  The variable star V1129 Cen is classified in the GCVS as being of $\beta$ Lyr
type. Unusual for such stars, it exhibits outbursts roughly once a year,
lasting for $\sim$40 days. For this reason, a relationship to the dwarf novae
has been suspected. Here, for the first time a detailed analysis of the light
curve of the system is presented. Based on observations with high time
resolution obtained at the Observat\'orio do Pico dos Dias and on the long term
ASAS light curve the orbital variations of the system are studied. They are
dominated by ellipsoidal variations and partial eclipses of a probably slightly
evolved F2 star in a binary with an orbital period of $21^{\rm h}$ $26^{\rm
m}$. Comparison with the characteristics of dwarf novae show that the
observational properties of V1129 Cen can be explained if it is just another
dwarf novae, albeit with an unusually bright and early type mass donor which
outshines the accretion disk and the mass gainer to a degree that many normal
photometric and spectroscopic hallmarks of cataclysmic variables remain
undetected.
