6 June 2008

Lehman Brothers Private Equity Partners Limited ("LBPE" or "the
Company"), a closed-end
private equity fund of funds investment company, today announced an
updated valuation of
its Net Asset Value ("NAV").

As of 31 May 2008, the unaudited NAV per share was $10.74. This
represents an increase of
1.9% compared to the unaudited 30 April 2008 NAV per share of $10.53
and an increase of
3.5% compared to the audited 31 December 2007 NAV per share of
$10.37.

LBPE's portfolio value increased during May principally due to net
unrealized appreciation
in the value of certain direct co-investments in the power and energy
services sectors. The
portfolio also benefited from net unrealized appreciation in the
value of fund investments as
well as positive mark-to-market adjustments on credit-related
investments and publicly traded
equity securities that LBPE is exposed to through funds and
co-investments. These increases
in value were offset primarily by negative foreign exchange
adjustments, an increase in the
Company's deferred tax liabilities and an accrual for carried
interest.

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

A breakdown of LBPE's NAV can be obtained in the monthly report for
the period ending 31
May 2008, which is published on the Company's Web site at
www.lbpe.com. The monthly
report should be read in conjunction with this announcement.

For further information, please contact:

Lehman Brothers +44 207 102 3424
Jeremy Apfel

Financial Dynamics +44 207 269 7114
Rob Bailhache
Nick Henderson


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