MVC CAPITAL PRICES PUBLIC OFFERING OF COMMON STOCK

PURCHASE, NY - FEBRUARY 23, 2007 - MVC Capital, Inc. (NYSE: MVC), a publicly
traded business development company that makes private debt and equity
investments, today announced that it has priced a public offering of 5,000,000
shares at $16.25 per share, raising approximately $81.25 million in gross
proceeds. As part of the issuance, the Company has granted the underwriters a
30-day option to purchase up to 750,000 additional shares to cover
over-allotments, if any. The offering is subject to customary closing conditions
and is expected to close on February 28, 2007.

The Company expects to use the net proceeds of the offering to fund additional
investments and for general corporate purposes, including the repayment of debt.
The joint book-running managers for the offering are UBS Investment Bank and
Bear, Stearns & Co. Inc. The co-managers are RBC Capital Markets, Imperial
Capital, LLC, and Morgan Joseph.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy nor will there be any sale of the shares referred to in this
press release in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification under the
securities laws of such state or jurisdiction. A registration statement relating
to these securities was filed and has been declared effective by the Securities
and Exchange Commission.

The offering may be made only by means of a prospectus and a related prospectus
supplement, copies of which may be obtained when available from UBS Investment
Bank, Prospectus Department, 299 Park Avenue, New York, New York 10171, (212)
821-3000; and Bear, Stearns & Co. Inc., 383 Madison Avenue, New York, New York
10179, Attention: Prospectus Department, (631) 274-8321.

ABOUT MVC CAPITAL, INC.
MVC Capital is a business development company traded on the New York Stock
Exchange that provides long-term debt and equity capital to fund growth,
acquisitions and recapitalizations of companies in a variety of industries. For
additional information about MVC Capital, please visit MVC Capital's website at
www.mvccapital.com. MVC Capital's complete audited financial statements, which
were included in the Form 10-K filed with the SEC, are available to
shareholders, upon request, free of charge by calling MVC Capital's investor
relations at (914) 510-9400. All media inquiries should be directed to Kim Levy
or 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. FURTHERMORE, PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. 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.