New Star Private Equity Investment Trust PLC

Unaudited Interim Management Statement

For the quarter ended 30 September 2008

Financial summary

                          30 September 2008     30 June 2008           % change
                                                                               
Net assets *                         �71.4m           �73.0m              -2.2%
                                                                               
Net asset value per                  378.9p           385.0p              -1.6%
share *                                                                        
                                                                               
Share price                          243.0p           262.5p              -7.4%

Source: New Star Asset Management Limited

* The net asset value is based on the latest valuations of unquoted investment
as provided by underlying managers, adjusted for subsequent cash receipts and
draw-downs, and listed securities valued on bid basis.

Performance summary

                                    3 months     Year to date  Since inception*
                                                                               
Net asset value per                    -1.6%            +0.3%             +9.7%
share                                                                          
                                                                               
Share price                            -7.4%           -18.7%            -21.6%

Source: New Star Asset Management Limited

* 2 July 2007

Investment Objective and strategy

The Company's investment objective is to produce capital gains through exposure
to a diversified portfolio of private equity investments.

Ten largest investments at 30 September 2008

The Company's 10 largest direct investments at 30 September 2008 were:

                                                           % of net asset value
                                                                               
Rutland Fund I                                                              26%
                                                                               
August Equity Partners I                                                    17%
                                                                               
Parallel Ventures 2006                                                      15%
                                                                               
August Equity Partners II                                                   12%
                                                                               
The Logic Group                                                              4%
                                                                               
Astorg IV                                                                    3%
                                                                               
Graphite Enterprise                                                          3%
                                                                               
Rutland Fund II                                                              2%
                                                                               
Hg Capital Trust                                                             2%
                                                                               
Renewable Energy Generation                                                  2%

Source: New Star Asset Management Limited

Portfolio composition by manager

                                                           % of net asset value
                                                                               
August Equity                                                               30%
                                                                               
Rutland Partners                                                            27%
                                                                               
Parallel Private Equity                                                     15%
                                                                               
Astorg                                                                       4%
                                                                               
Century Capital                                                              2%
                                                                               
Pragma                                                                       1%
                                                                               
Other                                                                        1%
                                                                               
Direct unquoted                                                              3%
                                                                               
Listed private equity vehicles                                              13%
                                                                               
Treasury / Cash                                                              4%

Source: New Star Asset Management Limited

Portfolio composition by country

                                                               % of investments
                                                                               
                                                               (excluding cash)
                                                                               
UK                                                                          79%
                                                                               
Europe                                                                      16%
                                                                               
North America                                                                3%
                                                                               
China                                                                        1%
                                                                               
India                                                                        1%

Source: New Star Asset Management Limited

Sector exposure of limited partnerships

                                                                   % of limited
                                                                               
                                                        partnership investments
                                                                               
Financial                                                                   23%
                                                                               
Healthcare                                                                  19%
                                                                               
Technology                                                                  18%
                                                                               
Consumer Goods                                                              14%
                                                                               
Consumer Services                                                           11%
                                                                               
Industrial                                                                  10%
                                                                               
Other                                                                        5%

Source: New Star Asset Management Limited

Limited partnership by vintage

                                                                   % of limited
                                                                               
                                                        partnership investments
                                                                               
Less than 1 year                                                            15%
                                                                               
1 - 2 years                                                                 30%
                                                                               
2 - 3 years                                                                 41%
                                                                               
3 - 4 years                                                                  3%
                                                                               
More than 4 years                                                           11%

Source: New Star Asset Management Limited

Valuation basis of limited partnerships

                                                                   % of limited
                                                                               
                                                        partnership investments
                                                                               
Cost                                                                        54%
                                                                               
Earnings                                                                    46%

Source: New Star Asset Management Limited

Material Events and Transactions

In the last few months listed private equity investment trusts have suffered
sharp falls in their share prices and consequently a widening of their
discounts to net asset value. These falls reflect the concern that some trusts
will have in meeting capital calls from the underlying limited partnerships
that they have committed to, but also that there is likely to be significant
write-downs of valuations.

Although many of the underlying companies within our limited partnerships are
not in the sectors that have been impacted most by the sharp slowdown in
economic growth, as a consequence of the recent falls in financial markets and
the more difficult environment for the financing of leveraged buy-outs we would
still expect valuations to be marked lower when they are updated for the
year-end.

As a result of these exceptional circumstances the Directors believe that it is
prudent to take a provision against the potential falls in valuations resulting
from the fall in listed comparators and the risk that regardless of the current
performance of underlying companies some may well not perform as expected in
the current environment and valuations will need to be reduced.

Unquoted investments are normally valued at the latest valuation provided by
underlying managers, adjusted for subsequent cash receipts and drawdowns.
Nevertheless, against this challenging background the Directors and the Manager
consider that it would be prudent to make a provision against the potential
write-down in valuations. Accordingly, the Company is making a provision of 20%
of the value of the unquoted investments; this is equivalent to 16.6% of the
net asset value. The provision will first be applied to the net asset value at
31 October 2008, which is expected to be published shortly. In the view of the
Directors and Manager it is unlikely that this general provision will need to
be increased between now and the publication of the annual results.

The Board and Manager are confident that, after taking into account the
Company's cash, fixed interest, listed private equity investments and committed
facilities with the Bank of Scotland the Company has sufficient assets to meet
all future expected capital calls from underlying limited partnerships. The
Company has two committed facilities with the Bank of Scotland, �10 million
which is committed to July 2010 and �20 million to July 2011.

There were no material transactions during the period 1 July 2008 to
30 September 2008.

Board of Directors

On 29 August 2008 Howard Covington replaced Ravi Anand as alternate director to
John Duffield.

Share Buy Backs and Issued Share Capital

In the quarter ended 30 September 2008 the Company repurchased 120,000 shares.
At 30 September 2008 the Company had 18,850,212 ordinary shares in issue; a
further 832,000 shares were held in treasury.

Company Information

Further Information on the Company, including fact sheets and the annual report
of the Company can be obtained at:

www.newstaram.com/alternative-investments/closed-end-funds

For further information please contact:

Nick Brind, New Star Asset Management Limited, 020 7225 6052

Paul Craig, New Star Asset Management Limited, 020 7225 9527



END



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