PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
N-30D, 2000-08-04
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                           THE PACIFIC CORPORATE GROUP

                               PRIVATE EQUITY FUND

                              Financial Statements

                                   (Unaudited)

                           For the Three Months Ended

                                  June 30, 2000


<PAGE>



THE PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
BALANCE SHEET (Unaudited)
June 30, 2000
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

ASSETS

Portfolio investments at fair value (cost $78,450,081)                                                  $     90,902,057
Short-term investments, at amortized cost                                                                     27,528,107
Cash and cash equivalents                                                                                      4,737,619
Receivable from indirect investments                                                                              11,782
Accrued interest                                                                                                   8,929
Prepaid expenses and other assets                                                                                359,520
                                                                                                        ----------------

TOTAL ASSETS                                                                                            $    123,548,014
                                                                                                        ================


LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
Accounts payable and accrued expenses                                                                   $         62,244
                                                                                                        ----------------
   Total liabilities                                                                                              62,244
                                                                                                        ----------------

Shareholders' equity:
Shares of beneficial interest, 108,659.8075 shares issued and outstanding:

   Adviser Trustee (500 shares)                                                                                  568,222
   Beneficial Shareholders (108,159.8075 shares)                                                             122,917,548
                                                                                                        ----------------
     Total shareholders' equity                                                                              123,485,770
                                                                                                        ----------------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                              $    123,548,014
                                                                                                        ================



</TABLE>

The accompanying notes are an integral part of these financial statements.


<PAGE>



THE PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited)
As of June 30, 2000

<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                                                                                            Fair Value
                                                                                                               % of
                                                                            Cost          Fair Value        Net Assets
Direct Investments:

ADCO Global, Inc.
Raleigh, NC
Adhesives, sealants and coatings
10,000 shares of redeemable exchangeable
   cumulative preferred stock                                        $      1,000,000   $      1,000,000
100,000 shares of common stock                                              1,000,000          1,000,000
                                                                     ----------------   ----------------
                                                                            2,000,000          2,000,000        1.62%
                                                                     ----------------   ----------------
HCS Holdings, Inc.
Beaumont, TX
Home healthcare supplies
27,000 shares of Series A redeemable preferred stock                        2,700,000          2,700,000
30,000 shares of Class A common stock                                         300,000            300,000
                                                                     ----------------   ----------------
                                                                            3,000,000          3,000,000        2.43%
                                                                     ----------------   ----------------
Integra Telecom, Inc.
Portland, OR
Facilities-based, integrated communications provider
4,000,000 shares of Series F preferred stock                                4,000,000          4,000,000
Warrant to purchase 3,561,086 shares of Class A voting
   common stock at $.001 per share, expiring 1/14/10                                0                  0
                                                                     ----------------   ----------------
                                                                            4,000,000          4,000,000        3.24%
                                                                     ----------------   ----------------
IRMC Holdings, Inc.
Columbus, OH
Accounts receivable management and teleservices
28,480 shares of 8% Series A cumulative
   redeemable preferred stock                                               2,848,000          2,848,000
71,200 shares of Class A common stock                                         712,000            712,000
                                                                     ----------------   ----------------
                                                                            3,560,000          3,560,000        2.88%
                                                                     ----------------   ----------------
VS&A-DTN, LLC
New York, NY
Holding  company for  investment in Data  Transmission
Network  Corporation,  a business-to-business  e-commerce
and  information  services  company serving the agriculture,
weather, energy and financial services industries
1.915% membership interest in VS&A-DTN, LLC                                 3,750,000          3,750,000        3.04%

VS&A HW Holding, LLC (a)
Washington, D.C
Holding  company  for  investment  in  Hanley-Wood,  LLC,
a business to business company  providing  publishing  trade
show and  related  media for  residential building industry
2.3077% membership interest in VS&A HW Holding LLC                          3,000,000          3,000,000        2.43%



<PAGE>



THE PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited), continued
As of June 30, 2000

                                                                                                            Fair Value
                                                                                                               % of
                                                                            Cost          Fair Value        Net Assets

Zhone Investors VIII, LLC
La Jolla, CA
Holding  company for investment in Zhone  Technologies,
Inc., a next generation telecommunications   equipment,
services  and  solutions  provider  located  in Oakland, CA
69.8% Class A membership interest in Zhone Investors VIII, LLC       $      1,801,000   $      1,801,000        1.46%
                                                                     ----------------   ----------------     --------

