 and $3,867 for the three months ended June 30, 2018 and 2017, respectively, and $7,484 and $8,064 for the six months ended June 30, 2018 and 2017, respectively, is included in General, Administrative and Other in the accompanying condensed consolidated statements of operations. (5) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 "Net Gains (Losses) from Investment Activities" for the net changes in fair value associated with these instruments. (6) Net of accumulated amortization of $62,609 and $61,348 as of June 30, 2018 and December 31, 2017, respectively. Amortization expense of $1,317 and $5,062 for the three months ended June 30, 2018 and 2017, respectively, and $6,347 and $11,428 for the six months ended June 30, 2018 and 2017, respectively, is included in General, Administrative and Other in the accompanying condensed consolidated statements of operations. (7) As of June 30, 2018 , the carrying value of goodwill is recorded and assessed for impairment at the reporting unit.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts Payable, Accrued Expenses and Other Liabilities consist of the following: June 30, 2018 December 31, 2017 Amounts Payable to Carry Pool (1) $ 1,242,835 $ 1,220,559 Unsettled Investment Purchases (2) 1,240,808 885,945 Securities Sold Short (3) 486,655 692,007 Derivative Liabilities 44,464 69,381 Accrued Compensation and Benefits 217,635 35,953 Interest Payable 182,230 168,673 Foreign Exchange Contracts and Options (4) 144,872 260,948 Accounts Payable and Accrued Expenses 113,670 152,916 Deferred Rent 15,094 17,441 Taxes Payable 24,352 35,933 Uncertain Tax Positions Reserve 58,369 58,369 Other Liabilities 282,848 56,125 Total $ 4,053,832 $ 3,654,250 (1) 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. (2) Represents amounts owed to third parties for investment purchases for which cash settlement has not occurred. (3) Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 "Net Gains (Losses) from Investment Activities" for the net changes in fair value associated with these instruments. (4) Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying condensed consolidated statements of operations. See Note 3 "Net Gains (Losses) from Investment Activities" for the net changes in fair value associated with these instruments.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of maximum exposure to loss, before allocations to the carry pool, if any, for those VIEs in which entity is determined not to be the primary beneficiary but in which it has a variable interest	As of June 30, 2018 and December 31, 2017, 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: June 30, 2018 December 31, 2017 Investments $ 4,275,032 $ 4,417,003 Due from (to) Affiliates, net 322,815 176,131 Maximum Exposure to Loss $ 4,597,847 $ 4,593,134

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of borrowings	KKR's borrowings consisted of the following: June 30, 2018 December 31, 2017 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 451,723 — — 487,656 — — KCM Short-Term Credit Agreement 750,000 — — 750,000 — — Notes Issued: KKR Issued 6.375% Notes Due 2020 (1) — 498,682 532,755 (14) — 498,390 549,000 (14) KKR Issued 5.500% Notes Due 2043 (2) — 491,667 527,405 (14) — 491,496 580,000 (14) KKR Issued 5.125% Notes Due 2044 (3) — 990,557 1,017,580 (14) — 990,375 1,107,100 (14) KKR Issued 0.509% Notes Due 2023 (4) — 224,693 225,723 (14) — — — KKR Issued 0.764% Notes Due 2025 (5) — 44,556 45,139 (14) — — — KKR Issued 1.595% Notes Due 2038 (6) — 92,013 93,379 (14) — — — KFN Issued 5.500% Notes Due 2032 (7) — 493,325 506,454 — 493,129 505,235 KFN Issued 5.200% Notes Due 2033 (8) — 118,230 117,980 — — — KFN Issued 5.400% Notes Due 2033 (9) — 68,636 70,248 — — — KFN Issued Junior Subordinated Notes (10) — 231,471 209,526 — 236,038 201,828 Other Consolidated Debt Obligations: Fund Financing Facilities and Other (11) 1,726,052 4,109,911 4,109,911 (15) 2,056,096 2,898,215 2,898,215 (15) CLO Senior Secured Notes (12) — 11,127,365 11,127,365 — 10,055,686 10,055,686 CLO Subordinated Notes (12) — 389,931 389,931 — 292,294 292,294 CMBS Debt Obligations (13) — 1,091,346 1,091,346 — 5,238,236 5,238,236 $ 3,927,775 $ 19,972,383 $ 20,064,742 $ 4,293,752 $ 21,193,859 $ 21,427,594 (1) $500 million aggregate principal amount of 6.375% senior notes of KKR due 2020. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $0.9 million and $1.0 million as of June 30, 2018 and December 31, 2017 , respectively. (2) $500 million aggregate principal amount of 5.500% senior notes of KKR due 2043. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $3.6 million and $3.7 million as of June 30, 2018 and December 31, 2017 . (3) $1.0 billion aggregate principal amount of 5.125% senior notes of KKR due 2044. Borrowing outstanding is presented net of (i) unamortized note discount (net of premium) and (ii) unamortized debt issuance costs of $8.2 million and $8.3 million as of June 30, 2018 and December 31, 2017 , respectively. (4) ¥25 billion (or $226.0 million ) aggregate principal amount of 0.509% senior notes of KKR due 2023. Borrowing outstanding is presented net of unamortized debt issuance costs of $1.3 million as of June 30, 2018 . These senior notes are denominated in Japanese Yen ("JPY"). (5) ¥5.0 billion (or $45.2 million ) aggregate principal amount of 0.764% senior notes of KKR due 2025. Borrowing outstanding is presented net of unamortized debt issuance costs of $0.6 million as of June 30, 2018 . These senior notes are denominated in JPY. (6) ¥10.3 billion (or $93.1 million ) aggregate principal amount of 1.595% senior notes of KKR due 2038. Borrowing outstanding is presented net of unamortized debt issuance costs of $1.1 million as of June 30, 2018 . These senior notes are denominated in JPY. (7) KKR consolidates KFN and thus reports KFN's outstanding $500.0 million aggregate principal amount of 5.500% senior notes due 2032. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $4.5 million and $4.7 million as of June 30, 2018 and December 31, 2017 , respectively. 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. (8) KKR consolidates KFN and thus reports KFN's outstanding $120.0 million aggregate principal amount of 5.200% senior notes due 2033. Borrowing outstanding is presented net of unamortized debt issuance costs of $1.8 million as of June 30, 2018 . 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. (9) KKR consolidates KFN and thus reports KFN's outstanding $70.0 million aggregate principal amount of 5.400% senior notes due 2033. Borrowing outstanding is presented net of unamortized debt issuance costs of $1.4 million as of June 30, 2018 . 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. (10) KKR consolidates KFN and thus reports KFN's outstanding $258.5 million aggregate principal amount of junior subordinated notes. The weighted average interest rate is 4.8% and 3.8% and the weighted average years to maturity is 18.3 years and 19.0 years as of June 30, 2018 and December 31, 2017 , respectively. 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. (11) 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 4.6% and 4.2% as of June 30, 2018 and December 31, 2017 , respectively. In addition, the weighted average years to maturity is 3.4 years and 3.6 years as of June 30, 2018 and December 31, 2017 , respectively. (12) 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." (13) 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." (14) The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes. (15) Carrying value approximates fair value given the fund financing facilities' interest rates are variable.
Schedule of debt obligations of consolidated CLOs	As of June 30, 2018 , 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 $ 11,127,365 3.2 % 11.7 Subordinated Notes of Consolidated CLOs 389,931 (1) 12.1 Debt Obligations of Consolidated CMBS Vehicles 1,091,346 4.0 % 30.3 $ 12,608,642 (1) The subordinated notes do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any.

EQUITY BASED COMPENSATION (Tabl

EQUITY BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of expense associated with equity based compensation	The following table summarizes the expense associated with equity-based compensation for the three and six months ended June 30, 2018 and 2017 , respectively. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Equity Incentive Plan Units $ 58,198 $ 44,976 $ 125,994 $ 94,919 KKR Holdings Principal Awards 29,195 27,268 56,477 72,247 Total (1) $ 87,393 $ 72,244 $ 182,471 $ 167,166 (1) Includes $2,828 and $7,092 of equity based charges for the three and six months ended June 30, 2018 related to employees of equity method investees. Such amounts are included in Net Gains (Losses) from Investment Activities in the consolidated statements of operations.
Summary of significant assumptions used to estimate grant date fair value of 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 $19.90 Risk Free Rate 2.02 % Volatility 25.00 % Dividend Yield 3.42 % Expected Cost of Equity 11.02 %
Schedule of unrecognized expense of equity incentive plan awards expected to be recognized	As of June 30, 2018 , there was approximately $435.8 million of total estimated unrecognized expense related to unvested awards, including Market Condition Awards. That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2018 $ 105.6 2019 167.3 2020 112.1 2021 39.0 2022 10.9 2023 0.9 Total $ 435.8
Schedule of awards granted under equity incentive plan	A summary of the status of unvested awards granted under the Equity Incentive Plan, excluding Market Condition Awards as described above, from January 1, 2018 through June 30, 2018 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2018 46,422,733 $ 14.98 Granted 1,620,205 19.91 Vested (10,242,743 ) 13.65 Forfeitures (1,539,560 ) 13.79 Balance, June 30, 2018 36,260,635 $ 15.63
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, 2018 5,817,507 April 1, 2019 9,314,434 October 1, 2019 4,487,128 April 1, 2020 6,523,676 October 1, 2020 3,443,008 April 1, 2021 3,353,555 October 1, 2021 1,976,345 April 1, 2022 116,532 October 1, 2022 1,137,278 October 1, 2023 91,172 36,260,635
Schedule of unrecognized expense of unvested market condition awards expected to be recognized	As of June 30, 2018 , there was approximately $306.6 million of estimated unrecognized expense related to unvested KKR Holdings awards. That cost is expected to be recognized as follows: Year Unrecognized Expense Remainder of 2018 $ 49.9 2019 96.1 2020 87.9 2021 47.4 2022 25.3 Total $ 306.6
Schedule of holding awards granted	A summary of the status of unvested awards granted under the KKR Holdings Plan from January 1, 2018 through June 30, 2018 is presented below: Units Weighted Average Grant Date Fair Value Balance, January 1, 2018 30,848,583 $ 14.42 Granted 450,000 20.90 Vested (4,524,590 ) 13.37 Forfeitures (680,000 ) 11.99 Balance, June 30, 2018 26,093,993 $ 14.78
Schedule of remaining vesting tranches of holding awards granted	A summary of the remaining vesting tranches of awards granted under the KKR Holdings Plan is presented below: Vesting Date Units October 1, 2018 1,970,000 April 1, 2019 229,514 May 1, 2019 3,680,000 October 1, 2019 2,455,000 April 1, 2020 124,479 May 1, 2020 3,680,000 October 1, 2020 2,940,000 May 1, 2021 3,680,000 October 1, 2021 3,425,000 October 1, 2022 3,910,000 26,093,993

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Schedule of due from and to affiliates	Due from Affiliates consists of: June 30, 2018 December 31, 2017 Amounts due from portfolio companies $ 107,149 $ 129,594 Amounts due from unconsolidated investment funds 497,120 415,907 Amounts due from related entities 10,323 8,848 Due from Affiliates $ 614,592 $ 554,349 Due to Affiliates consists of: June 30, 2018 December 31, 2017 Amounts due to KKR Holdings in connection with the tax receivable agreement $ 84,954 $ 84,034 Amounts due to unconsolidated investment funds 174,305 239,776 Due to Affiliates $ 259,259 $ 323,810

