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

<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 JULY 31,
         1999 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-31-1999
<PERIOD-START>                                  NOV-1-1998
<PERIOD-END>                                    JUL-31-1999
<INVESTMENTS-AT-COST>                                46,412
<INVESTMENTS-AT-VALUE>                               44,632
<RECEIVABLES>                                           125
<ASSETS-OTHER>                                            0
<OTHER-ITEMS-ASSETS>                                     12
<TOTAL-ASSETS>                                       44,769
<PAYABLE-FOR-SECURITIES>                                  0
<SENIOR-LONG-TERM-DEBT>                                   0
<OTHER-ITEMS-LIABILITIES>                             9,145
<TOTAL-LIABILITIES>                                   9,145
<SENIOR-EQUITY>                                           0
<PAID-IN-CAPITAL-COMMON>                             39,769
<SHARES-COMMON-STOCK>                                    40
<SHARES-COMMON-PRIOR>                                    40
<ACCUMULATED-NII-CURRENT>                               270
<OVERDISTRIBUTION-NII>                                    0
<ACCUMULATED-NET-GAINS>                             (2,635)
<OVERDISTRIBUTION-GAINS>                                  0
<ACCUM-APPREC-OR-DEPREC>                            (1,780)
<NET-ASSETS>                                         35,624
<DIVIDEND-INCOME>                                         0
<INTEREST-INCOME>                                       267
<OTHER-INCOME>                                            0
<EXPENSES-NET>                                        (415)
<NET-INVESTMENT-INCOME>                               (148)
<REALIZED-GAINS-CURRENT>                                  0
<APPREC-INCREASE-CURRENT>                           (1,768)
<NET-CHANGE-FROM-OPS>                               (1,916)
<EQUALIZATION>                                            0
<DISTRIBUTIONS-OF-INCOME>                                 0
<DISTRIBUTIONS-OF-GAINS>                              (367)
<DISTRIBUTIONS-OTHER>                                     0
<NUMBER-OF-SHARES-SOLD>                                   0
<NUMBER-OF-SHARES-REDEEMED>                               0
<SHARES-REINVESTED>                                       0
<NET-CHANGE-IN-ASSETS>                              (2,283)
<ACCUMULATED-NII-PRIOR>                                 418
<ACCUMULATED-GAINS-PRIOR>                               240
<OVERDISTRIB-NII-PRIOR>                                   0
<OVERDIST-NET-GAINS-PRIOR>                                0
<GROSS-ADVISORY-FEES>                                   324
<INTEREST-EXPENSE>                                       11
<GROSS-EXPENSE>                                         545
<AVERAGE-NET-ASSETS>                                 35,768
<PER-SHARE-NAV-BEGIN>                                936.84
<PER-SHARE-NII>                                      (3.67)
<PER-SHARE-GAIN-APPREC>                             (43.68)
<PER-SHARE-DIVIDEND>                                      0
<PER-SHARE-DISTRIBUTIONS>                              0.00
<RETURNS-OF-CAPITAL>                                   0.00
<PER-SHARE-NAV-END>                                  880.41
<EXPENSE-RATIO>                                        1.55
[AVG-DEBT-OUTSTANDING]                                    0
[AVG-DEBT-PER-SHARE]                                      0


</TABLE>