Total Direct Investments                                                   21,111,000         21,111,000       17.10%
                                                                     ----------------   ----------------     --------

Indirect Investments:

Alta California Partners II, L.P.                                           2,102,700          3,327,537        2.70%
$4,000,000 original capital commitment
1.783% limited partnership interest

American Securities Partners II, L.P.                                       2,861,436          2,796,623        2.27%
$5,000,000 original capital commitment
1.429% limited partnership interest

Apollo Investment Fund IV, L.P.                                             3,579,797          5,057,365        4.10%
$5,000,000 original capital commitment
 .139% limited partnership interest

Atlas Venture Fund IV, L.P.                                                 1,112,959          1,405,175        1.14%
$1,540,000 original capital commitment
 .492% limited partnership interest

Aurora Equity Partners II L.P.                                              2,042,848          1,891,055        1.53%
$5,000,000 original capital commitment
 .663% limited partnership interest

Bedrock Capital Partners I, L.P.                                            4,606,014          9,596,448        7.77%
$5,000,000 original capital commitment
4.189% limited partnership interest

CVC European Equity Partners II L.P.                                        5,054,448          4,512,238        3.65%
$7,500,000 original capital commitment
 .397% limited partnership interest

Exxel Capital Partners V, L.P.                                              2,376,327          2,410,590        1.95%
$2,500,000 original capital commitment
 .294% limited partnership interest

Fenway Partners Capital Fund II, L.P.                                       1,363,831          1,195,897         .97%
$5,000,000 original capital commitment
 .550% limited partnership interest

First Reserve Fund VIII, L.P.                                               2,676,298          2,985,099        2.42%
$5,000,000 original capital commitment
 .616% limited partnership interest



<PAGE>



THE PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited), continued
As of June 30, 2000

                                                                                                            Fair Value
                                                                                                               % of

                                                                            Cost          Fair Value        Net Assets

Hicks, Muse, Tate & Furst Equity Fund IV, L.P.                       $      4,477,040   $      5,781,804        4.68%
$5,000,000 original capital commitment
 .124% limited partnership interest

Hicks, Muse, Tate & Furst Latin America Fund, L.P.                          2,277,668          2,293,035        1.86%
$2,500,000 original capital commitment
 .260% limited partnership interest

Parthenon Investors, L.P.                                                   2,373,061          2,300,259        1.86%
$3,500,00 original capital commitment
 .990% limited partnership interest

Providence Equity Partners III, L.P.                                        1,843,917          2,423,526        1.96%
$3,500,000 original capital commitment
 .372% limited partnership interest

Sentinel Capital Partners II, L.P.                                          2,132,610          1,956,513        1.58%
$5,000,000 original capital commitment
3.973% limited partnership interest

Sprout Capital VIII, L.P.(b)                                                4,195,929          5,224,137        4.23%
$5,000,000 original capital commitment
 .667% limited partnership interest

Thomas H. Lee Equity Fund IV, L.P.                                          7,801,772         10,446,390        8.46%
$10,000,000 original capital commitment
 .313% limited partnership interest

Triumph Partners III, L.P.                                                  3,628,494          3,433,463        2.78%
$5,000,000 original capital commitment
 .831% limited partnership interest

VS&A Communications Partners III, L.P.                                        831,932            753,903         .61%
$3,000,000 original capital commitment
 .350% limited partnership interest
                                                                     ----------------   ----------------     --------

Total Indirect Investments                                                 57,339,081         69,791,057       56.52%
                                                                     ----------------   ----------------     --------

Total Portfolio Investments(c)                                       $     78,450,081   $     90,902,057       73.62%
                                                                     ================   ================     ========
</TABLE>


(a)  VS&A HW Holding, LLC is held by PEF Direct, Inc., a wholly owned subsidiary
     of the Trust.

(b)  In April 2000, the Trust received an in-kind  distribution  from Sprout
     Capital VIII,  L.P. of 4,077 common shares of CNET  Networks,  Inc.  valued
     at $138,159 as of the  distribution  date.  The Trust sold the CNET shares
     in May 2000 for $170,637, realizing a gain of $150,456.

 (c) In April 2000, the Trust sold 9,774  common  shares of Cisco  Systems,Inc.
     for  $634,675, realizing a gain of $489,971.

The accompanying notes are an integral part of these financial statements.