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of financial data of the entity's reportable segments	The following tables set forth information regarding KKR's segment results. As of and for the Three Months Ended As of and for the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Segment Revenues Fees and Other, Net Management Fees $ 261,450 $ 229,569 $ 513,035 $ 437,853 Transaction Fees 163,925 156,465 320,770 399,500 Monitoring Fees 25,394 30,510 42,924 43,730 Fee Credits (53,021 ) (51,384 ) (96,795 ) (140,401 ) Total Fees and Other, Net 397,748 365,160 779,934 740,682 Realized Performance Income (Loss) Carried Interest 342,089 264,668 544,644 470,872 Incentive Fees 17,651 2,624 34,058 4,310 Total Realized Performance Income (Loss) 359,740 267,292 578,702 475,182 Realized Investment Income (Loss) Net Realized Gains (Losses) (1) 97,480 7,180 105,355 86,631 Interest Income and Dividends 71,228 67,836 143,805 124,718 Total Realized Investment Income (Loss) 168,708 75,016 249,160 211,349 Total Segment Revenues $ 926,196 $ 707,468 $ 1,607,796 $ 1,427,213 Segment Expenses Compensation and Benefits (2) 368,562 292,415 669,042 569,860 Occupancy and Related Charges 14,665 13,407 28,248 27,776 Other Operating Expenses (3) 63,561 53,069 121,466 106,567 Total Segment Expenses $ 446,788 $ 358,891 $ 818,756 $ 704,203 Segment Operating Earnings 479,408 348,577 789,040 723,010 Interest Expense 45,474 47,026 95,666 88,735 Preferred Dividends 8,341 8,341 16,682 16,682 Income (Loss) Attributable to Noncontrolling Interests 1,082 1,180 2,285 2,764 Income Taxes Paid 19,820 15,084 33,988 41,359 After-tax Distributable Earnings $ 404,691 $ 276,946 $ 640,419 $ 573,470 Total Segment Assets $ 17,476,683 $ 15,000,669 $ 17,476,683 $ 15,000,669 (1) Given the extraordinary nature of the Conversion, the reported segment financial results for the three and six months ended June 30, 2018 exclude approximately $729.4 million of losses on certain investments which were realized in the second quarter in advance of the Conversion. (2) Includes equity-based compensation of $58,198 and $44,976 for the three months ended June 30, 2018 and 2017, respectively, and $125,994 and $94,919 for the six months ended June 30, 2018 and 2017, respectively. (3) For the three and six months ended June 30, 2018, excludes approximately $11.5 million of non-recurring costs in connection with the Conversion.
Segment revenues disaggregated by business line	The following tables provide KKR's segment revenues on a disaggregated basis by business line for the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, 2018 Private Markets Public Markets Capital Markets Principal Activities Total Fees and Other, Net Management Fees $ 156,295 $ 105,155 $ — $ — $ 261,450 Transaction Fees 48,567 10,673 104,685 — 163,925 Monitoring Fees 25,394 — — — 25,394 Fee Credits (43,249 ) (9,772 ) — — (53,021 ) Total Fees and Other, Net 187,007 106,056 104,685 — 397,748 Realized Performance Income (Loss) Carried Interest 342,089 — — — 342,089 Incentive Fees — 17,651 — — 17,651 Total Realized Performance Income (Loss) 342,089 17,651 — — 359,740 Realized Investment Income (Loss) Net Realized Gains (Losses) — — — 97,480 97,480 Interest Income and Dividends — — — 71,228 71,228 Total Realized Investment Income (Loss) — — — 168,708 168,708 Total $ 529,096 $ 123,707 $ 104,685 $ 168,708 $ 926,196 Three Months Ended June 30, 2017 Private Markets Public Markets Capital Markets Principal Activities Total Fees and Other, Net Management Fees $ 142,253 $ 87,316 $ — $ — $ 229,569 Transaction Fees 37,252 25,515 93,698 — 156,465 Monitoring Fees 30,510 — — — 30,510 Fee Credits (31,750 ) (19,634 ) — — (51,384 ) Total Fees and Other, Net 178,265 93,197 93,698 — 365,160 Realized Performance Income (Loss) Carried Interest 264,668 — — — 264,668 Incentive Fees — 2,624 — — 2,624 Total Realized Performance Income (Loss) 264,668 2,624 — — 267,292 Realized Investment Income (Loss) Net Realized Gains (Losses) — — — 7,180 7,180 Interest Income and Dividends — — — 67,836 67,836 Total Realized Investment Income (Loss) — — — 75,016 75,016 Total $ 442,933 $ 95,821 $ 93,698 $ 75,016 $ 707,468 Six Months Ended June 30, 2018 Private Markets Public Markets Capital Markets Principal Activities Total Fees and Other, Net Management Fees $ 314,485 $ 198,550 $ — $ — $ 513,035 Transaction Fees 95,256 13,231 212,283 — 320,770 Monitoring Fees 42,924 — — — 42,924 Fee Credits (84,592 ) (12,203 ) — — (96,795 ) Total Fees and Other, Net 368,073 199,578 212,283 — 779,934 Realized Performance Income (Loss) Carried Interest 544,644 — — — 544,644 Incentive Fees — 34,058 — — 34,058 Total Realized Performance Income (Loss) 544,644 34,058 — — 578,702 Realized Investment Income (Loss) Net Realized Gains (Losses) — — — 105,355 105,355 Interest Income and Dividends — — — 143,805 143,805 Total Realized Investment Income (Loss) — — — 249,160 249,160 Total $ 912,717 $ 233,636 $ 212,283 $ 249,160 $ 1,607,796 Six Months Ended June 30, 2017 Private Markets Public Markets Capital Markets Principal Activities Total Fees and Other, Net Management Fees $ 265,765 $ 172,088 $ — $ — $ 437,853 Transaction Fees 155,134 29,571 214,795 — 399,500 Monitoring Fees 43,730 — — — 43,730 Fee Credits (117,400 ) (23,001 ) — — (140,401 ) Total Fees and Other, Net 347,229 178,658 214,795 — 740,682 Realized Performance Income (Loss) Carried Interest 470,872 — — — 470,872 Incentive Fees — 4,310 — — 4,310 Total Realized Performance Income (Loss) 470,872 4,310 — — 475,182 Realized Investment Income (Loss) Net Realized Gains (Losses) — — — 86,631 86,631 Interest Income and Dividends — — — 124,718 124,718 Total Realized Investment Income (Loss) — — — 211,349 211,349 Total $ 818,101 $ 182,968 $ 214,795 $ 211,349 $ 1,427,213
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 the most directly comparable financial measures calculated and presented in accordance with GAAP to KKR's segment information: Revenues Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Total GAAP Revenues $ 971,620 $ 1,015,800 $ 1,444,226 $ 1,783,555 Add: Management Fees - Consolidated Funds and Other 101,431 54,072 166,027 101,964 Deduct: Fee Credits - Consolidated Funds 18,174 2,707 32,895 3,646 Deduct: Capital Allocation-Based Income (GAAP) 557,774 635,015 635,986 1,022,591 Add: Segment Realized Carried Interest 342,089 264,668 544,644 470,872 Add: Segment Realized Investment Income (Loss) 168,708 75,016 249,160 211,349 Deduct: Revenue Earned by Other Consolidated Entities 31,128 28,290 56,593 54,665 Deduct: Expense Reimbursements 50,576 36,076 70,787 59,625 Total Segment Revenues $ 926,196 $ 707,468 $ 1,607,796 $ 1,427,213 Expenses Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Total GAAP Expenses $ 675,050 $ 629,728 $ 1,111,651 $ 1,169,742 Deduct: Equity-based and Other Compensation - KKR Holdings L.P. 29,247 42,964 61,942 104,057 Deduct: Segment Unrealized Performance Income Compensation 67,092 119,774 23,969 176,988 Deduct: Amortization of Intangibles 1,317 5,062 6,347 11,428 Deduct: Reimbursable Expenses 56,312 43,438 82,405 72,237 Deduct: Operating Expenses relating to Other Consolidated Entities 53,114 44,093 97,423 77,873 Deduct: One-time Non-recurring Costs (1) 11,501 — 11,501 — Add: Other (9,679 ) (15,506 ) (9,308 ) (22,956 ) Total Segment Expenses $ 446,788 $ 358,891 $ 818,756 $ 704,203 (1) Represents non-recurring costs in connection with the Conversion. Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 GAAP Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders $ 680,381 $ 405,646 $ 850,483 $ 664,989 Add: Net Income (Loss) Attributable to Noncontrolling Interests held by KKR Holdings L.P. 449,859 305,280 570,861 521,712 Add: Equity-based and Other Compensation - KKR Holdings L.P. 29,247 42,964 61,942 104,057 Add: Amortization of Intangibles and Other, net (50,643 ) 4,524 (2,934 ) 37,361 Add: One-time Non-recurring Costs (1) 11,501 — 11,501 — Add: Realized Losses on Certain Investments (2) 729,425 — 729,425 — Deduct: Unrealized Carried Interest 163,442 296,719 51,710 437,345 Deduct: Net Unrealized Gains (Losses) 1,389,869 307,977 1,597,731 512,013 Add: Unrealized Performance Income Compensation 67,092 119,774 23,969 176,988 Add: Income Tax Provision 60,960 18,538 78,601 59,080 Deduct: Income Taxes Paid 19,820 15,084 33,988 41,359 After-tax Distributable Earnings $ 404,691 $ 276,946 $ 640,419 $ 573,470 (1) Represents non-recurring costs in connection with the Conversion. (2) Represents losses on certain investments which were realized in the second quarter in advance of the Conversion.
Reconciliation of assets from segment to consolidated	Assets As of June 30, 2018 2017 Total GAAP Assets $ 48,572,664 $ 42,868,081 Less: Impact of Consolidation of Funds and Other Entities 29,701,863 26,412,562 Less: Carry Pool Reclassification from Liabilities 1,242,835 1,152,015 Less: Impact of KKR Management Holdings Corp. 151,283 302,835 Total Segment Assets $ 17,476,683 $ 15,000,669

ORGANIZATION - Narrative (Detai

ORGANIZATION - Narrative (Details) $ in Billions	Jul. 01, 2018	Jan. 16, 2018	Jun. 30, 2018USD ($)Commercial_Mortgage_Backed_Security	Jun. 30, 2018	Jun. 30, 2017
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of CMBS vehicles consolidated | Commercial_Mortgage_Backed_Security			1
Group Holdings
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage owned by KKR Holdings L.P.				99.00%
Management Holdings Corp
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of economic interest held by parent entity				1.00%
KKR Group Partnerships
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage owned by KKR Holdings L.P.				36.70%	42.20%
Percentage of economic interest held by parent entity				63.30%
Capital - Series A Preferred Units
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Preferred units dividend rate (as a percent)		7.375%		7.375%
Subsequent Event | Class A common stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, conversion ratio	1
Subsequent Event | Capital - Series A Preferred Units
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Preferred stock, conversion ratio	1
Preferred units dividend rate (as a percent)	6.75%
Subsequent Event | Series B Preferred Stock
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Preferred stock, conversion ratio	1
Preferred units dividend rate (as a percent)	6.50%
Collateralized Mortgage Backed Securities
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Reduction in investments			$ 4.1
Reduction in debt obligations			$ 4

SUMMARY OF SIGNIFICANT ACCOUN40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interests in Consolidated Entities (Details)	Jan. 16, 2018	Jun. 30, 2018	Dec. 31, 2015
Class of Stock [Line Items]
Percentage of carried interest received by general partners (up to)			1.00%
Capital - Series A Preferred Units
Class of Stock [Line Items]
Preferred units dividend rate (as a percent)	7.375%	7.375%

SUMMARY OF SIGNIFICANT ACCOUN41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interests Held by KKR Holdings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Calculation of Noncontrolling Interest [Abstract]
Capital contributions			$ 2,410,722	$ 1,759,873
Capital distributions			(1,734,715)	(968,968)
Noncontrolling Interests held by KKR Holdings
Calculation of Noncontrolling Interest [Abstract]
Balance at the beginning of the period	$ 4,859,412	$ 4,491,197	4,793,475	4,293,337
Net income (loss) attributable to noncontrolling interests held by KKR Holdings	449,859	305,280	570,861	521,712
Other comprehensive income (loss), net of tax	(9,554)	8,833	(6,411)	13,753
Impact of the exchange of KKR Holdings units to KKR & Co. L.P. common units	(451,679)	(104,797)	(485,454)	(140,701)
Equity-based and other non-cash compensation	29,247	42,964	61,942	104,057
Capital contributions	1,539	2,913	1,578	2,950
Capital distributions	(58,317)	(62,717)	(115,484)	(119,354)
Transfer of interests under common control and Other (See Note 15 Equity)	0	0	0	7,919
Balance at the end of the period	$ 4,820,507	$ 4,683,673	$ 4,820,507	$ 4,683,673

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Income (Loss) Attributable To Noncontrolling Interests Held by KKR Holdings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract]
Net Income (Loss)	$ 1,566,396	$ 868,524	$ 2,169,290	$ 1,666,418
Less: Net income (loss) attributable to Redeemable Noncontrolling Interests	(18,016)	22,387	7,658	43,320
Less: Net income (loss) attributable to Noncontrolling Interests in consolidated entities	445,831	126,870	723,606	419,715
Less: Net income (loss) attributable to Series A and Series B Preferred Unitholders	8,341	8,341	16,682	16,682
Plus: Income tax (benefit) attributable to KKR Management Holdings Corp.	40,897	5,348	46,965	24,508
Net income (loss) attributable to KKR & Co. L.P. Common Unitholders and KKR Holdings	1,171,137	716,274	1,468,309	1,211,209
Noncontrolling Interests held by KKR Holdings
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract]
Net income (loss) attributable to noncontrolling interests held by KKR Holdings	$ 449,859	$ 305,280	$ 570,861	$ 521,712

