<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-31-1999
<PERIOD-START>                                  NOV-1-1998
<PERIOD-END>                                    JAN-31-1999
<INVESTMENTS-AT-COST>                                43,378
<INVESTMENTS-AT-VALUE>                               43,368
<RECEIVABLES>                                            31
<ASSETS-OTHER>                                            0
<OTHER-ITEMS-ASSETS>                                    286
<TOTAL-ASSETS>                                       43,685
<PAYABLE-FOR-SECURITIES>                                  0
<SENIOR-LONG-TERM-DEBT>                                   0
<OTHER-ITEMS-LIABILITIES>                             6,211
<TOTAL-LIABILITIES>                                   6,211
<SENIOR-EQUITY>                                           0
<PAID-IN-CAPITAL-COMMON>                             39,769
<SHARES-COMMON-STOCK>                                    40
<SHARES-COMMON-PRIOR>                                    40
<ACCUMULATED-NII-CURRENT>                               352
<OVERDISTRIBUTION-NII>                                    0
<ACCUMULATED-NET-GAINS>                             (2,637)
<OVERDISTRIBUTION-GAINS>                                  0
<ACCUM-APPREC-OR-DEPREC>                               (10)
<NET-ASSETS>                                         37,474
<DIVIDEND-INCOME>                                         0
<INTEREST-INCOME>                                       100
<OTHER-INCOME>                                            0
<EXPENSES-NET>                                          166
<NET-INVESTMENT-INCOME>                                (66)
<REALIZED-GAINS-CURRENT>                            (2,510)
<APPREC-INCREASE-CURRENT>                             2,510
<NET-CHANGE-FROM-OPS>                                  (66)
<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>                                (433)
<ACCUMULATED-NII-PRIOR>                                 418
<ACCUMULATED-GAINS-PRIOR>                               240
<OVERDISTRIB-NII-PRIOR>                                   0
<OVERDIST-NET-GAINS-PRIOR>                                0
<GROSS-ADVISORY-FEES>                                   129
<INTEREST-EXPENSE>                                        3
<GROSS-EXPENSE>                                         227
<AVERAGE-NET-ASSETS>                                 37,474
<PER-SHARE-NAV-BEGIN>                                936.84
<PER-SHARE-NII>                                      (1.63)
<PER-SHARE-GAIN-APPREC>                                 .01
<PER-SHARE-DIVIDEND>                                 (9.08)
<PER-SHARE-DISTRIBUTIONS>                              0.00
<RETURNS-OF-CAPITAL>                                   0.00
<PER-SHARE-NAV-END>                                  926.14
<EXPENSE-RATIO>                                        1.76
<AVG-DEBT-OUTSTANDING>                                    0
<AVG-DEBT-PER-SHARE>                                      0
        

</TABLE>