MVC Capital Files 8-K and Issues Unaudited Year-End Net Asset Value

PURCHASE, N.Y.--(Business Wire)--
MVC Capital, Inc. (NYSE: MVC) (the "Fund"), a publicly traded business
development company that makes private debt and equity investments, today filed
an 8-K and issued its unaudited net asset value for the year ended October 31,
2009.

As part of its regular quarter-end review, the Fund's Valuation Committee made
determinations, consistent with the Fund's valuation procedures and FAS 157,
regarding the fair values of the Fund's investments, resulting in an aggregate
net increase of approximately $32.3 million or $1.33 per share, effective
October 31, 2009. The fair values of the following portfolio companies were
adjusted: Amersham Corporation, Custom Alloy Corporation, MVC Automotive Group
B.V., MVC Partners, LLC, Ohio Medical Corporation, Security Holdings, B.V., SGDA
Sanierungsgesellschaft für Deponien und Altlasten GmbH, Summit Research Labs,
Inc., U.S. Gas & Electric, Inc., Vendio Services, Inc., and Vitality
Foodservice, Inc.

The foregoing increase takes into account a substantial upward adjustment to the
fair valuation of the Fund's investment in U.S. Gas & Electric, Inc. ("USG&E"),
one of the Fund's portfolio companies. This adjustment was based upon, among
other things: (i) USG&E's materially improved financing options, (ii) cost
savings and other tangible operational improvements resulting from the
integration of its recent purchase of Energy Service Providers, Inc. ("ESPI"),
(iii) USG&E's continued strong income growth, as well as a rapidly expanding
customer base, and (iv) increased market multiples for comparable companies.

Robert Knapp, Chairman of the Valuation Committee of the Board of Directors of
MVC Capital, said, "USG&E, through the acquisition of ESPI and a successful
integration to date, has seen significant growth given its access to new energy
markets, a 20% increase in its customer base within a three-month period, and
the expected securing of a long-term flexible credit facility necessary for a
company with its growth profile. As a result, the valuation of these combined
businesses resulted in the Fund`s accrual of a substantial unrealized capital
gain for this investment during the fourth quarter of 2009."

The Fund`s net asset value as of October 31, 2009 is approximately $17.47 per
share.

MVC-G

About MVC Capital, Inc.

MVC is a business development company traded on the New York Stock Exchange that
provides long-term debt and equity investment capital to fund growth,
acquisitions and recapitalizations of companies in a variety of industries. For
additional information about MVC, please visit the MVC's website at
www.mvccapital.com. All media inquiries should be directed to Nathaniel Garnick
at 212-687-8080.

Forward-Looking Statements

The information contained in this press release contains forward-looking
statements. These forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. Certain factors could
cause actual results and conditions to differ materially from those projected in
these forward-looking statements, and these factors are enumerated in the
company's periodic filings with the Securities and Exchange Commission.

MVC Capital, Inc.
Nathaniel Garnick, 212-687-8080

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