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BRAZILIAN EQUITY FUND INITIAL PUBLIC OFFERING

 BRAZILIAN EQUITY FUND INITIAL PUBLIC OFFERING
 NEW YORK, Feb. 13 /PRNewswire/ -- The Brazilian Equity Fund, Inc.


announces that a registration statement has been filed with the Securities and Exchange Commission for a proposed initial public offering of 4,000,000 shares of its common stock at a price of $15 per share. Application will be made to list the common stock of the fund on the New York Stock Exchange.
 The fund's shares are being offered in concurrent domestic and international tranches. The managing underwriters for the domestic tranche are PaineWebber Incorporated (books) and Donaldson, Lufkin & Jenrette Securities Corporation. The lead manager for the international tranche is PaineWebber International and the co-lead managers are James Capel & Co. Limited and Donaldson, Lufkin & Jenrette Securities Corporation. The underwriters and managers have been granted options to purchase an aggregate of up to 600,000 additional shares solely to cover-over allotments.
 The Brazilian Equity Fund, Inc. is a newly organized, non- diversified, closed-end management investment company. The fund's investment objective is long-term capital appreciation through investment primarily in Brazilian equity securities.
 The investment adviser of the fund is BEA Associates, a U.S. investment counseling firm with total assets of $15 billion under management as of Dec. 31, 1991. Banco de Investimentos Garantia S.A. and Patrimonio Planejemento Financiero Ltda. will act as investment co- advisers for Brazilian investments.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the fund's preliminary prospectus will be available from PaineWebber Incorporated, 1000 Harbor Blvd., Weehawken, N.J. 07087.
 -0- 2/13/92
 /CONTACT: Barbara Hynes of Gavin Anderson & Doremus, 212-921-1060, for PaineWebber/ CO: Brazilian Equity Fund, Inc. ST: IN: FIN SU: OFR AH -- NY069 -- 9816 02/13/92 14:08 EST
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Publication:PR Newswire
Date:Feb 13, 1992
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