<PAGE>



THE PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
STATEMENT OF OPERATIONS (Unaudited)
For the Three Months Ended June 30, 2000
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

Investment Income and Expenses

Interest from short-term investments                                                                        $    518,568
                                                                                                            ------------

Expenses:
Management fee                                                                                                   345,582
Accounting and administrative fees                                                                                32,450
Legal fees                                                                                                        19,219
Independent Trustee fees                                                                                          11,625
Custody fees                                                                                                      15,750
Insurance expense                                                                                                 18,640
Miscellaneous                                                                                                      6,347
                                                                                                            ------------
   Total expenses                                                                                                449,613
                                                                                                            ------------

   Net investment income                                                                                          68,955
                                                                                                            ------------

Net Change in Net Assets from Portfolio Investments

Change in unrealized appreciation of Distributed Investments                                                    (728,926)
Realized gain from Distributed Investments                                                                       640,427
                                                                                                            ------------
   Net change in net assets from Distributed Investments                                                         (88,499)
                                                                                                            ------------

Change in unrealized appreciation or depreciation of
   Indirect Investments                                                                                         (128,071)
Expenses paid in connection with Indirect Investments                                                            (32,894)
Realized gains/income received from Indirect Investments                                                         129,081
                                                                                                            ------------
   Net change in net assets from Indirect Investments                                                            (31,884)
                                                                                                            ------------

Net Decrease in Net Assets Resulting from Operations                                                        $    (51,428)
                                                                                                            ============

</TABLE>

The accompanying notes are an integral part of these financial statements.


<PAGE>



THE PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)
For the Three Months Ended June 30, 2000
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                         Adviser            Beneficial
                                                                         Trustee           Shareholders        Total

Balance as of March 31, 2000                                          $     568,459    $      122,968,739    $      123,537,198

Net decrease in net assets from operations                                     (237)              (51,191)              (51,428)
                                                                      -------------    ------------------    ------------------

Balance as of June 30, 2000                                           $     568,222    $      122,917,548(A) $      123,485,770
                                                                      =============    ==================    ==================
</TABLE>


(A) The net asset value per share of  beneficial  interest  was  $1,136.44 as of
June 30, 2000.

The accompanying notes are an integral part of these financial statements.


<PAGE>



THE PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
STATEMENT OF CASH FLOWS (Unaudited)
For the Three Months Ended June 30, 2000
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

CASH FLOWS PROVIDED FROM OPERATING ACTIVITIES

Net decrease in net assets from operations                                                               $        (51,428)

Adjustments to reconcile net decrease in net assets from  operations to net cash
   provided from operating activities:

Net change in net assets from Distributed Investments                                                              88,499
Net change in net assets from Indirect Investments                                                                 31,884
Decrease in accrued interest                                                                                       23,169
Decrease in prepaid expenses and other assets                                                                      49,534
Decrease in accounts payable and accrued expenses                                                                 (24,118)
                                                                                                         ----------------
Net cash provided from operating activities                                                                       117,540
                                                                                                         ----------------

CASH FLOWS PROVIDED FROM INVESTING ACTIVITIES

Net return of short-term investments                                                                           10,129,000
Cost of Direct Investments purchased                                                                           (4,351,000)
Capital contributed to Indirect Investments                                                                    (6,091,814)
Return of capital distributions received from Indirect Investments                                                163,347
Expenses paid in connection with Indirect Investments                                                             (32,894)
Realized gains/income received from Indirect Investments                                                          178,747
Proceeds from the sale of Distributed Investments                                                                 805,312
                                                                                                         ----------------
Net cash provided from investing activities                                                                       800,698
                                                                                                         ----------------

Increase in cash and cash equivalents                                                                             918,238
Cash and cash equivalents at beginning of period                                                                3,819,381
                                                                                                         ----------------

Cash and cash equivalents at end of period                                                               $      4,737,619
                                                                                                         ================


Supplemental disclosure of non-cash investing activities:

Value of in-kind distributions received from Indirect Investments                                        $        138,159
                                                                                                         ================


</TABLE>



The accompanying notes are an integral part of these financial statements.


<PAGE>



THE PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
FINANCIAL HIGHLIGHTS (Unaudited)
For the Three Months Ended June 30, 2000
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

THE  FOLLOWING  PER SHARE DATA AND RATIOS  HAVE BEEN  DERIVED  FROM  INFORMATION
PROVIDED IN THE FINANCIAL STATEMENTS.