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurement (Details)	6 Months Ended
	Jun. 30, 2018methodology
Accounting Policies [Abstract]
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%
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%
Illiquidity Discount | Minimum
Fair Value Measurements
Private equity, measurement input	0.05

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fees and Other (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fees and Commissions [Line Items]
Fees and Other	$ 413,846	$ 380,785	$ 808,240	$ 760,964
Carried Interest	491,176	551,003	553,923	886,776
General Partner Capital Interest	66,598	84,012	82,063	135,815
Total Capital Allocation-Based Income	557,774	635,015	635,986	1,022,591
Total Revenues	$ 971,620	1,015,800	$ 1,444,226	1,783,555
Gross management fees as a percentage of committed capital, low end of range			1.00%
Gross management fees as a percentage of committed capital, high end of range			2.00%
Maximum length of investment period			6 years
Percentage used to derive management fees for separately managed accounts, low end of range	0.50%		0.50%
Percentage used to derive management fees for separately managed accounts, high end of range	2.00%		2.00%
Asset management fees earned from credit funds and other investment vehicles, percentage, low end of range			0.33%
Asset management fees earned from credit funds and other investment vehicles, percentage, high end of range			1.75%
Incentive fee, low end of range (as a percent)			5.00%
Incentive fee, high end of range (as a percent)			20.00%
Measurement period (in years)			1 year
Reportable segments
Fees and Commissions [Line Items]
Fees and Other	$ 397,748	365,160	$ 779,934	740,682
Carried Interest	342,089	264,668	544,644	470,872
Total Revenues	$ 926,196	707,468	$ 1,607,796	1,427,213
Minimum
Fees and Commissions [Line Items]
Gross management fees as a percentage of capital			0.75%
Collateral management fee, based on annual rate of percentage of collateral	0.40%		0.40%
Minimum | Reportable segments
Fees and Commissions [Line Items]
Fee Credits as a percentage of monitoring and transaction fees net of fund-related expenses			80.00%
Maximum
Fees and Commissions [Line Items]
Gross management fees as a percentage of capital			1.25%
Collateral management fee, based on annual rate of percentage of collateral	0.50%		0.50%
Maximum | Reportable segments
Fees and Commissions [Line Items]
Fee Credits as a percentage of monitoring and transaction fees net of fund-related expenses			100.00%
Management Fees
Fees and Commissions [Line Items]
Fees and Other	$ 171,172	177,269	$ 358,899	338,451
Management Fees | Reportable segments
Fees and Commissions [Line Items]
Fees and Other	261,450	229,569	513,035	437,853
Transaction Fees
Fees and Commissions [Line Items]
Fees and Other	170,221	156,472	328,874	400,130
Transaction Fees | Reportable segments
Fees and Commissions [Line Items]
Fees and Other	163,925	156,465	320,770	399,500
Monitoring Fees
Fees and Commissions [Line Items]
Fees and Other	25,363	30,995	42,949	44,499
Monitoring Fees | Reportable segments
Fees and Commissions [Line Items]
Fees and Other	25,394	30,510	42,924	43,730
Fee Credits
Fees and Commissions [Line Items]
Fees and Other	(34,847)	(48,677)	(63,900)	(136,755)
Fee Credits | Reportable segments
Fees and Commissions [Line Items]
Fees and Other	(53,021)	(51,384)	(96,795)	(140,401)
Incentive Fees
Fees and Commissions [Line Items]
Fees and Other	233	845	14,038	1,118
Expense Reimbursements
Fees and Commissions [Line Items]
Fees and Other	50,576	35,591	70,787	58,856
Oil and Gas Revenue
Fees and Commissions [Line Items]
Fees and Other	13,853	17,382	28,360	34,655
Consulting Fees
Fees and Commissions [Line Items]
Fees and Other	$ 17,275	$ 10,908	$ 28,233	$ 20,010

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Capital Allocation-Based Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Fees and Other	$ 413,846	$ 380,785	$ 808,240	$ 760,964
Net Gains (Losses) from Investment Activities	$ 1,116,587	334,416	$ 1,589,387	841,061
Restatement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Fees and Other		(551,000)		(886,800)
Net Gains (Losses) from Investment Activities		$ (84,000)		$ (135,800)

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided (used) by operating activities			$ (4,538,307)	$ (2,062,135)
Net cash provided (used) by investing activities			(18,558)	(49,350)
Deduct: Capital Allocation-Based Income (GAAP)	$ 557,774	$ 635,015	$ 635,986	1,022,591
ASU 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided (used) by operating activities				(198,700)
Net cash provided (used) by investing activities				$ (108,800)

NET GAINS (LOSSES) FROM INVES47

NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Gain (Loss) on Securities [Line Items]
Net Realized Gains (Losses)	$ 154,784	$ (101,412)	$ 185,164	$ 44,752
Net Unrealized Gains (Losses)	961,803	435,828	1,404,223	796,309
Total	1,116,587	334,416	1,589,387	841,061
Private Equity
Gain (Loss) on Securities [Line Items]
Net Realized Gains (Losses)	25,589	21,253	41,842	128,066
Net Unrealized Gains (Losses)	496,927	291,748	655,296	295,036
Total	522,516	313,001	697,138	423,102
Credit
Gain (Loss) on Securities [Line Items]
Net Realized Gains (Losses)	(144,960)	(184,537)	(143,697)	(398,394)
Net Unrealized Gains (Losses)	(86,863)	167,696	(28,713)	414,835
Total	(231,823)	(16,841)	(172,410)	16,441
Investments of Consolidated CFEs
Gain (Loss) on Securities [Line Items]
Net Realized Gains (Losses)	(51,536)	(3,777)	(78,052)	(4,880)
Net Unrealized Gains (Losses)	(36,514)	15,064	(84,917)	28,047
Total	(88,050)	11,287	(162,969)	23,167
Real Assets
Gain (Loss) on Securities [Line Items]
Net Realized Gains (Losses)	10,393	(61,747)	23,350	(58,687)
Net Unrealized Gains (Losses)	146,213	170,593	205,510	177,391
Total	156,606	108,846	228,860	118,704
Equity Method - Other
Gain (Loss) on Securities [Line Items]
Net Realized Gains (Losses)	(163,153)	16,470	(153,943)	16,183
Net Unrealized Gains (Losses)	218,160	17,047	353,764	52,367
Total	55,007	33,517	199,821	68,550
Other Investments
Gain (Loss) on Securities [Line Items]
Net Realized Gains (Losses)	(73,901)	(195,724)	(318,100)	(203,988)
Net Unrealized Gains (Losses)	(107,867)	(12,384)	(21,502)	101,600
Total	(181,768)	(208,108)	(339,602)	(102,388)
Foreign Exchange Forward Contracts and Options
Gain (Loss) on Securities [Line Items]
Net Realized Gains (Losses)	(7,319)	8,082	(39,933)	18,068
Net Unrealized Gains (Losses)	177,689	(184,118)	114,571	(242,381)
Total	170,370	(176,036)	74,638	(224,313)
Securities Sold Short
Gain (Loss) on Securities [Line Items]
Net Realized Gains (Losses)	252,378	258,924	528,327	505,711
Net Unrealized Gains (Losses)	(11,457)	9,398	(41,331)	51,668
Total	240,921	268,322	486,996	557,379
Other Derivatives
Gain (Loss) on Securities [Line Items]
Net Realized Gains (Losses)	0	(119)	3,642	(5,879)
Net Unrealized Gains (Losses)	11,259	(706)	3,036	(5,553)
Total	11,259	(825)	6,678	(11,432)
Debt Obligations and Other
Gain (Loss) on Securities [Line Items]
Net Realized Gains (Losses)	307,293	39,763	321,728	48,552
Net Unrealized Gains (Losses)	154,256	(38,510)	248,509	(76,701)
Total	$ 461,549	$ 1,253	$ 570,237	$ (28,149)

INVESTMENTS - Summary of Invest

INVESTMENTS - Summary of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investments
Investments owned, at fair value	$ 42,622,545	$ 39,013,934
Private Equity
Investments
Investments owned, at fair value	6,775,156	3,301,261
Credit
Investments
Investments owned, at fair value	8,268,776	7,621,320
Investments of Consolidated CFEs
Investments
Investments owned, at fair value	13,368,099	15,573,203
Real Assets
Investments
Investments owned, at fair value	3,295,160	2,302,061
Equity Method - Other
Investments
Investments owned, at fair value	3,949,230	3,324,631
Equity Method - Capital Allocation-Based Income
Investments
Investments owned, at fair value	4,248,036	4,132,171
Other Investments
Investments
Investments owned, at fair value	$ 2,718,088	$ 2,759,287

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Apr. 09, 2018
Investments | Investment Concentration Risk
Investments
Threshold percentage of total investments (greater than)	5.00%	5.00%
FS/KKR Advisor, LLC
Investments
Equity interest			50.00%
Difference between carrying amount and underlying equity			$ 313

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Marshall Wace
Liabilities, at fair value:
Entity interests acquired, option to increase, potential interest in acquiree (as a percent)	39.90%
Fair value measured on recurring basis
Assets, at fair value:
Total Investments	$ 35,993,499	$ 32,941,871
Total Assets	36,161,670	33,123,529
Liabilities, at fair value:
Securities Sold Short	486,655	692,007
Unfunded Revolver Commitments	51,304	17,629
Total Liabilities	13,335,937	16,626,181
Fair value measured on recurring basis | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	12,608,642	15,586,216
Fair value measured on recurring basis | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	98,058	96,584
Liabilities, at fair value:
Total Liabilities	144,872	260,948
Fair value measured on recurring basis | Other Derivatives
Assets, at fair value:
Total Assets	70,113	85,074
Liabilities, at fair value:
Total Liabilities	44,464	69,381
Fair value measured on recurring basis | Private Equity
Assets, at fair value:
Total Investments	6,775,156	3,301,261
Fair value measured on recurring basis | Credit
Assets, at fair value:
Total Investments	8,268,776	7,621,320
Fair value measured on recurring basis | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	13,368,099	15,573,203
Fair value measured on recurring basis | Real Assets
Assets, at fair value:
Total Investments	3,295,160	2,302,061
Fair value measured on recurring basis | Equity Method - Other
Assets, at fair value:
Total Investments	1,568,220	1,384,739
Fair value measured on recurring basis | Other Investments
Assets, at fair value:
Total Investments	2,718,088	2,759,287
Fair value measured on recurring basis | Level I
Assets, at fair value:
Total Investments	2,271,260	2,019,338
Total Assets	2,271,260	2,019,338
Liabilities, at fair value:
Securities Sold Short	486,655	692,007
Unfunded Revolver Commitments	0	0
Total Liabilities	486,655	692,007
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	0	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	1,349,126	1,043,390
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	5,140	50,794
Fair value measured on recurring basis | Level I | Equity Method - Other
Assets, at fair value:
Total Investments	45,112	60,282
Fair value measured on recurring basis | Level I | Other Investments
Assets, at fair value:
Total Investments	871,882	864,872
Fair value measured on recurring basis | Level II
Assets, at fair value:
Total Investments	15,215,887	13,170,229
Total Assets	15,345,525	13,299,938
Liabilities, at fair value:
Securities Sold Short	0	0
Unfunded Revolver Commitments	0	0
Total Liabilities	11,678,932	10,636,509
Fair value measured on recurring basis | Level II | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	11,517,296	10,347,980
Fair value measured on recurring basis | Level II | Foreign Exchange Forward Contracts
Assets, at fair value:
Total Assets	98,058	96,584
Liabilities, at fair value:
Total Liabilities	144,872	260,948
Fair value measured on recurring basis | Level II | Other Derivatives
Assets, at fair value:
Total Assets	31,580	33,125
Liabilities, at fair value:
Total Liabilities	16,764	27,581
Fair value measured on recurring basis | Level II | Private Equity
Assets, at fair value:
Total Investments	353,308	85,581
Fair value measured on recurring basis | Level II | Credit
Assets, at fair value:
Total Investments	2,185,068	2,482,383
Fair value measured on recurring basis | Level II | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	12,263,585	10,220,113
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 - Other
Assets, at fair value:
Total Investments	269,543	247,748
Fair value measured on recurring basis | Level II | Other Investments
Assets, at fair value:
Total Investments	144,383	134,404
Fair value measured on recurring basis | Level III
Assets, at fair value:
Total Investments	18,506,352	17,752,304
Total Assets	18,544,885	17,804,253
Liabilities, at fair value:
Securities Sold Short	0	0
Unfunded Revolver Commitments	51,304	17,629
Total Liabilities	1,170,350	5,297,665
Fair value measured on recurring basis | Level III | Debt Obligations of Consolidated CFEs
Liabilities, at fair value:
Total Liabilities	1,091,346	5,238,236
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	38,533	51,949
Liabilities, at fair value:
Total Liabilities	27,700	41,800
Fair value measured on recurring basis | Level III | Private Equity
Assets, at fair value:
Total Investments	5,072,722	2,172,290
Fair value measured on recurring basis | Level III | Credit
Assets, at fair value:
Total Investments	6,083,708	5,138,937
Fair value measured on recurring basis | Level III | Investments of Consolidated CFEs
Assets, at fair value:
Total Investments	1,104,514	5,353,090
Fair value measured on recurring basis | Level III | Real Assets
Assets, at fair value:
Total Investments	3,290,020	2,251,267
Fair value measured on recurring basis | Level III | Equity Method - Other
Assets, at fair value:
Total Investments	1,253,565	1,076,709
Fair value measured on recurring basis | Level III | Other Investments
Assets, at fair value:
Total Investments	$ 1,701,823	$ 1,760,011

