-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RJwDEAxK1HV/DjVRBwnm4lf3HTVlTBO2c2fhXGjNqJk7G/q02jP02L3HYxmJBtSa
 AvwGUOV5PfjSNzbp1tU3AQ==

<SEC-DOCUMENT>0000922907-05-000401.txt : 20050623
<SEC-HEADER>0000922907-05-000401.hdr.sgml : 20050623
<ACCEPTANCE-DATETIME>20050623123943
ACCESSION NUMBER:		0000922907-05-000401
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050622
FILED AS OF DATE:		20050623
DATE AS OF CHANGE:		20050623

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DUNN MICHAEL W
		CENTRAL INDEX KEY:			0001168316

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00150
		FILM NUMBER:		05911951

	BUSINESS ADDRESS:	
		STREET 1:		4000 FIRST AVE., N.E.
		CITY:			CEDAR RAPIDS
		STATE:			IA
		ZIP:			52402
		BUSINESS PHONE:		3193668681

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MACC PRIVATE EQUITIES INC
		CENTRAL INDEX KEY:			0000923808
		IRS NUMBER:				421421406
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		101 SECOND ST SE
		STREET 2:		STE 800
		CITY:			CEDAR RAPIDS
		STATE:			IA
		ZIP:			52401
		BUSINESS PHONE:		3193638249

	MAIL ADDRESS:	
		STREET 1:		101 SECOND STREET SE
		STREET 2:		SUITE 800
		CITY:			CEDAR RAPIDS
		STATE:			IA
		ZIP:			52401
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>dunnform4_062305ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-06-22</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000923808</issuerCik>
        <issuerName>MACC PRIVATE EQUITIES INC</issuerName>
        <issuerTradingSymbol>MACC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001168316</rptOwnerCik>
            <rptOwnerName>DUNN MICHAEL W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4000 FIRST AVENUE, N.E.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CEDAR RAPIDS</rptOwnerCity>
            <rptOwnerState>IA</rptOwnerState>
            <rptOwnerZipCode>52402</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-06-22</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2005-06-22</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>349</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>2.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>29453</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See explanation</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The shares of common stock reported on this Form 4 as purchased on June 22, 2005 and indirectly owned by Michael W. Dunn are
beneficially owned through Farmers and Merchants Savings Bank Profit Sharing 401K Plan, FBO Michael W. Dunn.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ David E. Gardels, Attorney-in-fact</signatureName>
        <signatureDate>2005-06-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----