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10.10.2007 – 17:59

Conversus Capital, L.P.

Conversus Capital Releases September 30, 2007 Estimated Net Asset Value

Guernsey, England (ots/PRNewswire)

Conversus Capital, L.P. (Euronext Amsterdam: CCAP), a permanent
capital vehicle designed to offer its unitholders long-term capital
appreciation through a high-quality, seasoned portfolio of private
equity interests, today reported its estimated net asset value (NAV)
of US$2,043.6 million, or US$27.84 per unit, as of September 30,
2007. This represents an increase of approximately 11.4% since CCAP's
initial offering in July 2007 and approximately 4.7% since August 31,
"During the past month we continued to execute on our stated
strategy of making investments in best of breed private equity
managers," commented Bob Long, President and CEO of Conversus Asset
Management, LLC. "These new investments since our last monthly NAV
report reflect a continued focus on strategic diversification in
Europe, the special situations arena as well as venture capital. We
look forward to updating our investors on our continued progress in
the months ahead."
    Net Asset Value Estimate as of September 30, 2007
     (Amounts are unaudited and subject to change)
    (in millions except per unit data)
                                       Sept. 30       Aug. 31      % Change
    Estimated Net Asset Value
     of Investments                  US$2,052.1    US$1,943.0         5.6
    Cash and Cash Equivalents              22.8          40.5       (43.7)
    Net Other Assets (Liabilities)        (31.3)        (32.0)        2.2
    Estimated Net Asset Value        US$2,043.6    US$1,951.5         4.7
    Common Units Outstanding               73.4          73.4          --
    Estimated Net Asset Value per Unit US$27.84      US$26.59         4.7
CCAP carries its investments on its books at fair value in
accordance with generally accepted accounting principles in the
United States. CCAP uses the best information it has available to
estimate fair value. Fair value for private equity interests is based
on the most recent financial information provided by the fund
managers, adjusted for subsequent transactions; such as calls or
distributions, as well as other information judged to be reliable
that indicates valuation changes, including realizations and other
portfolio company events. The value of any public security known to
be owned by the funds based on the most recent information reported
to us by the fund managers has been marked to market as of September
30, 2007 and a liquidity discount has been applied to such securities
based on an estimate of the liquidity discount applied by the fund
managers in calculating net asset values.
Note: Performance fees due to the asset manager are accrued in the
third month of each quarter to the extent they are earned.
Investment Activity Update
During the month of September 2007, CCAP closed six transactions
totaling US$141 million, including a US$25 million direct
co-investment. The new fund commitments that closed in September
totaled US$116 million and included:
Bay City Capital Fund V, L.P.
    Carlyle Partners V, L.P.
    OCM Opportunities VII
    OCM Opportunities VII-B
    PAI Partners V, L.P.
CCAP has also made commitments to several funds and a direct
co-investment that have not closed. The details of these investments
will be disclosed when closed, to the extent permitted by the general
partner or the lead investor. There can be no assurance as to whether
these commitments will close or the actual amounts of the commitments
that will be accepted, if any.
For a detailed breakdown of CCAP's Private Equity Portfolio as of
September 30, 2007, please visit the Investor Relations portion of
the Company's website at to view Reports and
Filings and Investment Information.
CCAP expects to report its October 31, 2007 NAV results on or
about November 9, 2007 and will hold a quarterly conference call to
discuss its September 30, 2007 quarterly results on November 15,
About Conversus Capital
Conversus Capital, L.P. (Euronext: CCAP) is a permanent capital
vehicle designed to offer its unitholders long-term capital
appreciation through a portfolio of high-quality, seasoned private
equity interests. CCAP provides immediate access to a diversified
portfolio of private equity funds. CCAP will reinvest distributions
from its current investments in primary fund commitments, secondary
fund purchases and direct co-investments. Conversus Asset Management,
LLC (CAM), an independent asset manager, implements CCAP's investment
policies and carries out the day to day operations of CCAP pursuant
to a services agreement. CAM leverages the platforms of Bank of
America and Oak Hill, its primary owners, in sourcing investments for
the benefit of CCAP.
Legal Disclaimer
These materials are not an offer for sale of securities in the
United States. Securities may not be sold in the United States absent
registration with the U.S. Securities and Exchange Commission or an
exemption from registration under the U.S. Securities Act of 1933, as
amended. CCAP is not a registered investment company under the U.S.
Investment Company Act of 1940, as amended (the "Investment Company
Act"), and the resale of CCAP securities in the United States or to
U.S. persons that are not qualified purchasers as defined in the
Investment Company Act is prohibited. CCAP does not intend to
register any offering in the United States or to conduct a public
offering of its securities in the United States.
    Timothy A. Smith
    Chief Financial Officer
    Conversus GP, Limited
    Andrew Greenebaum or Anne Rakunas
    Integrated Corporate Relations
Web Site:


Investors, Timothy A. Smith, Chief Financial Officer, Conversus GP,
Limited, +44-1481-745-175; or Andrew Greenebaum or Anne Rakunas of
Corporate Relations,