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in Level III Investments (Details) - Level III - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total Level III Investments
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	$ 19,880,027	$ 15,775,974	$ 17,752,304	$ 14,401,363
Transfers Out Due to Deconsolidation of Funds	(3,225,424)	0	(3,225,424)	(95,962)
Transfers In	0	0	0	0
Transfers Out	(52,568)	0	(52,568)	(1,496)
Asset Purchases / Debt Issuances	2,729,437	1,306,808	4,954,868	2,608,267
Sales / Paydowns	(900,489)	(937,187)	(1,279,813)	(1,180,097)
Settlements	3,325	30,200	(50,500)	19,125
Net Realized Gains (Losses)	(167,054)	(157,729)	(113,567)	(183,442)
Net Unrealized Gains (Losses)	267,038	452,467	564,514	881,876
Change in Other Comprehensive Income	(27,940)	2,906	(43,462)	23,805
Balance, End of Period	18,506,352	16,473,439	18,506,352	16,473,439
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	89,239	284,624	407,792	714,033
Private Equity
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	3,088,411	2,001,204	2,172,290	1,559,559
Transfers Out Due to Deconsolidation of Funds	928,217	0	928,217	0
Transfers In	0	0	0	0
Transfers Out	(52,568)	0	(52,568)	0
Asset Purchases / Debt Issuances	1,009,109	394,861	1,736,735	824,505
Sales / Paydowns	(94,971)	(149,854)	(130,216)	(172,483)
Settlements	0	0	0	0
Net Realized Gains (Losses)	21,078	689	36,390	689
Net Unrealized Gains (Losses)	173,446	147,598	381,874	182,228
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	5,072,722	2,394,498	5,072,722	2,394,498
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	193,140	147,598	401,568	182,228
Credit
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	5,818,855	3,903,023	5,138,937	3,290,361
Transfers Out Due to Deconsolidation of Funds	0	0	0	(95,962)
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Asset Purchases / Debt Issuances	1,004,128	347,036	1,894,241	943,898
Sales / Paydowns	(573,980)	(549,466)	(804,124)	(718,324)
Settlements	3,325	30,200	(50,500)	19,125
Net Realized Gains (Losses)	(1,416)	(93,386)	10,165	(102,629)
Net Unrealized Gains (Losses)	(139,264)	224,757	(61,549)	504,796
Change in Other Comprehensive Income	(27,940)	2,906	(43,462)	23,805
Balance, End of Period	6,083,708	3,865,070	6,083,708	3,865,070
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	(140,034)	127,361	(53,280)	407,400
Investments of Consolidated CFEs
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	5,258,399	5,426,552	5,353,090	5,406,220
Transfers Out Due to Deconsolidation of Funds	(4,153,641)	0	(4,153,641)	0
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Asset Purchases / Debt Issuances	0	0	0	0
Sales / Paydowns	(14,286)	(8,995)	(25,827)	(17,935)
Settlements	0	0	0	0
Net Realized Gains (Losses)	13,000	0	13,000	0
Net Unrealized Gains (Losses)	1,042	29,693	(82,108)	58,965
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	1,104,514	5,447,250	1,104,514	5,447,250
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date	1,042	29,693	(82,108)	58,965
Real Assets
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	2,827,433	2,045,587	2,251,267	1,807,128
Transfers Out Due to Deconsolidation of Funds	0	0	0	0
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Asset Purchases / Debt Issuances	423,588	354,950	964,486	605,228
Sales / Paydowns	(102,386)	(85,964)	(136,623)	(107,641)
Settlements	0	0	0	0
Net Realized Gains (Losses)	(21,991)	(61,747)	(13,637)	(58,687)
Net Unrealized Gains (Losses)	163,376	170,593	224,527	177,391
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	3,290,020	2,423,419	3,290,020	2,423,419
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	133,924	100,146	195,075	106,944
Equity Method - Other
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	1,085,725	593,227	1,076,709	570,522
Transfers Out Due to Deconsolidation of Funds	0	0	0	0
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Asset Purchases / Debt Issuances	198,748	1,576	200,785	11,132
Sales / Paydowns	(7,170)	(8,300)	(39,109)	(20,978)
Settlements	0	0	0	0
Net Realized Gains (Losses)	(145,902)	626	(136,554)	626
Net Unrealized Gains (Losses)	122,164	(15,554)	151,734	10,273
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	1,253,565	571,575	1,253,565	571,575
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	(24,559)	(15,554)	10,369	10,273
Other Investments
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	1,801,204	1,806,381	1,760,011	1,767,573
Transfers Out Due to Deconsolidation of Funds	0	0	0	0
Transfers In	0	0	0	0
Transfers Out	0	0	0	(1,496)
Asset Purchases / Debt Issuances	93,864	208,385	158,621	223,504
Sales / Paydowns	(107,696)	(134,608)	(143,914)	(142,736)
Settlements	0	0	0	0
Net Realized Gains (Losses)	(31,823)	(3,911)	(22,931)	(23,441)
Net Unrealized Gains (Losses)	(53,726)	(104,620)	(49,964)	(51,777)
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	1,701,823	1,771,627	1,701,823	1,771,627
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	$ (74,274)	$ (104,620)	$ (63,832)	$ (51,777)

FAIR VALUE MEASUREMENTS - Cha52

FAIR VALUE MEASUREMENTS - Changes in Level III Debt Obligations (Details) - Level III - Debt Obligations of Consolidated CFEs - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation
Balance, Beg. of Period	$ 5,138,167	$ 5,313,570	$ 5,238,236	$ 5,294,741
Transfers Out Due to Deconsolidation of Funds	(4,045,957)	0	(4,045,957)	0
Transfers In	0	0	0	0
Transfers Out	0	0	0	0
Asset Purchases / Debt Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(3,728)	(8,995)	(15,269)	(17,935)
Net Realized Gains (Losses)	0	0	0	0
Net Unrealized Gains (Losses)	2,864	28,628	(85,664)	56,397
Change in Other Comprehensive Income	0	0	0	0
Balance, End of Period	1,091,346	5,333,203	1,091,346	5,333,203
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	$ 2,864	$ 28,628	$ (85,664)	$ 56,397

FAIR VALUE MEASUREMENTS - Trans

FAIR VALUE MEASUREMENTS - Transfers Between Fair Value Levels (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Assets, transfers from Level III to Level I	$ 52,568	$ 0	$ 52,568	$ 1,496

