Experiments were carried out on heat transfer between hot water and various two-phase liquid mixtures in a custom-built 1-2 shell and tube heat exchanger. The two-phase liquid systems were chosen to represent wide range of thermo-physical and transport properties. The influence of mass flow rate of hot fluid & two-phase liquid mixture, composition of two-phase liquid mixture, flow geometry (tube/shell side) on thermal effectiveness of twophase liquid mixture were comprehensively studied in laminar flow regime. The experimental data was statistically analyzed to develop a correlation for thermal effectiveness of two-phase liquid mixture on tube side. The developed correlation predicts thermal effectiveness of two-phase liquid mixture with a maximum error of ±15 % for 240 data points covering 7 different two-phase liquid systems.