MVC CAPITAL ANNOUNCES SHARE REPURCHASE PROGRAM

PURCHASE, N.Y., Apr 27, 2010 (BUSINESS WIRE) -- MVC Capital, Inc. (NYSE: MVC), a
publicly traded business development company that makes private debt and equity
investments, today announced that its board of directors has approved a share
repurchase program authorizing up to $5 million in share repurchases. The share
repurchase program approved today has no time limit.


As of the close of trading on April 26, 2010, the Fund's shares were trading at
a 19.5% discount to its March 31, 2010 unaudited net asset value per share of
$17.77. Under the share repurchase program, shares may be repurchased from time
to time at prevailing market prices during the Fund's open trading periods. The
repurchase program does not obligate the Fund to acquire any specific number of
shares and may be discontinued at any time.


"This decision reflects our confidence in the long-term growth of the Fund,"
said Michael Tokarz, Chairman and Portfolio Manager of MVC Capital. "Given the
Fund's current liquidity position and the current discount at which the shares
trade, among other factors, we feel approving a share buy-back program allows
for a sound investment option for the Fund's shareholders."


This press release is for informational purposes only and is not an offer to
purchase or a solicitation of an offer to sell shares of the Fund's common
stock.


There is no assurance that the market price of the Fund's shares, either
absolutely or relative to net asset value, will increase as a result of any
share repurchases, or that the program will enhance shareholder value over the
long-term.


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's website at
WWW.MVCCAPITAL.COM. For MVC's investor relations, please call 914-510-9400. 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. 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.