Conversus Capital Releases June 30, 2008 Estimated Net Asset Value

Conversus Capital, L.P. (Euronext Amsterdam: CCAP) ("Conversus"), a permanent capital vehicle providing its unitholders long–term capital appreciation through a high–quality, seasoned portfolio of private equity interests, today reported its estimated net asset value (NAV) as of June 30, 2008.

As of June 30, 2008, Conversus had an estimated NAV per unit of $27.64. This represents an increase of 10.6% for Conversus´ first full year since its initial offering in July 2007 and a decrease of 2.1% since May 31, 2008. In evaluating financial performance, Conversus also calculates an "adjusted NAV" which represents the NAV from operations. The adjusted NAV adds back unitholder distributions and net share repurchases. On an adjusted basis, estimated NAV per unit was $28.00 as of June 30, 2008 representing an increase of 12.0% since Conversus´ initial offering and a decrease of 2.0% from the May 31, 2008 adjusted NAV per unit of $28.58. Funded assets were $2,132.3 million while unfunded commitments were $946.3 million as of June 30, 2008.

"Our NAV decline was driven by decreased public equity security values consistent with substantial equity market weakness, while our private valuations increased modestly," commented Bob Long, President and CEO of Conversus Asset Management, LLC. "In June and early July, we completed the final phase of the CalPERS secondary transaction, an acquisition which added meaningful special situation exposure along with some high quality venture exposure to our portfolio. We are well positioned for further investment in the second half of the year due to our strong liquidity position, and we continue to pursue a number of attractive opportunities provided by the current market environment."

Weakness in the global public equity markets continued to be a factor in the overall portfolio performance during June with unrealized losses of $43.7 million from the public securities in Conversus´ portfolio overwhelming slight unrealized gains in the private holdings. Given the maturity of Conversus´ portfolio, approximately 17% of the underlying fund investment NAV is comprised of public equity securities, which Conversus marks to market on a monthly basis as further described below in Valuation and Reporting Policies. Conversus´ estimated NAV can therefore be impacted by periods of significant public market valuation changes.

Net Asset Value Estimates as of June 30, 2008

(Amounts are unaudited and subject to change)

(in millions except per unit data)

May to June
% Change

Financial Results

Financial highlights for Conversus for the month ended June 30, 2008 are as follows:

• Net unrealized depreciation on investments of $36.6 million
• Net realized losses on investments of $2.5 million
• Investment income of $0.8 million
• Expenses of $4.6 million
• Net decrease in net assets from operations of $42.9 million
• Share repurchases of $0.2 million
• Net decrease in net assets of $43.1 million

Liquidity and Capital Resources

As of June 30, 2008, Conversus had a cash balance of $7.0 million. In addition to using the positive cash flows from the existing portfolio to meet liquidity needs, Conversus has a $650.0 million credit facility available which is committed through July 2012. As of June 30, 2008, $101.0 million was outstanding under the credit facility.

During the month of June, Conversus funded $25.5 million in capital calls and received $14.5 million in distributions. These cash flows exclude capital calls for management fees and other expenses paid to the funds in which Conversus is invested, distributions of unused capital and purchases of secondary portfolios of funds.

Investment Activity

During the month of June 2008, Conversus closed two commitments totaling $15.0 million to the following funds:

• Pinnacle Ventures Equity Fund II, L.P.
• U.S. Venture Partners X, L.P.

Conversus has also made one commitment to a primary fund which has not yet closed. The details of this investment will be disclosed when concluded, to the extent permitted by the general partner. There can be no assurance as to whether this commitment will close or the actual amount of the commitment that will be accepted, if any.

As announced in February, Conversus entered into a binding agreement with CalPERS, the California Public Employees´ Retirement System, to acquire an attractive portfolio of private equity funds. Prior to June, Conversus had closed on nine funds in the CalPERS transaction at a transfer price of $96.2 million. In June, Conversus closed on one additional fund at a transfer price of $9.5 million. The final fund Conversus committed to purchase from CalPERS closed on July 3 at a transfer price of $19.3 million bringing the total transfer price for all funds in the CalPERS transaction to $125.0 million.