Increase (Decrease) in Net Asset Value

Per Share Operating Performance:

Net asset value, beginning of period                                                                      $    1,136.92

   Net investment income                                                                    $      .63

   Net change in net assets from portfolio investments                                           (1.11)
                                                                                             ---------

Net decrease in net assets from operations                                                                         (.48)
                                                                                                          -------------

Net asset value, end of period                                                                            $    1,136.44
                                                                                                          =============

Total investment return                                                                                           (.17)%
                                                                                                          ==============

Ratios to Average Net Assets:

Investment expenses                                                                                                1.46%
                                                                                                          ==============

Net income                                                                                                        (.17)%
                                                                                                          ==============

Supplemental Data:

Net assets, end of period                                                                              $     123,485,770
                                                                                                       =================

Portfolio turnover                                                                                                 0.93%
                                                                                                          ==============

</TABLE>


The accompanying notes are an integral part of these financial statements.


<PAGE>



THE PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1.       Organization and Purpose

The Pacific  Corporate  Group  Private  Equity Fund (the  "Trust") is a Delaware
business trust,  formed on September 22, 1997. The Trust, which began operations
on February 9, 1998  ("Commencement  of  Operations"),  is registered  under the
Investment  Company  Act  of  1940,  as  amended,  as  a  closed-end  management
investment  company.  Pacific Corporate Group,  Inc., the Adviser Trustee of the
Trust (the "Adviser Trustee") manages the investment  policies and operations of
the Trust. The Adviser Trustee and four individual  Trustees  (collectively  the
"Trustees"),  three of whom are not  affiliated  with the Adviser  Trustee  (the
"Independent  Trustees"),  are  responsible  for the overall  supervision of the
Trust.

The objective of the Trust is to achieve, through selected private market equity
and  equity-related  investments,  rates of return  superior  to  public  market
investment  alternatives,  while reducing risks through the  diversification  of
investments within the private market. The Trust seeks to achieve this objective
through  investments  primarily  in  a  portfolio  of  partnerships   ("Indirect
Investments")  and,  with  respect  to up to 25% of  committed  capital,  direct
investment in private or public operating companies ("Direct Investments").

The Trust is scheduled  to terminate on December 31, 2009,  subject to extension
in the sole  discretion of the  Trustees,  for up to three  additional  one-year
periods.

2.       Summary of Significant Accounting Policies

Valuation of Investments - Short-term  investments are valued at amortized cost,
which approximates  market.  Portfolio  investments are carried at fair value as
determined  quarterly  by the  Adviser  Trustee in  accordance  with  procedures
established by the Trustees.

In determining the fair value of the Trust's Indirect  Investments,  the Adviser
Trustee considers,  among other things,  the valuations  provided by the general
partner  managers of such  investments.  The valuations  provided by the general
partner  managers are reflected by the fair value of the Trust's capital account
balance for each such Indirect Investment.  The capital account balance for each
Indirect  Investment  includes capital  contributed by the Trust,  distributions
received  by  the  Trust  and  the  Trust's  allocated  share  of  the  Indirect
Investment's  profits and losses,  including unrealized profits and losses. Such
allocations   reflect  certain  fees  and  expenses  incurred  by  the  Indirect
Investment  entity and drawn against that entity's  cash  position.  The Trust's
capital account balance for each Indirect  Investment is reviewed by the Adviser
Trustee for reasonableness and the fair value of each Indirect Investment may be
adjusted in the discretion of the Adviser Trustee. No such adjustments have been
made as of June 30, 2000.

The fair value of Direct  Investments  and  securities  received  from  Indirect
Investments ("Distributed  Investments") is determined by the Adviser Trustee as
follows: (i) unrestricted  publicly-held  securities for which market quotations
are readily available are valued at the closing public market price for the last
trading day of the accounting period, (ii) restricted  publicly-held  securities
may be valued at a discount from the closing  public market price,  depending on
the circumstances;  and (iii) privately-held securities are valued at cost until
significant  developments  affecting the portfolio  company  provide a basis for
change  in  valuation.  Factors  to be  considered  in  arriving  at a change in
valuation  of  such  privately-held  securities  include  the  price  of  recent
transactions in the company's  securities and the company's earnings,  sales and
book value.


<PAGE>



THE PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited), continued

The values assigned to portfolio  investments are based on available information
and do not  necessarily  represent  amounts that might  ultimately  be realized,
since such  amounts  depend on future  circumstances  that cannot be  determined
until  the  investments  are  actually  liquidated.   Because  of  the  inherent
uncertainty of valuation,  the assigned values may differ significantly from the
values that would have been used had a ready market for the investments existed,
and the differences could be material.

