CONVERSUS CAP : Conversus Capital Releases 31 December 2011 Estimated Net Asset Value

Conversus Capital, L.P. (Euronext Amsterdam: CCAP) ("Conversus") today reported its estimated net asset value ("NAV") as of 31 December 2011.

As of 31 December, Conversus had an estimated NAV per unit of $26.53 reflecting a decrease of 3.2% from the 30 November NAV per unit of $27.39. NAV per unit as of 31 December reflects distributions to unit holders of $2.50 per unit over Conversus' life. Investment NAV was $1,699.6 million while unfunded commitments were $404.2 million as of 31 December. By comparison, as of 30 November, investment NAV was $1,717.0 million and unfunded commitments were $427.3 million.

Portfolio cash flows for December included $36.8 million in distributions and $21.1 million in capital calls.

As anticipated and noted in prior announcements, the 31 December estimated NAV includes the accrual of $52.2 million in performance fees payable to Conversus Participation Company based upon the increase in NAV during the period from 31 December 2008 through 31 December 2011. In addition, the estimated NAV reflects Conversus' best estimate of underlying portfolio company valuations as of 31 December based upon the most current information available to Conversus.

Conversus will publish the audited 31 December NAV, which will include the related definitive amount of the performance fee payment due, in its annual financial report to be filed by 30 April 2012. The updated NAV in the annual report will reflect the financial information provided by the general partners for the period ended 31 December, to the extent available, as well as other information deemed reliable and relevant to the valuations. Conversus expects the updated NAV to be a more current and accurate reflection of the estimated portfolio value as of 31 December, and the updated NAV could vary significantly from the amount reported today.

Monthly Report

The December monthly report and investor presentation can be accessed on Conversus' website at www.conversus.com in the Investor Relations section under the heading "Monthly Updates," or by following this link: http://www.conversus.com/investor+relations/monthly+updates.

About Conversus Capital

Conversus is a publicly traded portfolio of third party private equity funds with approximately $2.2 billion in assets under management. Conversus provides immediate exposure to a diversified portfolio of private equity assets managed by best-in-class general partners. Conversus' objective is to maximize long-term unit holder value by harvesting its existing portfolio and returning capital to unit holders. Conversus Asset Management, LLC, an independent asset manager, implements Conversus' investment policies and carries out the day to day operations of Conversus pursuant to a services agreement.

Legal Disclaimer

These materials are not an offer to sell, or a solicitation of an offer to buy, securities in the United States or elsewhere. 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. Conversus 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 Conversus securities in the United States or to U.S. persons other than to qualified purchasers as defined in the Investment Company Act is prohibited. Conversus does not intend to register any offering in the United States or to conduct a public offering of its securities in the United States. Conversus is an authorised closed-ended investment scheme for Guernsey regulatory purposes. Past performance is not necessarily indicative of future results.

The common units and related restricted depositary units of Conversus are subject to a number of ownership and transfer restrictions. Information concerning these ownership and transfer restrictions is included in the Investor Relations section of Conversus' website at www.conversus.com.

Conversus Capital, L.P.
Investor Contacts:
Tim Smith
Chief Financial Officer
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[e-mail]
or
Roger Brookes
Head of Investor Relations
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[e-mail]
or
Media Contact:
ICR, Inc.
Brian Ruby
Vice President
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