For a detailed breakdown of Conversus´ Private Equity Portfolio as of June 30, 2008, please visit the Investor Relations portion of Conversus´ website at www.conversus.com and view the following sections: "Reports and Financial Statements" and "Investment Information."

Liquidity Enhancement Activity

During the month of June, a total of 10,000 Conversus units were repurchased pursuant to a Liquidity Enhancement Agreement (the "Agreement") at a total purchase price of $0.2 million, or an average price per unit of $22.00. Over the life of the Agreement, a total of 444,694 units have been repurchased at a total purchase price of approximately $10.4 million, or an average price per unit of $23.28. The repurchased units are held on Conversus´ balance sheet as Treasury units. As it deems appropriate, Conversus expects to continue to repurchase its units pursuant to the Agreement at attractive prices relative to NAV.

Quarterly Distributions

During the month of May, Conversus´ Board of Directors declared a quarterly distribution of $0.125 per unit payable to unitholders of record as of May 30, 2008. The approved distribution represents an annualized yield of 2.3% based on the closing price of Conversus´ units on the declaration date. The distribution was paid on June 16, 2008. This represents the third distribution paid since Conversus´ inception.

Additional information regarding Conversus´ quarterly distributions and its distribution policy can be found in the Investor Relations portion of Conversus´ website at www.conversus.com under the section "Tax and Distribution Information."

Conference Call

Conversus will hold a conference call on August 6, 2008 to discuss its financial results for the six months and quarter ended June 30, 2008. Details of the conference call will be provided approximately two weeks prior to the call.

Financial Report

Conversus will file its Financial Report for the six months and quarter ended June 30, 2008, by August 29, 2008. The report will be posted to the Conversus website at that time. To access the Financial Report, please visit the Investor Relations portion of the Company´s website at www.conversus.com under the heading of "Reports and Financial Statements."

Conversus´ estimated NAV as of June 30, 2008 and the financial results for the six months and quarter ended June 30, 2008 are subject to change and may be adjusted in the Financial Report to be filed by August 29, 2008.

Valuation and Reporting Policies

Conversus carries investments on its books at fair value in accordance with generally accepted accounting principles in the United States (U.S. GAAP). Conversus uses the best information it has available to estimate fair value. Fair value for private equity interests begins with the most recent financial information provided by the general partners, 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 equity security known to be owned by the funds based on the most recent information reported to us by the general partners has been marked to market as of June 30, 2008 and a discount has been applied to such securities based on an estimate of the discount applied by the general partners in calculating NAV.

Conversus will issue quarterly financial reports as of March 31, June 30 and September 30 as well as an annual financial report as of December 31 of each year. These reports will include financial statements prepared in accordance with U.S. GAAP. Conversus is required to consider, and will consider, all known material information in preparing such financial statements, including information that may become known subsequent to the issuance of each monthly report. Accordingly, amounts included in the quarterly and annual financial statements may differ from amounts included in the monthly NAV reports.

About Conversus Capital

Conversus Capital, L.P. (Euronext Amsterdam: CCAP) ("Conversus") is the largest publicly traded portfolio of third party private equity funds. It is a permanent capital vehicle providing its unitholders long–term capital appreciation through a portfolio of high–quality, seasoned private equity interests. Conversus´ objective is to provide unitholders with immediate exposure to a diversified portfolio of private equity assets, access to best–in–class general partners and consistent NAV growth that outperforms the public markets. Conversus reinvests the 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 Conversus´ investment policies and carries out the day to day operations of Conversus 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 Conversus.

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. 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 that are not 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.

Forward–Looking Statements

These materials may contain certain forward–looking statements with respect to the financial condition, results of operations, liquidity, investments, business, net asset value and prospects of Conversus. By their nature, forward–looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future, and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward–looking statements. Conversus does not undertake to update any of these forward–looking statements. Past performance is not necessarily indicative of future results.