FAIR VALUE MEASUREMENTS - Valua

FAIR VALUE MEASUREMENTS - Valuation Methodologies and Significant Unobservable Inputs (Details)	6 Months Ended
	Jun. 30, 2018USD ($)$ / barrel
Level III
Level III investments and other financial instruments by valuation methodologies
Private equity, fair value	$ 5,072,722,000
Credit, fair value	6,083,708,000
Investments of consolidated CFEs, fair value	1,104,514,000
Debt obligations of consolidated CFEs, fair value	1,091,346,000
Real assets, fair value	3,290,020,000
Equity method - other, fair value	1,253,565,000
Other investments, fair value	$ 1,701,823,000
Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Other investments, measurement input	0
Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Other investments, measurement input	1
Private Equity | Level III
Level III investments and other financial instruments by valuation methodologies
Private equity, fair value	$ 3,057,726,000
Growth Equity | Level III
Level III investments and other financial instruments by valuation methodologies
Private equity, fair value	2,014,996,000
Energy | Level III
Level III investments and other financial instruments by valuation methodologies
Real assets, fair value	1,906,473,000
Real Estate | Level III
Level III investments and other financial instruments by valuation methodologies
Real assets, fair value	$ 1,162,410,000
Illiquidity Discount | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.05
Illiquidity Discount | Level III | Inputs to market comparables, discounted cash flow and transaction price | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	0.096
Other investments, measurement input	0.105
Illiquidity Discount | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	0.050
Other investments, measurement input	0.050
Illiquidity Discount | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	0.100
Other investments, measurement input	0.200
Illiquidity Discount | Private Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.057
Illiquidity Discount | Private Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.050
Illiquidity Discount | Private Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.150
Illiquidity Discount | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.115
Illiquidity Discount | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.100
Illiquidity Discount | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.200
Weight Ascribed to Market Comparables | Level III | Inputs to market comparables, discounted cash flow and transaction price | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	0.472
Other investments, measurement input	0.295
Weight Ascribed to Market Comparables | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	0
Weight Ascribed to Market Comparables | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	0.500
Weight Ascribed to Market Comparables | Private Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.290
Weight Ascribed to Market Comparables | Private Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0
Weight Ascribed to Market Comparables | Private Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.500
Weight Ascribed to Market Comparables | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.210
Weight Ascribed to Market Comparables | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0
Weight Ascribed to Market Comparables | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	1
Weight Ascribed to Discounted Cash Flow | Level III | Inputs to market comparables, discounted cash flow and transaction price | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	0.472
Other investments, measurement input	0.415
Weight Ascribed to Discounted Cash Flow | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	0
Other investments, measurement input	0
Weight Ascribed to Discounted Cash Flow | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	0.500
Other investments, measurement input	1
Weight Ascribed to Discounted Cash Flow | Private Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.710
Weight Ascribed to Discounted Cash Flow | Private Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.500
Weight Ascribed to Discounted Cash Flow | Private Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	1
Weight Ascribed to Discounted Cash Flow | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.143
Weight Ascribed to Discounted Cash Flow | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0
Weight Ascribed to Discounted Cash Flow | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.750
Weight Ascribed to Discounted Cash Flow | Real Estate | Level III | Inputs to direct income capitalization and discounted cash flow | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.614
Weight Ascribed to Discounted Cash Flow | Real Estate | Level III | Inputs to direct income capitalization and discounted cash flow | Minimum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0
Weight Ascribed to Discounted Cash Flow | Real Estate | Level III | Inputs to direct income capitalization and discounted cash flow | Maximum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	1
Weight Ascribed to Transaction Price | Level III | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	0.056
Weight Ascribed to Transaction Price | Level III | Inputs to market comparables, discounted cash flow and transaction price | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Other investments, measurement input	0.290
Weight Ascribed to Transaction Price | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	0
Other investments, measurement input	0
Weight Ascribed to Transaction Price | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	1
Other investments, measurement input	1
Weight Ascribed to Transaction Price | Private Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0
Weight Ascribed to Transaction Price | Private Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0
Enterprise Value/LTM EBITDA Multiple | Level III | Market comparables | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	12.4
Other investments, measurement input	9.4
Enterprise Value/LTM EBITDA Multiple | Level III | Market comparables | Minimum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	7.7
Other investments, measurement input	1.6
Enterprise Value/LTM EBITDA Multiple | Level III | Market comparables | Maximum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	14.8
Other investments, measurement input	14.1
Enterprise Value/LTM EBITDA Multiple | Private Equity | Level III | Market comparables | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	14
Enterprise Value/LTM EBITDA Multiple | Private Equity | Level III | Market comparables | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	7.7
Enterprise Value/LTM EBITDA Multiple | Private Equity | Level III | Market comparables | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	34
Enterprise Value/Forward EBITDA Multiple | Level III | Market comparables | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	11.3
Other investments, measurement input	10.3
Enterprise Value/Forward EBITDA Multiple | Level III | Market comparables | Minimum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	6.1
Other investments, measurement input	1.2
Enterprise Value/Forward EBITDA Multiple | Level III | Market comparables | Maximum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	12.5
Other investments, measurement input	16
Enterprise Value/Forward EBITDA Multiple | Private Equity | Level III | Market comparables | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	13.8
Enterprise Value/Forward EBITDA Multiple | Private Equity | Level III | Market comparables | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	6.1
Enterprise Value/Forward EBITDA Multiple | Private Equity | Level III | Market comparables | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	21.3
Weighted Average Cost of Capital | Level III | Discounted cash flow | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.105
Equity method - other, measurement input	0.086
Other investments, measurement input	0.151
Weighted Average Cost of Capital | Level III | Discounted cash flow | Minimum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.094
Equity method - other, measurement input	0.062
Other investments, measurement input	0.082
Weighted Average Cost of Capital | Level III | Discounted cash flow | Maximum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.147
Equity method - other, measurement input	0.114
Other investments, measurement input	0.307
Weighted Average Cost of Capital | Private Equity | Level III | Discounted cash flow | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.105
Weighted Average Cost of Capital | Private Equity | Level III | Discounted cash flow | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.063
Weighted Average Cost of Capital | Private Equity | Level III | Discounted cash flow | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.139
Enterprise Value/LTM EBITDA Exit Multiple | Level III | Discounted cash flow | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	10.6
Other investments, measurement input	6.9
Enterprise Value/LTM EBITDA Exit Multiple | Level III | Discounted cash flow | Minimum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	6
Other investments, measurement input	5.7
Enterprise Value/LTM EBITDA Exit Multiple | Level III | Discounted cash flow | Maximum
Level III investments and other financial instruments by valuation methodologies
Equity method - other, measurement input	12.5
Other investments, measurement input	8.9
Enterprise Value/LTM EBITDA Exit Multiple | Private Equity | Level III | Discounted cash flow | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	12
Enterprise Value/LTM EBITDA Exit Multiple | Private Equity | Level III | Discounted cash flow | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	5.2
Enterprise Value/LTM EBITDA Exit Multiple | Private Equity | Level III | Discounted cash flow | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	13.5
Weight Ascribed to Milestones | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.647
Weight Ascribed to Milestones | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0
Weight Ascribed to Milestones | Growth Equity | Level III | Inputs to market comparables, discounted cash flow and transaction price | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	1
Base | Growth Equity | Level III | Scenario Weighting | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.537
Base | Growth Equity | Level III | Scenario Weighting | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.400
Base | Growth Equity | Level III | Scenario Weighting | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.800
Downside | Growth Equity | Level III | Scenario Weighting | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.200
Downside | Growth Equity | Level III | Scenario Weighting | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.050
Downside | Growth Equity | Level III | Scenario Weighting | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.300
Upside | Growth Equity | Level III | Scenario Weighting | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.263
Upside | Growth Equity | Level III | Scenario Weighting | Minimum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.100
Upside | Growth Equity | Level III | Scenario Weighting | Maximum
Level III investments and other financial instruments by valuation methodologies
Private equity, measurement input	0.450
Yield | Level III | Discounted cash flow | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Debt obligations of consolidated CFEs, measurement input	0.068
Yield | Level III | Discounted cash flow | Minimum
Level III investments and other financial instruments by valuation methodologies
Debt obligations of consolidated CFEs, measurement input	0.023
Yield | Level III | Discounted cash flow | Maximum
Level III investments and other financial instruments by valuation methodologies
Debt obligations of consolidated CFEs, measurement input	0.165
Yield | Level III | Yield Analysis | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Credit, measurement input	0.101
Yield | Level III | Yield Analysis | Minimum
Level III investments and other financial instruments by valuation methodologies
Credit, measurement input	0.036
Yield | Level III | Yield Analysis | Maximum
Level III investments and other financial instruments by valuation methodologies
Credit, measurement input	0.362
Net Leverage | Level III | Yield Analysis | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Credit, measurement input	2
Net Leverage | Level III | Yield Analysis | Minimum
Level III investments and other financial instruments by valuation methodologies
Credit, measurement input	0.5
Net Leverage | Level III | Yield Analysis | Maximum
Level III investments and other financial instruments by valuation methodologies
Credit, measurement input	22.8
EBITDA Multiple | Level III | Yield Analysis | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Credit, measurement input	9.6
EBITDA Multiple | Level III | Yield Analysis | Minimum
Level III investments and other financial instruments by valuation methodologies
Credit, measurement input	0.1
EBITDA Multiple | Level III | Yield Analysis | Maximum
Level III investments and other financial instruments by valuation methodologies
Credit, measurement input	31.1
Average Price Per BOE | Level III | Discounted cash flow | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input, value	$ 48.32
Average Price Per BOE | Level III | Discounted cash flow | Minimum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input | $ / barrel	43.21
Average Price Per BOE | Level III | Discounted cash flow | Maximum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input | $ / barrel	50.09
Weight Ascribed to Direct Income Capitalization | Real Estate | Level III | Inputs to direct income capitalization and discounted cash flow | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.386
Weight Ascribed to Direct Income Capitalization | Real Estate | Level III | Inputs to direct income capitalization and discounted cash flow | Minimum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0
Weight Ascribed to Direct Income Capitalization | Real Estate | Level III | Inputs to direct income capitalization and discounted cash flow | Maximum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	1
Current Capitalization Rate | Real Estate | Level III | Direct income capitalization | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.060
Current Capitalization Rate | Real Estate | Level III | Direct income capitalization | Minimum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.011
Current Capitalization Rate | Real Estate | Level III | Direct income capitalization | Maximum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.120
Unlevered Discount Rate | Real Estate | Level III | Discounted cash flow | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.087
Unlevered Discount Rate | Real Estate | Level III | Discounted cash flow | Minimum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.045
Unlevered Discount Rate | Real Estate | Level III | Discounted cash flow | Maximum
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.180
Infrastructure | Level III
Level III investments and other financial instruments by valuation methodologies
Real assets, fair value	$ 221,100,000
Infrastructure | Weighted Average Cost of Capital | Level III | Discounted cash flow | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	0.070
Infrastructure | Enterprise Value/LTM EBITDA Exit Multiple | Level III | Discounted cash flow | Weighted Average
Level III investments and other financial instruments by valuation methodologies
Real assets, measurement input	12
Real Assets | Energy | Level III | Discounted cash flow
Level III investments and other financial instruments by valuation methodologies
Revenue ratio of liquids	91.00%
Revenue ratio of natural gas	9.00%

FAIR VALUE OPTION - Financial I

FAIR VALUE OPTION - Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	$ 20,154,224	$ 22,032,021
Liabilities	12,608,642	15,586,216
Private Equity
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	2,975	3,744
Credit
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	4,681,500	4,381,519
Investments of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	13,368,099	15,573,203
Real Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	344,965	343,820
Equity Method - Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	1,568,220	1,384,739
Other Investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	188,465	344,996
Debt Obligations of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Liabilities	$ 12,608,642	$ 15,586,216

FAIR VALUE OPTION - Change in F

FAIR VALUE OPTION - Change in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	$ (337,425)	$ (175,278)	$ (378,354)	$ (434,494)
Fair value, option, liabilities, net realized gains (losses)	376	35,621	13,632	40,446
Fair value, option, assets, net unrealized gains (losses)	56,595	97,108	65,896	210,754
Fair value, option, liabilities, net unrealized gains (losses)	105,804	(43,915)	199,458	(54,973)
Fair value, option, assets, total gains (losses)	(280,830)	(78,170)	(312,458)	(223,740)
Fair value, option, liabilities, total gains (losses)	106,180	(8,294)	213,090	(14,527)
Private Equity
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	(4,978)	689	(4,907)	689
Fair value, option, assets, net unrealized gains (losses)	5,037	40,133	5,353	40,495
Fair value, option, assets, total gains (losses)	59	40,822	446	41,184
Credit
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	(124,240)	(169,500)	(153,107)	(408,598)
Fair value, option, assets, net unrealized gains (losses)	(21,443)	28,968	(18,787)	84,838
Fair value, option, assets, total gains (losses)	(145,683)	(140,532)	(171,894)	(323,760)
Investments of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	(51,536)	(3,777)	(78,052)	(4,880)
Fair value, option, assets, net unrealized gains (losses)	(36,514)	15,064	(84,917)	28,047
Fair value, option, assets, total gains (losses)	(88,050)	11,287	(162,969)	23,167
Real Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	2,976	30	3,404	(186)
Fair value, option, assets, net unrealized gains (losses)	12,667	40,822	9,184	47,610
Fair value, option, assets, total gains (losses)	15,643	40,852	12,588	47,424
Equity Method - Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	(145,924)	626	(136,576)	626
Fair value, option, assets, net unrealized gains (losses)	92,596	(23,408)	158,689	(3,046)
Fair value, option, assets, total gains (losses)	(53,328)	(22,782)	22,113	(2,420)
Other Investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, assets, net realized gains (losses)	(13,723)	(3,346)	(9,116)	(22,145)
Fair value, option, assets, net unrealized gains (losses)	4,252	(4,471)	(3,626)	12,810
Fair value, option, assets, total gains (losses)	(9,471)	(7,817)	(12,742)	(9,335)
Debt Obligations of Consolidated CFEs
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value, option, liabilities, net realized gains (losses)	376	35,621	13,632	40,446
Fair value, option, liabilities, net unrealized gains (losses)	105,804	(43,915)	199,458	(54,973)
Fair value, option, liabilities, total gains (losses)	$ 106,180	$ (8,294)	$ 213,090	$ (14,527)

NET INCOME (LOSS) ATTRIBUTABL57

NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 16, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders		$ 680,381	$ 405,646	$ 850,483	$ 664,989
Excess of carrying value over consideration transferred on redemption of KFN 7.375% Series A LLC Preferred Shares		0	0	3,102	0
Net Income (Loss) Available to KKR & Co. L.P. Common Unitholders		$ 680,381	$ 405,646	$ 853,585	$ 664,989
Basic Net Income (Loss) Per Common Unit
Weighted Average Common Units Outstanding - Basic (in units)		510,586,631	466,170,025	499,208,944	459,967,395
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Basic (in dollars per unit)		$ 1.33	$ 0.87	$ 1.71	$ 1.45
Diluted Net Income (Loss) Per Common Unit
Weighted Average Common Units Outstanding - Basic (in units)		510,586,631	466,170,025	499,208,944	459,967,395
Weighted Average Unvested Common Units and Other Exchangeable Securities (in units)		38,158,867	35,007,398	43,158,376	38,975,899
Weighted Average Common Units Outstanding - Diluted (in units)		548,745,498	501,177,423	542,367,320	498,943,294
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit - Diluted (in dollars per unit)		$ 1.24	$ 0.81	$ 1.57	$ 1.33
Weighted Average KKR Holdings Units Outstanding (in units)		319,040,229	346,473,324	326,984,091	349,513,066
Market Condition Awards
Diluted Net Income (Loss) Per Common Unit
Weighted Average KKR Holdings Units Outstanding (in units)		5,000,000		5,000,000
Capital - Series A Preferred Units
NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT
Preferred units dividend rate (as a percent)	7.375%			7.375%

OTHER ASSETS AND ACCOUNTS PAY58

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES - Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Unsettled Investment Sales	$ 175,010		$ 175,010		$ 134,781
Receivables	42,415		42,415		138,109
Due from Broker	403,810		403,810		682,403
Oil & Gas Assets, net	227,476		227,476		252,371
Deferred Tax Assets, net	92,794		92,794		131,944
Interest Receivable	230,135		230,135		189,785
Fixed Assets, net	401,363		401,363		364,203
Foreign Exchange Contracts and Options	98,058		98,058		96,584
Intangible Assets, net	11,399		11,399		129,178
Goodwill	83,500		83,500		83,500
Derivative Assets	70,113		70,113		85,074
Deposits	7,598		7,598		16,330
Prepaid Taxes	80,775		80,775		83,371
Prepaid Expenses	21,315		21,315		25,677
Deferred Financing Costs	7,255		7,255		7,534
Other	100,874		100,874		110,231
Total	2,053,890		2,053,890		2,531,075
Depreciation, depletion, and amortization of oil and natural gas properties	6,468	$ 7,233	13,545	$ 13,097
Accumulated depreciation and amortization of fixed assets	164,352		164,352		156,859
Depreciation and amortization expense of fixed assets	3,775	3,867	7,484	8,064
Intangible assets, accumulated amortization	62,609		62,609		$ 61,348
Amortization of intangibles	$ 1,317	$ 5,062	$ 6,347	$ 11,428

