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 APRIL
                              30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY
                              REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK>                   0001036052
<NAME>                  EXCELSIOR PRIVATE EQUITY FUND II, INC.
<MULTIPLIER>            1000

       
<S>                                         <C>
<PERIOD-TYPE>                                   3-MOS
<FISCAL-YEAR-END>                               OCT-31-1998
<PERIOD-START>                                   NOV-1-1997
<PERIOD-END>                                    JAN-31-1998
<INVESTMENTS-AT-COST>                               196,354
<INVESTMENTS-AT-VALUE>                              196,273
<RECEIVABLES>                                           376
<ASSETS-OTHER>                                            0
<OTHER-ITEMS-ASSETS>                                     50
<TOTAL-ASSETS>                                      196,699
<PAYABLE-FOR-SECURITIES>                                  0
<SENIOR-LONG-TERM-DEBT>                                   0
<OTHER-ITEMS-LIABILITIES>                               446
<TOTAL-LIABILITIES>                                     446
<SENIOR-EQUITY>                                           0
<PAID-IN-CAPITAL-COMMON>                            195,318
<SHARES-COMMON-STOCK>                                   196
<SHARES-COMMON-PRIOR>                                   156
<ACCUMULATED-NII-CURRENT>                             1,016
<OVERDISTRIBUTION-NII>                                    0
<ACCUMULATED-NET-GAINS>                                   0
<OVERDISTRIBUTION-GAINS>                                  0
<ACCUM-APPREC-OR-DEPREC>                               (81)
<NET-ASSETS>                                        196,253
<DIVIDEND-INCOME>                                         0
<INTEREST-INCOME>                                     2,694
<OTHER-INCOME>                                            0
<EXPENSES-NET>                                          348
<NET-INVESTMENT-INCOME>                               2,345
<REALIZED-GAINS-CURRENT>                                  0
<APPREC-INCREASE-CURRENT>                             (183)
<NET-CHANGE-FROM-OPS>                                 2,162
<EQUALIZATION>                                            0
<DISTRIBUTIONS-OF-INCOME>                           (1,763)
<DISTRIBUTIONS-OF-GAINS>                                  0
<DISTRIBUTIONS-OTHER>                                     0
<PROCEEDS-FROM-SHARES-SOLD>                          40,217
<NUMBER-OF-SHARES-SOLD>                                  40
<NUMBER-OF-SHARES-REDEEMED>                               0
<SHARES-REINVESTED>                                       0
<OFFERING-COSTS>                                      (412)
<NET-CHANGE-IN-ASSETS>                               40,204
<ACCUMULATED-NII-PRIOR>                                 434
<ACCUMULATED-GAINS-PRIOR>                                 0
<OVERDISTRIB-NII-PRIOR>                                   0
<OVERDIST-NET-GAINS-PRIOR>                                0
<GROSS-ADVISORY-FEES>                                   276
<INTEREST-EXPENSE>                                        0
<GROSS-EXPENSE>                                         349
<AVERAGE-NET-ASSETS>                                196,253
<PER-SHARE-NAV-BEGIN>                              1,003.45
<PER-SHARE-OFFERING-COSTS>                           (2.11)
<PER-SHARE-NII>                                       13.50
<PER-SHARE-GAIN-APPREC>                              (2.02)
<PER-SHARE-DIVIDEND>                                   0.00
<PER-SHARE-DISTRIBUTIONS>                           (10.15)
<PER-SHARE-ALLOWANCE-FOR-MGT-INCENT>                   0.00
<RETURNS-OF-CAPITAL>                                   0.00
<PER-SHARE-NAV-END>                                1,002.67
<EXPENSE-RATIO>                                         .71
<AVG-DEBT-OUTSTANDING>                                    0
<AVG-DEBT-PER-SHARE>                                      0
        

</TABLE>