Announcement of Estimated NAV

Bear Stearns Private Equity Limited
29 July 2005


Bear Stearns Private Equity Limited

HSBC Private Bank Building, Rue du Pre, St Peter Port, Guernsey GY1 1LU


29 July, 2005


Regulatory News Service

London Stock Exchange

London

EC4M 7LS


Dear Sirs


BEAR STEARNS PRIVATE EQUITY LIMITED

ANNOUNCEMENT OF ESTIMATED NET ASSET VALUE AND

PORTFOLIO ACQUISITION

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. PERSONS

The Board of Bear Stearns Private Equity Limited (the 'Company' or 'BSPEL')
announces an unaudited, estimated net asset value per Equity Share of USD 1.02 
as of July 15, 2005 (from USD 1.05 placing price on June 30, 2005, less an 
amount equal to 2.35% for the offering expenses ).

In addition, today the Company announces that it has determined to acquire the
portfolio of 20 private equity fund limited partnership interests identified in 
its Listing Particulars (the 'Transfer Portfolio').

Assuming the Company receives transfer approvals from the underlying private
equity managers, the Company will use substantially all of the net proceeds 
raised from in its launch on 30 June 2005 to purchase the Transfer Portfolio 
which had been valued, as of 1 June 2005, at approximately US$ 55 million. Any 
remaining proceeds will be invested in accordance with the Company's enhanced 
cash management strategy.

'The Company Board believes that following the acquisition of the Transfer
Portfolio, the Company will be well positioned, given that it will be almost 
fully invested in a quality private equity portfolio, providing the advantages 
of a shortened investment timetable, transparency and good prospects for
shareholder returns,' said Trevor Ash, the Chairman of the Company.

The Company anticipates that the acquisition of the Transfer Portfolio will
close in the fourth quarter of 2005.

This announcement is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States or to US persons 
absent registration or an exemption from registration under the Securities Act 
of 1933, as amended. Bear Stearns Private Equity Limited has not and does not 
intend to register any of its securities in the United States.

### End ###

For more information:

John Knight

44-0207-516-6270

NOTES

BSPEL
          
•    Bear Stearns Private Equity Limited ('BSPEL') is a London quoted, Guernsey
     registered, closedended investment company which uses a fund-of-funds 
     approach to private equity investment.

•    The Company's capital structure includes two classes of shares: Equity 
     Shares and Zero Dividend Preference Shares. The Company aims to provide 
     Equity Shareholders with geared exposure to a private equity funds 
     portfolio, and to provide ZDP Shareholders with a predetermined final 
     capital entitlement (although not guaranteed).

•    BSPEL is managed by Bear Stearns Asset Management Inc. ('BSAM(R).') and 
     Bear Stearns Asset Management Limited ('BSAM Ltd.'), each an affiliate of 
     The Bear Stearns Companies Inc. BSAM(R) currently manages private equity 
     portfolios that comprise some 97 separate private equity funds with total 
     commitments of over US$950 million as at 28 April 2005.

•    The Company makes commitments and investments in a portfolio of private 
     equity funds, diversified by manager, industry, geography, asset class, 
     stage and vintage year, and employs an enhanced cash management strategy 
     for cash awaiting investment in private equity funds.

•    Consistent with its investment guidelines, the Company invests in private
     equity funds both by subscribing to new funds and by acquiring secondary 
     interests.

Bear Stearns

•    Bear Stearns Asset Management Inc.

     Bear Stearns Asset Management Inc. ('BSAM(R)') was founded in 1984 as a 
     division of Bear, Stearns & Co. Inc. and is now a wholly-owned subsidiary 
     of The Bear Stearns Companies Inc.

     The firm currently manages approximately $32.5 billion (as of 6/30/05) in
     assets, with extensive experience spanning equity, fixed income, and 
     alternative investment strategies. BSAM's clients include corporations, 
     municipal governments, multi-employer plans, endowments, foundations and
     family offices.

•    Bear Stearns Asset Management Limited

     Bear Stearns Asset Management Limited, authorized and regulated by the FSA 
     in the UK, was established to deliver investment products to institutional 
     clients. The firm markets a variety of alternative investment strategies 
     along with traditional equity and fixed income asset management products 
     and services managed by BSAM(R) in New York.

•    The Bear Stearns Companies Inc.

     Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the parent
     company of Bear, Stearns & Co. Inc., a leading investment banking and 
     securities trading and brokerage firm. With approximately $49.3 billion in 
     total capital, Bear Stearns serves governments, corporations, institutions 
     and individuals worldwide. The company's business includes corporate 
     finance and mergers and acquisitions, institutional equities and fixed 
     income sales and trading, securities research, private client services, 
     derivatives, foreign exchange and futures sales and trading, asset 
     management and custody services. Through Bear, Stearns Securities Corp., it
     offers financing, securities lending, clearing and technology solutions to 
     hedge funds, broker-dealers and investment advisors. Headquartered in New 
     York City, the company has approximately 11,000 employees worldwide.


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