OTHER ASSETS AND ACCOUNTS PAY59

OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES
Amounts Payable to Carry Pool	$ 1,242,835	$ 1,220,559
Unsettled Investment Purchases	1,240,808	885,945
Securities Sold Short	486,655	692,007
Derivative Liabilities	44,464	69,381
Accrued Compensation and Benefits	217,635	35,953
Interest Payable	182,230	168,673
Foreign Exchange Contracts and Options	144,872	260,948
Accounts Payable and Accrued Expenses	113,670	152,916
Deferred Rent	15,094	17,441
Taxes Payable	24,352	35,933
Uncertain Tax Positions Reserve	58,369	58,369
Other Liabilities	282,848	56,125
Total	$ 4,053,832	$ 3,654,250

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investments owned, at fair value	$ 42,622,545	$ 39,013,934
Investments in Unconsolidated Investment Funds
Variable Interest Entity [Line Items]
Commitment to unconsolidated investment funds	1,900,000
Investments in Unconsolidated CLO Vehicles
Variable Interest Entity [Line Items]
Combined assets under management	500,000
Maximum exposure to loss as a result of investments in the residual interests	27,000
Equity Method - Capital Allocation-Based Income
Variable Interest Entity [Line Items]
Investments owned, at fair value	$ 4,248,036	$ 4,132,171

VARIABLE INTEREST ENTITIES - Ma

VARIABLE INTEREST ENTITIES - Maximum Exposure to Loss (Details) - Investments in Unconsolidated CLO Vehicles - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investments	$ 4,275,032	$ 4,417,003
Due from (to) Affiliates, net	322,815	176,131
Maximum Exposure to Loss	$ 4,597,847	$ 4,593,134

DEBT OBLIGATIONS - KKR's Borrow

DEBT OBLIGATIONS - KKR's Borrowings (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2018JPY (¥)	May 23, 2018USD ($)	Mar. 23, 2018JPY (¥)	Feb. 12, 2018USD ($)
Debt Instrument [Line Items]
Financing Available	$ 3,927,775,000	$ 4,293,752,000
Borrowing Outstanding	19,972,383,000	21,193,859,000
Fair Value	20,064,742,000	21,427,594,000
Fund Financing Facilities and Other
Debt Instrument [Line Items]
Financing Available	1,726,052,000	2,056,096,000
Borrowing Outstanding	4,109,911,000	2,898,215,000
Fair Value	$ 4,109,911,000	$ 2,898,215,000
Weighted average interest rate (percentage)	4.60%	4.20%	4.60%
Weighted average remaining maturity (in years)	3 years 4 months 24 days	3 years 7 months 6 days
Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 12,608,642,000
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount | ¥					¥ 40,300,000,000
Senior Notes | KKR Issued 6.375% Notes Due 2020
Debt Instrument [Line Items]
Borrowing Outstanding	498,682,000	$ 498,390,000
Fair Value	532,755,000	549,000,000
Aggregate principal amount	$ 500,000,000
Interest rate, stated percentage	6.375%		6.375%
Unamortized debt issuance costs	$ 900,000	1,000,000
Senior Notes | KKR Issued 5.500% Notes Due 2043
Debt Instrument [Line Items]
Borrowing Outstanding	491,667,000	491,496,000
Fair Value	527,405,000	580,000,000
Aggregate principal amount	$ 500,000,000
Interest rate, stated percentage	5.50%		5.50%
Unamortized debt issuance costs	$ 3,600,000	3,700,000
Senior Notes | KKR Issued 5.125% Notes Due 2044
Debt Instrument [Line Items]
Borrowing Outstanding	990,557,000	990,375,000
Fair Value	1,017,580,000	1,107,100,000
Aggregate principal amount	$ 1,000,000,000
Interest rate, stated percentage	5.125%		5.125%
Unamortized debt issuance costs	$ 8,200,000	8,300,000
Senior Notes | KKR Issued 0.509% Notes Due 2023
Debt Instrument [Line Items]
Borrowing Outstanding	224,693,000	0
Fair Value	225,723,000	0
Aggregate principal amount	$ 225,989,000		¥ 25,000,000,000		¥ 25,000,000,000
Interest rate, stated percentage	0.509%		0.509%		0.509%
Unamortized debt issuance costs	$ 1,300,000
Senior Notes | KKR Issued 0.764% Notes Due 2025
Debt Instrument [Line Items]
Borrowing Outstanding	44,556,000	0
Fair Value	45,139,000	0
Aggregate principal amount	$ 45,198,000		¥ 5,000,000,000		¥ 5,000,000,000
Interest rate, stated percentage	0.764%		0.764%		0.764%
Unamortized debt issuance costs	$ 600,000
Senior Notes | KKR Issued 1.595% Notes Due 2038
Debt Instrument [Line Items]
Borrowing Outstanding	92,013,000	0
Fair Value	93,379,000	0
Aggregate principal amount	$ 93,107,000		¥ 10,300,000,000		¥ 10,300,000,000
Interest rate, stated percentage	1.595%		1.595%		1.595%
Unamortized debt issuance costs	$ 1,100,000
Senior Notes | KFN Issued 5.500% Notes Due 2032 | KFN
Debt Instrument [Line Items]
Borrowing Outstanding	493,325,000	493,129,000
Fair Value	506,454,000	505,235,000
Aggregate principal amount	$ 500,000,000
Interest rate, stated percentage	5.50%		5.50%
Unamortized debt issuance costs	$ 4,500,000	4,700,000
Senior Notes | KFN Issued 5.200% Notes Due 2033 | KFN
Debt Instrument [Line Items]
Borrowing Outstanding	118,230,000	0
Fair Value	117,980,000	0
Aggregate principal amount	$ 120,000,000					$ 120,000,000
Interest rate, stated percentage	5.20%		5.20%			5.20%
Unamortized debt issuance costs	$ 1,800,000
Senior Notes | KFN Issued 5.400% Notes Due 2033 | KFN
Debt Instrument [Line Items]
Borrowing Outstanding	68,636,000	0
Fair Value	70,248,000	0
Aggregate principal amount	$ 70,000,000			$ 70,000,000
Interest rate, stated percentage	5.40%		5.40%	5.40%
Unamortized debt issuance costs	$ 1,400,000
Senior Notes | KFN Issued Junior Subordinated Notes | KFN
Debt Instrument [Line Items]
Borrowing Outstanding	231,471,000	236,038,000
Fair Value	209,526,000	$ 201,828,000
Aggregate principal amount	$ 258,500,000
Weighted average interest rate (percentage)	4.80%	3.80%	4.80%
Weighted average remaining maturity (in years)	18 years 3 months 18 days	19 years 11 days
Senior Secured Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 11,127,365,000	$ 10,055,686,000
Fair Value	$ 11,127,365,000	10,055,686,000
Weighted average interest rate (percentage)	3.20%		3.20%
Weighted average remaining maturity (in years)	11 years 8 months 12 days
Subordinated Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 389,931,000	292,294,000
Fair Value	$ 389,931,000	292,294,000
Weighted average remaining maturity (in years)	12 years 1 month 6 days
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1,091,346,000	5,238,236,000
Fair Value	1,091,346,000	5,238,236,000
Collateralized Mortgage Backed Securities | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1,091,346,000
Weighted average interest rate (percentage)	4.00%		4.00%
Weighted average remaining maturity (in years)	30 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	451,723,000	487,656,000
Borrowing Outstanding	0	0
Fair Value	0	0
Revolving Credit Facility | KCM Short-Term Credit Agreement
Debt Instrument [Line Items]
Financing Available	750,000,000	750,000,000
Borrowing Outstanding	0	0
Fair Value	$ 0	$ 0

DEBT OBLIGATIONS - Narrative (D

DEBT OBLIGATIONS - Narrative (Details)	Jun. 28, 2018USD ($)	May 23, 2018USD ($)	Feb. 12, 2018USD ($)	Jun. 29, 2017	Jun. 30, 2018USD ($)	Jun. 30, 2018JPY (¥)	Mar. 23, 2018JPY (¥)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Borrowing Outstanding					$ 19,972,383,000			$ 21,193,859,000
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount | ¥							¥ 40,300,000,000
Minimum percentage of aggregate principal amount held to declare notes due and payable					25.00%
Redemption price (as a percent of principal)					100.00%
KCM Credit Agreement
Debt Instrument [Line Items]
Letters of credit outstanding					$ 48,300,000			12,300,000
KKR Issued 0.509% Notes Due 2023 | Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding					224,693,000			0
Aggregate principal amount					$ 225,989,000	¥ 25,000,000,000	¥ 25,000,000,000
Interest rate, stated percentage					0.509%	0.509%	0.509%
KKR Issued 0.764% Notes Due 2025 | Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding					$ 44,556,000			0
Aggregate principal amount					$ 45,198,000	¥ 5,000,000,000	¥ 5,000,000,000
Interest rate, stated percentage					0.764%	0.764%	0.764%
KKR Issued 1.595% Notes Due 2038 | Senior Notes
Debt Instrument [Line Items]
Borrowing Outstanding					$ 92,013,000			0
Aggregate principal amount					$ 93,107,000	¥ 10,300,000,000	¥ 10,300,000,000
Interest rate, stated percentage					1.595%	1.595%	1.595%
KFN Issued 5.200% Notes Due 2033 | Senior Notes | KFN
Debt Instrument [Line Items]
Borrowing Outstanding					$ 118,230,000			0
Aggregate principal amount			$ 120,000,000		$ 120,000,000
Interest rate, stated percentage			5.20%		5.20%	5.20%
Minimum percentage of aggregate principal amount held to declare notes due and payable					25.00%
Redemption price (as a percent of principal)			100.00%		101.00%
KFN Issued 5.400% Notes Due 2033 | Senior Notes | KFN
Debt Instrument [Line Items]
Borrowing Outstanding					$ 68,636,000			0
Aggregate principal amount		$ 70,000,000			$ 70,000,000
Interest rate, stated percentage		5.40%			5.40%	5.40%
Minimum percentage of aggregate principal amount held to declare notes due and payable					25.00%
Redemption price (as a percent of principal)		100.00%			101.00%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt instrument, term				364 days
Revolving Credit Facility | KCM Credit Agreement
Debt Instrument [Line Items]
Borrowing Outstanding					$ 0			$ 0
Revolving Credit Facility | KCM Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 500,000,000
Revolving Credit Facility | KCM Revolver Agreement | Line of Credit
Debt Instrument [Line Items]
Debt instrument, term	364 days
Line of credit facility, maximum borrowing capacity	$ 750,000,000
Facility fee (as a percent)					0.20%
Minimum | LIBOR | Revolving Credit Facility | KCM Revolver Agreement | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate					1.25%
Minimum | Base Rate | Revolving Credit Facility | KCM Revolver Agreement | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate					0.25%
Maximum | LIBOR | Revolving Credit Facility | KCM Revolver Agreement | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
Maximum | Base Rate | Revolving Credit Facility | KCM Revolver Agreement | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%

DEBT OBLIGATIONS - Obligations

DEBT OBLIGATIONS - Obligations of Consolidated CLOs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Debt Instrument [Line Items]
Borrowing Outstanding	$ 19,972,383	$ 21,193,859
Total Assets	48,572,664	45,834,719	$ 42,868,081
Consolidated VIEs
Debt Instrument [Line Items]
Borrowing Outstanding	13,631,989	16,356,566
Total Assets	28,896,530	27,070,814
Consolidated VIEs | Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	12,608,642	15,586,216
Total Assets	14,445,093	17,217,604
Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	12,608,642
Senior Secured Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 11,127,365	10,055,686
Weighted Average Interest Rate	3.20%
Weighted Average Remaining Maturity in Years	11 years 8 months 12 days
Subordinated Notes | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 389,931	292,294
Weighted Average Remaining Maturity in Years	12 years 1 month 6 days
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1,091,346	$ 5,238,236
Collateralized Mortgage Backed Securities | Debt Obligations of Consolidated CFEs
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1,091,346
Weighted Average Interest Rate	4.00%
Weighted Average Remaining Maturity in Years	30 years 3 months 18 days

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	3.75%	2.09%	3.50%	3.42%
Provisional amount related to remeasurement of deferred tax assets and liabilities					$ 96,400
Provisional expense related to transition tax on mandatory deemed repatriation of foreign earnings					$ 1,500
Increase in uncertain tax positions within 12 months	$ 0		$ 0
Decrease in uncertain tax positions within 12 months	$ 0		$ 0

EQUITY BASED COMPENSATION - Exp

EQUITY BASED COMPENSATION - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Compensation and Benefits
Expense associated with equity based compensation
Equity based expenses	$ 87,393	$ 72,244	$ 182,471	$ 167,166
Compensation and Benefits | KKR Holdings Principal Awards
Expense associated with equity based compensation
Equity based expenses	29,195	27,268	56,477	72,247
Compensation and Benefits | Equity Incentive Plan Units
Expense associated with equity based compensation
Equity based expenses	58,198	$ 44,976	125,994	$ 94,919
Equity method investments | Net Gains (Losses) From Investment Activities
Expense associated with equity based compensation
Equity based expenses	$ 2,828		$ 7,092

EQUITY BASED COMPENSATION - Nar

EQUITY BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions

Nov. 02, 2017$ / sharesshares

Nov. 30, 2016USD ($)

Feb. 29, 2016shares

Dec. 31, 2017$ / shares

Sep. 30, 2017$ / shares

Jun. 30, 2017$ / sharesshares

Mar. 31, 2017$ / shares

Dec. 31, 2016$ / shares

Sep. 30, 2016$ / shares

Jun. 30, 2016$ / shares

Mar. 31, 2016$ / shares

Jun. 30, 2018USD ($)shares

Jun. 30, 2017shares

Dec. 31, 2017$ / shares

Dec. 31, 2016$ / shares

Common Units

Equity Based Payments

Unit distribution announced per quarter (in dollars per unit)

$ 0.17

$ 0.17

$ 0.17

$ 0.17

$ 0.16

$ 0.16

$ 0.16

$ 0.16

$ 0.68

Common unit distribution announced, per annum (in dollars per unit)

$ 0.68

$ 0.64

KKR Group Partnerships

Equity Based Payments

Percentage owned by KKR Holdings L.P.

