NEW YORK, July 11, 2013 (GLOBE NEWSWIRE) -- KCAP Financial, Inc. (the "Company") (Nasdaq:KCAP), today announced that Jill Simeone has joined the company as General Counsel.

"KCAP is pleased to have Jill join our management team. Her proven advisory skills dovetail nicely with our team," said Dayl Pearson, Chief Executive Officer.

Jill comes to KCAP from American Express, where she counseled on digital and tech M&A. Previously, Ms. Simeone served as North America General Counsel at CEMEX SAB de CV, where she oversaw a broad corporate law portfolio. She started her career as a prosecutor in the Manhattan District Attorney's office. Ms. Simeone has a B.A., cum laude, from Harvard University, and she received her J.D. from the University of California, Hastings College of the Law, and currently serves on their Board of Governors. She is a Fulbright Scholar, and studied international business and law in Mexico.

About KCAP Financial, Inc.

KCAP Financial, Inc. is a publicly traded, internally managed business development company. The Company's middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. The Company's wholly owned portfolio companies Trimaran Advisors, L.L.C and Katonah Debt Advisors, L.L.C., manage collateralized loan obligation funds that invest in broadly syndicated corporate term loans, high-yield bonds and other credit instruments.

The KCAP Financial, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3121

Forward-Looking Statements

This press release contains certain forward-looking statements. Words such as "believes," "intends," "expects," "projects," "anticipates," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and these factors are identified from time to time in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

KCAP-G

CONTACT: Investor Relations

         Denise Rodriguez

         (212) 455-8300

         info@kcapfinancial.com

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