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Lehman Brothers Private Equity (NBPE)

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Wednesday 10 December, 2008

Lehman Brothers Private Equity

Lehman Brothers Private Equity Partners Announc...

10 December 2008

Lehman Brothers Private Equity Partners Limited ("LBPE" or "the
Company"), a closedend private equity fund of funds investment
company, today announced an update regarding Lehman Brothers Private
Fund Advisers, LP (the "Investment Manager") and also published its
monthly Net Asset Value ("NAV") estimate for November 2008. LBPE will
host a conference call on Friday, 12 December 2008 for investors and
analysts to discuss the Investment Manager update and the Company's

Investment Manager Update

On 3 December 2008, LBPE was informed that Lehman Brothers Holdings
Inc. has agreed to the sale of a majority interest in Neuberger
Berman and the fixed income and alternative asset management
businesses of Lehman Brothers' Investment Management Division to a
group consisting of portfolio managers, the management team and
senior professionals of the division. The Investment Manager of LBPE
and certain of its affiliates will be a part of this transaction. The
sale is subject to final Bankruptcy Court approval, and closing is
expected in the first quarter of 2009.

The transaction will create a new, independent investment management
company to be called Neuberger Investment Management comprising
businesses that managed approximately $160 billion of assets as of 30
November 2008.

LBPE's Board of Directors believes this transaction will
significantly benefit the Company by providing the management team of
the Investment Manager a strong platform from which to continue
managing LBPE's high quality private equity portfolio and support the
long term success of the Company.

Monthly NAV Update

As of 30 November 2008, LBPE's unaudited NAV per share decreased to
$9.27. This represents a decrease of 4.2% compared to the unaudited
NAV per share of $9.68 at 31 October 2008. During November, LBPE's
portfolio value decreased due to net write-downs in the value of
certain fund investments and direct co-investments. In addition, the
continued selling pressure in the public equity and credit markets
led to net unrealized depreciation in the mark-to-market value of
credit related fund investments and publicly traded securities. These
decreases in value were offset by net unrealized appreciation related
to positive foreign exchange adjustments.

The November 2008 Monthly Report is available on the Company's Web
site at This announcement should be read in conjunction
with the November 2008 Monthly Report.

LBPE also expects to provide regular NAV updates for the months
ending 31 December 2008 and 31 January 2009 within seven business
days of each month's end.

Investor Conference Call

LBPE will host a conference call later this week for investors and
analysts to discuss the Investment Manager update and the Company's
performance. The call will be held at 15.30 CET / 14.30 GMT / 9.30am
EST on Friday, 12 December 2008. The call can be accessed by dialing
+1-866-244-4526 (U.S.) or +1-703-639-1172 (International) with the
access code 1314104. 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 1314104.

An updated investor presentation will be published on the Company's
Web site prior to the conference call on 12 December 2008.

For further information, please contact:

LBPE Investor Relations     +1 214 647 9593

Financial Dynamics             +44 20 7269 7114
Rob Bailhache
Nick Henderson

About Lehman Brothers Private Equity Partners
LBPE is a closed-end private equity fund of funds investment company
listed on Euronext Amsterdam on 25 July 2007, raising a total of
$542.1 million. LBPE holds a diversified portfolio of private equity
fund investments and certain direct co-investments, diversified
across private equity asset class, geography, industry, vintage year
and sponsor, selected by the Investment Manager.

About Neuberger Berman
Founded in 1939 by Roy Neuberger, Neuberger Berman has for seven
decades been committed to protecting and building wealth for its
clients. With more than 25 experienced portfolio teams in its Private
Asset Management platform, the firm's research focus and
collaborative approach have consistently delivered superior returns
for clients. A composite of Neuberger Berman funds has outperformed
the S&P Index on average over the past 10 years. Neuberger Berman
offers separately managed accounts, mutual funds and advice to high
net worth and institutional investors. Neuberger Berman remains
committed to its powerful culture, its people, its alignment of
interest with lients, and to continuing its focus upon performance
and client service.

This press release appears as a matter of record only and does not
constitute an offer to sell or a solicitation of an offer to purchase
any security.

The Company is established as a closed-end investment company
domiciled in Guernsey. The Company has received the necessary consent
of the Guernsey Financial Services Commission and the State of
Guernsey Policy Counsel. LBPE is registered with the Dutch Authority
for the Financial Markets as a collective investment scheme which may
offer participations in The Netherlands pursuant to article 2:66 of
the Financial Markets Supervision Act (Wet op het financial
toezicht). All investments are subject to risk. Past performance is
no guarantee of future returns. Prospective investors are advised to
seek expert legal, financial, tax and other professional advice
before making any investment decision. The value of investments may
fluctuate. Results achieved in the past are no guarantee of future
results. This document is not intended to constitute legal, tax or
accounting advice or investment recommendations. Prospective
investors are
advised to seek expert legal, financial, tax and other professional
advice before making any investment decision. Statements contained in
this document that are not historical facts are based on current
expectations, estimates, projections, opinions and beliefs of the
Investment Manager. Such statements involve known and unknown risks,
uncertainties and other factors, and undue reliance should not be
thereon. Additionally, this document contains "forward-looking
statements." Actual events or results or the actual performance of
the fund may differ materially from those reflected or contemplated
in such targets or forward-looking statements.

This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.


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