36.70%

42.20%

KKR Holdings Principal Awards

Equity Based Payments

Vesting period (in years)

5 years

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%

Minimum retained ownership required to continuously hold common unit equivalents to as percentage of cumulatively vested interests

25.00%

Percentage of units not granted (less than)

0.20%

Forfeiture rate assumed (as a percent)

7.00%

Estimated unrecognized equity-based payment expense | $

$ 320.9

$ 306.6

Weighted average remaining vesting period over which unvested units are expected to vest (in years) (less than 1 year for equity bases awards)

2 years 3 months 1 day

Common units conversion basis

1

Number of common units owned in KKR Group Partnership Units (in units) | shares

342,993,993

304,107,762

342,993,993

Modified awards granted (in units) | shares

28,900,000

KKR Holdings Principal Awards | Minimum

Equity Based Payments

Vesting period (in years)

3 years

KKR Holdings Principal Awards | Maximum

Equity Based Payments

Vesting period (in years)

5 years

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)

7.00%

Estimated unrecognized equity-based payment expense | $

$ 435.8

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 6 months 6 days

Equity Incentive Plan Units | Minimum

Equity Based Payments

Vesting period (in years)

3 years

Discount rate (as a percent)

8.00%

Equity Incentive Plan Units | Maximum

Equity Based Payments

Vesting period (in years)

5 years

Discount rate (as a percent)

56.00%

Equity Incentive Plan Units | Market Condition Awards

Equity Based Payments

Awards granted per individual (in units) | shares

2,500,000

Performance condition, closing market price (in dollars per unit)

$ 40

Required term of performance condition

10 days

Fair value of award at grant date (in dollars per unit)

$ 4.02

Compensation expense recognition period

3 years

Estimated unrecognized equity-based payment expense | $

$ 15.7

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 BASED COMPENSATION - Mar

EQUITY BASED COMPENSATION - Market Condition Awards (Details) - Equity Incentive Plan Units - Market Condition Awards	6 Months Ended
	Jun. 30, 2018$ / shares
Equity Based Payments
Closing KKR unit price as of valuation date (in dollars per unit)	$ 19.90
Risk Free Rate	2.02%
Volatility	25.00%
Dividend Yield	3.42%
Expected Cost of Equity	11.02%

EQUITY BASED COMPENSATION - Est

EQUITY BASED COMPENSATION - Estimated Unrecognized Expense (Details) - USD ($) $ in Millions	Jun. 30, 2018	Nov. 30, 2016
Equity Incentive Plan Units
Equity Based Payments
Estimated unrecognized equity-based payment expense	$ 435.8
Equity Incentive Plan Units | Remainder of 2018
Equity Based Payments
Estimated unrecognized equity-based payment expense	105.6
Equity Incentive Plan Units | 2019
Equity Based Payments
Estimated unrecognized equity-based payment expense	167.3
Equity Incentive Plan Units | 2020
Equity Based Payments
Estimated unrecognized equity-based payment expense	112.1
Equity Incentive Plan Units | 2021
Equity Based Payments
Estimated unrecognized equity-based payment expense	39
Equity Incentive Plan Units | 2022
Equity Based Payments
Estimated unrecognized equity-based payment expense	10.9
Equity Incentive Plan Units | 2023
Equity Based Payments
Estimated unrecognized equity-based payment expense	0.9
KKR Holdings Principal Awards
Equity Based Payments
Estimated unrecognized equity-based payment expense	306.6	$ 320.9
KKR Holdings Principal Awards | Remainder of 2018
Equity Based Payments
Estimated unrecognized equity-based payment expense	49.9
KKR Holdings Principal Awards | 2019
Equity Based Payments
Estimated unrecognized equity-based payment expense	96.1
KKR Holdings Principal Awards | 2020
Equity Based Payments
Estimated unrecognized equity-based payment expense	87.9
KKR Holdings Principal Awards | 2021
Equity Based Payments
Estimated unrecognized equity-based payment expense	47.4
KKR Holdings Principal Awards | 2022
Equity Based Payments
Estimated unrecognized equity-based payment expense	$ 25.3

EQUITY BASED COMPENSATION - Awa

EQUITY BASED COMPENSATION - Awards Rollforward (Details)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
KKR Holdings Principal Awards
Units
Balance at the beginning of the period (in units) | shares	30,848,583
Granted (in units) | shares	450,000
Vested (in units) | shares	(4,524,590)
Forfeitures (in units) | shares	(680,000)
Balance at the end of the period (in units) | shares	26,093,993
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit) | $ / shares	$ 14.42
Granted (in dollars per unit) | $ / shares	20.90
Vested (in dollars per unit) | $ / shares	13.37
Forfeitures (in dollars per unit) | $ / shares	11.99
Balance at the end of the period (in dollars per unit) | $ / shares	$ 14.78
Equity Incentive Plan Units
Units
Balance at the beginning of the period (in units) | shares	46,422,733
Granted (in units) | shares	1,620,205
Vested (in units) | shares	(10,242,743)
Forfeitures (in units) | shares	(1,539,560)
Balance at the end of the period (in units) | shares	36,260,635
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit) | $ / shares	$ 14.98
Granted (in dollars per unit) | $ / shares	19.91
Vested (in dollars per unit) | $ / shares	13.65
Forfeitures (in dollars per unit) | $ / shares	13.79
Balance at the end of the period (in dollars per unit) | $ / shares	$ 15.63

EQUITY BASED COMPENSATION - Rem

EQUITY BASED COMPENSATION - Remaining Vesting Tranches (Details) - shares	Jun. 30, 2018	Dec. 31, 2017
Equity Incentive Plan Units
Equity Based Payments
Principal units (in units)	36,260,635	46,422,733
Equity Incentive Plan Units | October 1, 2018
Equity Based Payments
Principal units (in units)	5,817,507
Equity Incentive Plan Units | April 1, 2019
Equity Based Payments
Principal units (in units)	9,314,434
Equity Incentive Plan Units | October 1, 2019
Equity Based Payments
Principal units (in units)	4,487,128
Equity Incentive Plan Units | April 1, 2020
Equity Based Payments
Principal units (in units)	6,523,676
Equity Incentive Plan Units | October 1, 2020
Equity Based Payments
Principal units (in units)	3,443,008
Equity Incentive Plan Units | April 1, 2021
Equity Based Payments
Principal units (in units)	3,353,555
Equity Incentive Plan Units | October 1, 2021
Equity Based Payments
Principal units (in units)	1,976,345
Equity Incentive Plan Units | April 1, 2022
Equity Based Payments
Principal units (in units)	116,532
Equity Incentive Plan Units | October 1, 2022
Equity Based Payments
Principal units (in units)	1,137,278
Equity Incentive Plan Units | October 1, 2023
Equity Based Payments
Principal units (in units)	91,172
KKR Holdings Principal Awards
Equity Based Payments
Principal units (in units)	26,093,993	30,848,583
KKR Holdings Principal Awards | October 1, 2018
Equity Based Payments
Principal units (in units)	1,970,000
KKR Holdings Principal Awards | April 1, 2019
Equity Based Payments
Principal units (in units)	229,514
KKR Holdings Principal Awards | May 1, 2019
Equity Based Payments
Principal units (in units)	3,680,000
KKR Holdings Principal Awards | October 1, 2019
Equity Based Payments
Principal units (in units)	2,455,000
KKR Holdings Principal Awards | April 1, 2020
Equity Based Payments
Principal units (in units)	124,479
KKR Holdings Principal Awards | May 1, 2020
Equity Based Payments
Principal units (in units)	3,680,000
KKR Holdings Principal Awards | October 1, 2020
Equity Based Payments
Principal units (in units)	2,940,000
KKR Holdings Principal Awards | May 1, 2021
Equity Based Payments
Principal units (in units)	3,680,000
KKR Holdings Principal Awards | October 1, 2021
Equity Based Payments
Principal units (in units)	3,425,000
KKR Holdings Principal Awards | October 1, 2022
Equity Based Payments
Principal units (in units)	3,910,000

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Due From and Due To Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from Affiliates	$ 614,592	$ 554,349
Due to Affiliates	259,259	323,810
Portfolio Companies
Related Party Transaction [Line Items]
Due from Affiliates	107,149	129,594
Unconsolidated Investment Funds
Related Party Transaction [Line Items]
Due from Affiliates	497,120	415,907
Due to Affiliates	174,305	239,776
Related Entities
Related Party Transaction [Line Items]
Due from Affiliates	10,323	8,848
Due to KKR Holdings in connection with the tax receivable agreement
Related Party Transaction [Line Items]
Due to Affiliates	$ 84,954	$ 84,034

SEGMENT REPORTING - Financial D

SEGMENT REPORTING - Financial Data for KKR's Reportable Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			1
Management, Monitoring and Transaction Fees, Net
Fees and Other	$ 413,846	$ 380,785	$ 808,240	$ 760,964
Realized Performance Income (Loss)
Carried Interest	491,176	551,003	553,923	886,776
Investment Income (Loss)
Total Investment Income (Loss)	1,330,786	500,990	1,915,316	1,111,685
Total Revenues	971,620	1,015,800	1,444,226	1,783,555
Segment Expenses
Compensation and Benefits	472,500	462,841	770,636	865,804
Occupancy and Related Charges	15,322	14,032	29,537	28,883
Total Expenses	675,050	629,728	1,111,651	1,169,742
Preferred Dividends	8,341	8,341	16,682	16,682
Less: Net Income (Loss) Attributable to Noncontrolling Interests	895,690	432,150	1,294,467	941,427
Income Taxes Paid			36,476	22,828
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders	680,381	405,646	850,483	664,989
Total Assets	48,572,664	42,868,081	48,572,664	42,868,081	$ 45,834,719
Investment losses related to the Conversion	729,400
Reportable segments
Management, Monitoring and Transaction Fees, Net
Fees and Other	397,748	365,160	779,934	740,682
Realized Performance Income (Loss)
Carried Interest	342,089	264,668	544,644	470,872
Incentive Fees	17,651	2,624	34,058	4,310
Total Realized Performance Income (Loss)	359,740	267,292	578,702	475,182
Investment Income (Loss)
Net Realized Gains (Losses)	97,480	7,180	105,355	86,631
Interest Income and Dividends	71,228	67,836	143,805	124,718
Total Investment Income (Loss)	168,708	75,016	249,160	211,349
Total Revenues	926,196	707,468	1,607,796	1,427,213
Segment Expenses
Compensation and Benefits	368,562	292,415	669,042	569,860
Occupancy and Related Charges	14,665	13,407	28,248	27,776
Other Operating Expenses	63,561	53,069	121,466	106,567
Total Expenses	446,788	358,891	818,756	704,203
Segment Operating Earnings	479,408	348,577	789,040	723,010
Interest Expense	45,474	47,026	95,666	88,735
Preferred Dividends	8,341	8,341	16,682	16,682
Less: Net Income (Loss) Attributable to Noncontrolling Interests	1,082	1,180	2,285	2,764
Income Taxes Paid	19,820	15,084	33,988	41,359
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders	404,691	276,946	640,419	573,470
Total Assets	17,476,683	15,000,669	17,476,683	15,000,669
Add: One-time Non-recurring Costs	11,500		11,500
Management Fees
Management, Monitoring and Transaction Fees, Net
Fees and Other	171,172	177,269	358,899	338,451
Management Fees | Reportable segments
Management, Monitoring and Transaction Fees, Net
Fees and Other	261,450	229,569	513,035	437,853
Transaction Fees
Management, Monitoring and Transaction Fees, Net
Fees and Other	170,221	156,472	328,874	400,130
Transaction Fees | Reportable segments
Management, Monitoring and Transaction Fees, Net
Fees and Other	163,925	156,465	320,770	399,500
Monitoring Fees
Management, Monitoring and Transaction Fees, Net
Fees and Other	25,363	30,995	42,949	44,499
Monitoring Fees | Reportable segments
Management, Monitoring and Transaction Fees, Net
Fees and Other	25,394	30,510	42,924	43,730
Fee Credits
Management, Monitoring and Transaction Fees, Net
Fees and Other	(34,847)	(48,677)	(63,900)	(136,755)
Fee Credits | Reportable segments
Management, Monitoring and Transaction Fees, Net
Fees and Other	(53,021)	(51,384)	(96,795)	(140,401)
Compensation and Benefits
Segment Expenses
Equity based expenses	87,393	72,244	182,471	167,166
Equity Incentive Plan Units | Compensation and Benefits
Segment Expenses
Equity based expenses	$ 58,198	$ 44,976	$ 125,994	$ 94,919

