Investment Partnership's Portfolio

All amounts in millions of U.S. Dollars.

KKR's private equity funds:	Fair Value as of June 30, 2008
KKR 2006 Fund L.P. KKR European Fund, Limited Partnership KKR Millennium Fund L.P. KKR European Fund II, Limited Partnership KKR Asian Fund L.P. KKR European Fund III, Limited Partnership	$     1,159       186       183       86      44      9      1,667
Co-investments in portfolio companies of private equity funds:
HCA Inc. Alliance Boots plc Energy Future Holdings Corp. Dollar General Corporation The Nielsen Company B.V NXP B.V. Biomet, Inc. First Data Corp Capmark Financial Group Inc. KION Group GmbH U.S. Foodservice, Inc. PagesJaunes Groupe S.A. ProSiebenSat.1 Media AG	300       299       280       250       240       232       200       200       148       135       100       74       47      2,506
Negotiated equity investments:
Sun Microsystems, Inc. convertible senior notes. (1) Orient Corporation convertible preferred stock. Aero Techincal Support & Services S.à r.l	224       197       81      502
Opportunistic investments:
Investments by KKR Strategic Capital Institutional Fund, Ltd. Publicly traded securities (2) Fixed income investment	174       54       116      344
TOTAL	$  5,369

(1) Reflected net of $350 million of long-term financing.

(2) Includes the fair value of derivative transactions with an aggregate notional amount of $2.8 million as of June 30, 2008.
Note: As of June 30, 2008, the fair value of securities sold, not yet purchased and options written were $3.9 million and $1.0 million, respectively, and are shown as liabilities in the consolidated statements of assets and liabilities of the Investment Partnership.

Investment Allocation

The Investment Partnership holds investments in 103 companies, in over nine industry groups and based in 16 countries as of June 30, 2008.  The Investment Partnership’s portfolio allocation of private equity and opportunistic investments, net of the related financing of a negotiated equity investment, was as follows as of June 30, 2008:
 

 

Investments, net of the related financing of a negotiated equity investment, held by the Investment Partnership, excluding temporary investments, were comprised of the following by geography as of June 30, 2008:
 

 

Investments, net of related financing, held by the Investment Partnership, excluding temporary investments, were comprised of the following by industry group as of June 30, 2008: