7 August 2008

Lehman Brothers Private Equity Partners Limited ("LBPE" or "the
Company"), a closedend
private equity fund of funds investment company, today announced its
financial results
for the quarter ending 30 June 2008 and an updated Net Asset Value
("NAV") as of 31 July
2008.

As of 30 June 2008, LBPE's unaudited NAV per share increased to
$10.85. This represents
an increase of 4.6% compared to the audited NAV per share of $10.37
at 31 December 2007
and an increase of 3.3% compared to the unaudited NAV per share of
$10.50 at 31 March
2008. The Company's portfolio value increased during the second
quarter principally due to
net unrealized appreciation in the value of certain co-investments in
the power and energy
services sectors as well as net unrealized appreciation in the value
of private equity fund
investments. These increases in value were partially offset by
negative foreign exchange
adjustments and negative mark-to-market adjustments on publicly
traded securities and
credit related investments.

As of 31 July 2008, the unaudited NAV per share was $10.84. This
represents an increase
of 4.5% compared to the audited NAV per share of $10.37 at 31
December 2007. The
change in NAV per share during July was primarily attributed to
mark-to-market
adjustments on publicly traded equity securities and credit-related
investments as well as
negative foreign exchange adjustments.

Notably, the unaudited NAV per share at 31 July and 30 June was
higher than the $10.77
NAV per share that was previously reported in the June 2008 Monthly
Report. This was
principally due to the receipt of additional portfolio valuation
information and a decrease in
net deferred taxes caused by incorporating additional tax
information.

Highlights through July 2008 include:

- Positive performance of +8.4% since IPO in July 2007
- Positive performance of +4.5% since year end 2007
- Private equity investment level rose to 89% of NAV

LBPE will host a conference call for investors and analysts to
discuss the Company's
performance. The call will be held at 15.30 CEST / 14.30 BST / 9.30am
EDT on Thursday 7
August 2008. The call can be accessed by dialing +1-866-835-8906
(U.S.) or +1-703-639-
1413 (International) with the access code 1268067. Please ask for
"the LBPE conference
call."

A playback facility will be available two hours after the conference
call. This facility can be
accessed by dialing +1-888-266-2081 (U.S.) or +1-703-925-2533
(International). The code
to access the recording is 1268067.

The July 2008 Monthly Report, the Interim Financial Report for the
quarter ending 30 June
2008 and an investor presentation are available on the Company's Web
site at
www.lbpe.com. This announcement should be read in conjunction with
the July 2008
Monthly Report and the Interim Financial Report.

LBPE also expects to provide regular NAV updates for the months
ending 31 August 2008
and 30 September 2008 within seven business days of each month's end.

For further information, please contact:

Lehman Brothers +44 20 7102 3424
Jeremy Apfel

Financial Dynamics +44 20 7269 7114
Rob Bailhache
Nick Henderson


http://hugin.info/137843/R/1241532/266641.pdf


Copyright © Hugin AS 2008. All rights reserved.