WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE>                     6
<LEGEND>      THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FROM UST
              PRIVATE EQUITY INVESTORS FUND, INC.'S FORM 10-Q FOR THE PERIOD
              ENDED MARCH 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY
              REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK>                                    0000812301
<NAME>                                   UST PRIVATE EQUITY INVESTORS FUND, INC.
<MULTIPLIER>                              1000
       
<S>                                         <C>
<PERIOD-TYPE>                                3-MOS
<FISCAL-YEAR-END>                             DEC-31-1998
<PERIOD-START>                                JAN-1-1998
<PERIOD-END>                                   MAR-31-1998
<INVESTMENTS-AT-COST>                               4,217
<INVESTMENTS-AT-VALUE>                              6,569
<RECEIVABLES>                                         346
<ASSETS-OTHER>                                        596
<OTHER-ITEMS-ASSETS>                                    0
<TOTAL-ASSETS>                                      7,511
<PAYABLE-FOR-SECURITIES>                                0
<SENIOR-LONG-TERM-DEBT>                                 0
<OTHER-ITEMS-LIABILITIES>                             383
<TOTAL-LIABILITIES>                                   383
<SENIOR-EQUITY>                                         0
<PAID-IN-CAPITAL-COMMON>                            8,118
<SHARES-COMMON-STOCK>                                 801
<SHARES-COMMON-PRIOR>                                 801
<ACCUMULATED-NII-CURRENT>                         (3,338)
<OVERDISTRIBUTION-NII>                                  0
<ACCUMULATED-NET-GAINS>                                 0
<OVERDISTRIBUTION-GAINS>                                0
<ACCUM-APPREC-OR-DEPREC>                            2,348
<NET-ASSETS>                                        7,128
<DIVIDEND-INCOME>                                      77
<INTEREST-INCOME>                                       1
<OTHER-INCOME>                                        103
<EXPENSES-NET>                                        367
<NET-INVESTMENT-INCOME>                             (186)
<REALIZED-GAINS-CURRENT>                              288
<APPREC-INCREASE-CURRENT>                           (317)
<NET-CHANGE-FROM-OPS>                               (215)
<EQUALIZATION>                                          0
<DISTRIBUTIONS-OF-INCOME>                               0
<DISTRIBUTIONS-OF-GAINS>                                0
<DISTRIBUTIONS-OTHER>                                   0
<NUMBER-OF-SHARES-SOLD>                                 0
<NUMBER-OF-SHARES-REDEEMED>                             0
<SHARES-REINVESTED>                                     0
<NET-CHANGE-IN-ASSETS>                              (215)
<ACCUMULATED-NII-PRIOR>                           (3,440)
<ACCUMULATED-GAINS-PRIOR>                               0
<OVERDISTRIB-NII-PRIOR>                                 0
<GROSS-ADVISORY-FEES>                                   0
<INTEREST-EXPENSE>                                      0
<GROSS-EXPENSE>                                       367
<AVERAGE-NET-ASSETS>                                7,227
<PER-SHARE-NAV-BEGIN>                                9.17
<PER-SHARE-NII>                                    (0.23)
<PER-SHARE-GAIN-APPREC>                            (0.04)
<PER-SHARE-DIVIDEND>                                 0.00
<PER-SHARE-DISTRIBUTIONS>                            0.00
<RETURNS-OF-CAPITAL>                                 0.00
<PER-SHARE-NAV-END>                                  8.90
<EXPENSE-RATIO>                                      5.08
<AVG-DEBT-OUTSTANDING>                                  0
<AVG-DEBT-PER-SHARE>                                    0
        

</TABLE>