<TABLE> <S> <C>

<ARTICLE>                     6
<LEGEND>

         THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FROM EXCELSIOR
         PRIVATE EQUITY FUND II, INC.'S FORM 10-Q FOR THE PERIOD ENDED JANUARY
         31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 
         FINANCIAL STATEMENTS.
</LEGEND>
<CIK>                   0000930454
<NAME>                  UST PRIVATE EQUITY INVESTORS FUND, 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>                                39,854
<INVESTMENTS-AT-VALUE>                               41,993
<RECEIVABLES>                                            98
<ASSETS-OTHER>                                            0
<OTHER-ITEMS-ASSETS>                                    678
<TOTAL-ASSETS>                                       42,769
<PAYABLE-FOR-SECURITIES>                                  0
<SENIOR-LONG-TERM-DEBT>                                   0
<OTHER-ITEMS-LIABILITIES>                               374
<TOTAL-LIABILITIES>                                     374
<SENIOR-EQUITY>                                           0
<PAID-IN-CAPITAL-COMMON>                             40,118
<SHARES-COMMON-STOCK>                                    40
<SHARES-COMMON-PRIOR>                                    40
<ACCUMULATED-NII-CURRENT>                               175
<OVERDISTRIBUTION-NII>                                    0
<ACCUMULATED-NET-GAINS>                                (37)
<OVERDISTRIBUTION-GAINS>                                  0
<ACCUM-APPREC-OR-DEPREC>                              2,193
<NET-ASSETS>                                         42,395
<DIVIDEND-INCOME>                                         0
<INTEREST-INCOME>                                       157
<OTHER-INCOME>                                            0
<EXPENSES-NET>                                          212
<NET-INVESTMENT-INCOME>                                (55)
<REALIZED-GAINS-CURRENT>                                202
<APPREC-INCREASE-CURRENT>                           (3,047)
<NET-CHANGE-FROM-OPS>                               (2,900)
<EQUALIZATION>                                            0
<DISTRIBUTIONS-OF-INCOME>                                 0
<DISTRIBUTIONS-OF-GAINS>                            (1,884)
<DISTRIBUTIONS-OTHER>                                     0
<NUMBER-OF-SHARES-SOLD>                                   0
<NUMBER-OF-SHARES-REDEEMED>                               0
<SHARES-REINVESTED>                                       0
<NET-CHANGE-IN-ASSETS>                              (4,784)
<ACCUMULATED-NII-PRIOR>                                 230
<ACCUMULATED-GAINS-PRIOR>                             1,645
<OVERDISTRIB-NII-PRIOR>                                   0
<OVERDIST-NET-GAINS-PRIOR>                                0
<GROSS-ADVISORY-FEES>                                   155
<INTEREST-EXPENSE>                                        0
<GROSS-EXPENSE>                                         220
<AVERAGE-NET-ASSETS>                                 42,396
<PER-SHARE-NAV-BEGIN>                              1,165.99
<PER-SHARE-NII>                                      (1.37)
<PER-SHARE-GAIN-APPREC>                             (70.31)
<PER-SHARE-DIVIDEND>                                (46.55)
<PER-SHARE-DISTRIBUTIONS>                              0.00
<RETURNS-OF-CAPITAL>                                   0.00
<PER-SHARE-NAV-END>                                1,047.76
<EXPENSE-RATIO>                                        1.98
<AVG-DEBT-OUTSTANDING>                                    0
<AVG-DEBT-PER-SHARE>                                      0
        

</TABLE>