Portfolio Update

Bear Stearns Private Equity Limited
04 July 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 July, 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.


Investment                                                       % of net assets
PEAF II LLC*                                                          11.7%
Starwood Opportunity Fund VI, LP                                       4.3%
Warburg Pincus Private Equity VIII, LP                                 3.0%
Participation Agreement - Providence Equity Partners IV, LP            2.8%
Blackstone Capital Partners IV, LP                                     2.8%
Thomas H Lee Equity Fund V, LP                                         2.7%
Quadrangle Capital Partners, LP                                        2.4%
Apollo Investment Fund V L.P.                                          2.1%
Candover 2001 Fund No 5                                                1.7%
OCM European Principal Opportunities Fund LP                           1.7%

* Comprised of 12 underlying private equity fund interests.

END


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