SEGMENT REPORTING - Revenues Di

SEGMENT REPORTING - Revenues Disaggregated By Business Line (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	$ 413,846	$ 380,785	$ 808,240	$ 760,964
Carried Interest	491,176	551,003	553,923	886,776
Total Investment Income (Loss)	1,330,786	500,990	1,915,316	1,111,685
Total Revenues	971,620	1,015,800	1,444,226	1,783,555
Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	397,748	365,160	779,934	740,682
Carried Interest	342,089	264,668	544,644	470,872
Incentive Fees	17,651	2,624	34,058	4,310
Total Realized Performance Income (Loss)	359,740	267,292	578,702	475,182
Net Realized Gains (Losses)	97,480	7,180	105,355	86,631
Interest Income and Dividends	71,228	67,836	143,805	124,718
Total Investment Income (Loss)	168,708	75,016	249,160	211,349
Total Revenues	926,196	707,468	1,607,796	1,427,213
Private Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	187,007	178,265	368,073	347,229
Carried Interest	342,089	264,668	544,644	470,872
Incentive Fees	0	0	0	0
Total Realized Performance Income (Loss)	342,089	264,668	544,644	470,872
Net Realized Gains (Losses)	0	0	0	0
Interest Income and Dividends	0	0	0	0
Total Investment Income (Loss)	0	0	0	0
Total Revenues	529,096	442,933	912,717	818,101
Public Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	106,056	93,197	199,578	178,658
Carried Interest	0	0	0	0
Incentive Fees	17,651	2,624	34,058	4,310
Total Realized Performance Income (Loss)	17,651	2,624	34,058	4,310
Net Realized Gains (Losses)	0	0	0	0
Interest Income and Dividends	0	0	0	0
Total Investment Income (Loss)	0	0	0	0
Total Revenues	123,707	95,821	233,636	182,968
Capital Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	104,685	93,698	212,283	214,795
Carried Interest	0	0	0	0
Incentive Fees	0	0	0	0
Total Realized Performance Income (Loss)	0	0	0	0
Net Realized Gains (Losses)	0	0	0	0
Interest Income and Dividends	0	0	0	0
Total Investment Income (Loss)	0	0	0	0
Total Revenues	104,685	93,698	212,283	214,795
Principal Activities Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	0	0	0	0
Carried Interest	0	0	0	0
Incentive Fees	0	0	0	0
Total Realized Performance Income (Loss)	0	0	0	0
Net Realized Gains (Losses)	97,480	7,180	105,355	86,631
Interest Income and Dividends	71,228	67,836	143,805	124,718
Total Investment Income (Loss)	168,708	75,016	249,160	211,349
Total Revenues	168,708	75,016	249,160	211,349
Management Fees
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	171,172	177,269	358,899	338,451
Management Fees | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	261,450	229,569	513,035	437,853
Management Fees | Private Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	156,295	142,253	314,485	265,765
Management Fees | Public Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	105,155	87,316	198,550	172,088
Management Fees | Capital Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	0	0	0	0
Management Fees | Principal Activities Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	0	0	0	0
Transaction Fees
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	170,221	156,472	328,874	400,130
Transaction Fees | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	163,925	156,465	320,770	399,500
Transaction Fees | Private Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	48,567	37,252	95,256	155,134
Transaction Fees | Public Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	10,673	25,515	13,231	29,571
Transaction Fees | Capital Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	104,685	93,698	212,283	214,795
Transaction Fees | Principal Activities Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	0	0	0	0
Monitoring Fees
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	25,363	30,995	42,949	44,499
Monitoring Fees | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	25,394	30,510	42,924	43,730
Monitoring Fees | Private Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	25,394	30,510	42,924	43,730
Monitoring Fees | Public Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	0	0	0	0
Monitoring Fees | Capital Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	0	0	0	0
Monitoring Fees | Principal Activities Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	0	0	0	0
Fee Credits
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	(34,847)	(48,677)	(63,900)	(136,755)
Fee Credits | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	(53,021)	(51,384)	(96,795)	(140,401)
Fee Credits | Private Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	(43,249)	(31,750)	(84,592)	(117,400)
Fee Credits | Public Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	(9,772)	(19,634)	(12,203)	(23,001)
Fee Credits | Capital Markets Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	0	0	0	0
Fee Credits | Principal Activities Business Line | Reportable segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Fees and Other	$ 0	$ 0	$ 0	$ 0

SEGMENT REPORTING - Revenues (D

SEGMENT REPORTING - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Deduct: Capital Allocation-Based Income (GAAP)	$ 557,774	$ 635,015	$ 635,986	$ 1,022,591
Add: Segment Realized Investment Income (Loss)	1,330,786	500,990	1,915,316	1,111,685
Total Segment Revenues	971,620	1,015,800	1,444,226	1,783,555
Segment Reconciling Items
Segment Reporting Information [Line Items]
Add: Management Fees - Consolidated Funds and Other	101,431	54,072	166,027	101,964
Deduct: Fee Credits - Consolidated Funds	18,174	2,707	32,895	3,646
Deduct: Capital Allocation-Based Income (GAAP)	557,774	635,015	635,986	1,022,591
Add: Segment Realized Carried Interest	342,089	264,668	544,644	470,872
Add: Segment Realized Investment Income (Loss)	168,708	75,016	249,160	211,349
Deduct: Revenue Earned by Other Consolidated Entities	31,128	28,290	56,593	54,665
Deduct: Expense Reimbursements	50,576	36,076	70,787	59,625
Reportable segments
Segment Reporting Information [Line Items]
Add: Segment Realized Investment Income (Loss)	168,708	75,016	249,160	211,349
Total Segment Revenues	$ 926,196	$ 707,468	$ 1,607,796	$ 1,427,213

SEGMENT REPORTING - Expenses (D

SEGMENT REPORTING - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Total Segment Expenses	$ 675,050	$ 629,728	$ 1,111,651	$ 1,169,742
Deduct: Amortization of Intangibles	1,317	5,062	6,347	11,428
Segment Reconciling Items
Segment Reporting Information [Line Items]
Deduct: Equity-based and Other Compensation - KKR Holdings L.P.	29,247	42,964	61,942	104,057
Deduct: Segment Unrealized Performance Income Compensation	67,092	119,774	23,969	176,988
Deduct: Amortization of Intangibles	1,317	5,062	6,347	11,428
Deduct: Reimbursable Expenses	56,312	43,438	82,405	72,237
Deduct: Operating Expenses relating to Other Consolidated Entities	53,114	44,093	97,423	77,873
Deduct: One-time Non-recurring Costs	11,501	0	11,501	0
Add: Other	(9,679)	(15,506)	(9,308)	(22,956)
Reportable segments
Segment Reporting Information [Line Items]
Total Segment Expenses	446,788	$ 358,891	818,756	$ 704,203
Deduct: One-time Non-recurring Costs	$ 11,500		$ 11,500

SEGMENT REPORTING - Income (Los

SEGMENT REPORTING - Income (Loss) Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders	$ 680,381	$ 405,646	$ 850,483	$ 664,989
Add: Equity-based and Other Compensation - KKR Holdings L.P.			180,844	198,976
Add: Realized Losses on Certain Investments			185,164	44,752
Deduct: Net Unrealized Gains (Losses)	961,803	435,828	1,404,223	796,309
Add: Income Tax Provision	60,960	18,538	78,601	59,080
Income Taxes Paid			36,476	22,828
Segment Reconciling Items
Segment Reporting Information [Line Items]
Add: Net Income (Loss) Attributable to Noncontrolling Interests held by KKR Holdings L.P.	449,859	305,280	570,861	521,712
Add: Equity-based and Other Compensation - KKR Holdings L.P.	29,247	42,964	61,942	104,057
Add: Amortization of Intangibles and Other, net	(50,643)	4,524	(2,934)	37,361
Add: One-time Non-recurring Costs	11,501	0	11,501	0
Add: Realized Losses on Certain Investments	729,425	0	729,425	0
Deduct: Unrealized Carried Interest	163,442	296,719	51,710	437,345
Deduct: Net Unrealized Gains (Losses)	1,389,869	307,977	1,597,731	512,013
Add: Unrealized Performance Income Compensation	67,092	119,774	23,969	176,988
Add: Income Tax Provision	60,960	18,538	78,601	59,080
Income Taxes Paid	19,820	15,084	33,988	41,359
Reportable segments
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders	404,691	276,946	640,419	573,470
Add: One-time Non-recurring Costs	11,500		11,500
Income Taxes Paid	$ 19,820	$ 15,084	$ 33,988	$ 41,359

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$ 48,572,664	$ 45,834,719	$ 42,868,081
Less: Carry Pool Reclassification from Liabilities	1,242,835	1,220,559
Less: Impact of KKR Management Holdings Corp.	2,053,890	$ 2,531,075
Segment Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Less: Impact of consolidation of funds and other entities	29,701,863		26,412,562
Less: Carry Pool Reclassification from Liabilities	1,242,835		1,152,015
Less: Impact of KKR Management Holdings Corp.	151,283		302,835
Reportable segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Assets	$ 17,476,683		$ 15,000,669

EQUITY (Details)

EQUITY (Details) - 2015 Unit Repurchase Program - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	May 03, 2018
Class of Stock [Line Items]
Unit repurchase program, authorized amount					$ 500,000,000
Units repurchased (in units)	2,200,000	0	2,200,000	0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Contingent Repayment Guarantees (Details)	Jun. 30, 2018USD ($)
Contingent Repayment Guarantees
Private equity fund carried interest amount subject to clawback provision assuming liquidation at fair value	$ 10,100,000
Liquidation value for clawback obligation	0
Clawback obligation amount if private equity vehicles liquidated at fair value	1,900,000,000
Private Equity
Investment Commitments
Unfunded commitments	5,259,300,000
Principal Activities
Investment Commitments
Unfunded commitments	508,900,000
Capital Markets
Investment Commitments
Unfunded commitments	$ 992,500,000

REGULATORY CAPITAL REQUIREMEN81

REGULATORY CAPITAL REQUIREMENTS (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)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 | $	$ 109

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	Jul. 26, 2018	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017
Common Stock
Subsequent Events
Dividend announced per quarter (in dollars per unit)			$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.68
Subsequent Event | Common Stock
Subsequent Events
Dividend announced per quarter (in dollars per unit)	$ 0.17
Subsequent Event | Series A Preferred Stock
Subsequent Events
Dividend to be paid (in dollars per unit)	0.421875
Subsequent Event | Series B Preferred Stock
Subsequent Events
Dividend to be paid (in dollars per unit)	$ 0.406250
Forecast | Common Stock
Subsequent Events
Dividend announced per quarter (in dollars per unit)		$ 0.50