  We have synthesized single crystals of Yb$_{2}$Pt$_{2}$Pb, which crystallize
in the layered U$_{2}$Pt$_{2}$Sn-type structure, where planes of Yb ions lie on
a triangular network. We report here the first results of magnetization,
specific heat, and electrical resistivity experiments. The lattice constants
and high temperature magnetic susceptibility indicate that the Yb ions are
trivalent, while Schottky peaks in the specific heat show that the ground state
is a well isolated doublet. Significant magnetic anisotropy is observed, with
the ratio of susceptibilities perpendicular and parallel to the magnetic planes
differing by as much as a factor of 30 at the lowest temperatures.
Antiferromagnetic order occurs at a N\'eel temperature $T_{\rm N}$=2.07 K, a
transition temperature which is more than an order of magnitude smaller than
the mean field interactions reflected by the in-plane Weiss temperature.
Further evidence for short ranged magnetic fluctuations is found in the
magnetic susceptibility and electrical resistivity, which have broad peaks
above $T_{\rm N}$, and in the slow development of the magnetic entropy at
$T_{\rm N}$. Our experiments indicate that Yb$_{2}$Pt$_{2}$Pb is a quasi-two
dimensional and localized moment system, where strong magnetic frustration may
arise from the geometry of the underlying Shastry-Sutherland lattice.
