Portfolio Update

Bear Stearns Private Equity Limited
04 January 2006

Company     Bear Stearns Private Equity Limited

Headline    Ten Largest Investments

Bear Stearns Private Equity Limited

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

4 January, 2006

Regulatory News Service

London Stock Exchange

London

EC4M 7LS

Dear Sir,


BEAR STEARNS PRIVATE EQUITY LIMITED

Please find detailed below the ten largest investments at 30 December 2005.

Investment                                                       % of net assets

Starwood Opportunity Fund VI, L.P.                                         12.3%
Quadrangle Capital Partners L.P.                                            6.4%
Apollo Investment Fund V, L.P.                                              5.1%
Blackstone Capital Partners IV, L.P.                                        4.8%
Colony Investors VI, L.P.                                                   4.7%
Blackstone Real Estate Partners IV, L.P.                                    4.3%
Apollo Real Estate IV, L.P.                                                 3.7%
Candover 2001 Fund No 5, L.P.                                               3.2%
Oxford Bioscience Partners IV, L.P.                                         3.2%
SVE Star Ventures, L.P.                                                     3.2%
Apollo International Real Estate, L.P.                                      3.2%



END


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