The Trust's Direct  Investments are restricted as to resale.  Additionally,  the
Trust's  Indirect  Investments  in limited  partnerships  may be illiquid due to
provisions  of the  limited  partnership  agreements  restricting  the  sale  of
partnership interests.

Security   Transactions  and  Investment  Income  -  Security  transactions  are
accounted for on the date the security is purchased or sold (trade date).  Costs
used in  determining  realized  gains  and  losses  on the  sale  of  investment
securities  are  those of the  specific  securities  sold.  Interest  income  is
recorded on the accrual basis.

Use of Estimates - The  preparation of financial  statements in conformity  with
generally accepted  accounting  principles requires management to make estimates
and assumptions  that affect the reported  amounts of assets and liabilities and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

Currency Risk - Although the majority of the Trust's investments are denominated
in U.S.  dollars,  the Trust may invest in securities  denominated in currencies
other than its reporting currency, the U.S. dollar.  Consequently,  the Trust is
exposed to risk that the  exchange  rate of the U.S.  dollar  relative  to other
currencies  may change in a manner  which has an adverse  effect on the reported
value of that portion of the Trust's assets which are  denominated in currencies
other than the U.S. dollar.

Syndication Costs - Selling commissions of $1,926,568 and other costs associated
with  selling  shares of the Trust  totaling  $568,126  have been  recorded as a
direct reduction to shareholders' equity since the inception of the Trust.

Income Taxes - No provision  for income taxes has been made since all income and
losses are allocable to the  shareholders  for inclusion in their respective tax
returns.

Statement of Cash Flows - The Trust considers its interest-bearing account to be
a cash equivalent.

Financial  Instruments - The Trust carries its financial  instruments at amounts
which approximate fair value.

3.     Shareholders' Equity

In connection  with the issuance of 108,659.8075  shares of beneficial  interest
(the "Shares") of the Trust,  shareholders  contributed  capital totaling $110.6
million, including a $500,000 capital contribution from the Adviser Trustee. The
Trust paid selling  commissions  of $1.9 million in connection  with the sale of
the shares.


<PAGE>



THE PACIFIC CORPORATE GROUP PRIVATE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited), continued

4.     Management Fee

The Adviser Trustee receives a management fee at the annual rate of 1.25% of the
aggregate  capital  commitments  to the Trust,  reduced by capital  returned and
realized  investment  losses.  Such fee is determined  and payable  quarterly in
advance.  The  management  fee is  reduced by 100% of  directors'  fees or other
remuneration  received by the Adviser Trustee from any portfolio  company of the
Trust.

5.     Independent Trustee Fees

As compensation for services  rendered to the Trust,  each  Independent  Trustee
receives $10,000 annually in quarterly installments and $500 for each meeting of
the Independent Trustees attended,  plus out-of-pocket  expenses.  Additionally,
the  Independent   Trustees  also  are  members  of  the  Audit  Committee.   As
compensation  for  services  rendered  to the  Trust  as  members  of the  Audit
Committee,  each of the  Independent  Trustees  receives  an  additional  $2,500
annually in quarterly  installments  and $250 for each Audit  Committee  meeting
attended.

6.     Allocation of Net Income and Net Loss

Net  income  and net  loss,  other  than net  income  and net loss  from  Direct
Investments,  is allocated to all  shareholders,  including the Adviser Trustee,
pro rata based on Shares held.

Additionally,  the Adviser Trustee will be allocated, on a cumulative basis over
the life of the Trust, 20% of the Trust's aggregate net income and net loss from
Direct Investments, other than "pari passu co-investments",  and 15% from Direct
Investments in "pari passu  co-investments" (as described below),  provided that
such  amount is  positive.  The  remaining  80%  and/or  85% of such  amounts is
allocated to all shareholders  including the Adviser Trustee,  pro rata based on
Shares held. If the  aggregate  net income and net loss from Direct  Investments
(including  "pari passu  co-investments")  is negative,  such net income and net
loss is allocated to all shareholders,  including the Adviser Trustee,  pro rata
based on Shares held.

"Pari passu co-investments" refers to Direct Investments that are co-investments
in the same securities and on the same terms alongside  general partner managers
of Indirect  Investments  held by the Trust, in transactions  involving  issuers
held by investment vehicles in which the Trust has invested.

7.     Investment Commitments

As of June  30,  2000,  the  Trust's  unfunded  investment  commitments  totaled
$29,859,591 for Indirect Investments and $1,200,000 for Direct Investments.








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