Acquisition of Secondary Portfolio

For immediate release 1 October 2004

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   
            TO ACQUIRE SHARE OF SECONDARY PORTFOLIO FROM SWISS LIFE            

The Board of Pantheon International Participations PLC (PIP) is pleased to
announce that it has exchanged contracts to purchase secondary interests in a
substantial portfolio of private equity holdings from Swiss Life.

Swiss Life has agreed to sell the majority of its private equity portfolio to
PIP and other funds managed by PIP's manager, Pantheon Ventures, and its
associated companies (Pantheon). The transaction involves interests in over 40
geographically diversified private equity funds and a number of small direct
investments. Approximately 50% of the portfolio to be acquired is focused on
the USA and 40% on Europe. The bulk of the balance is comprised by Asian funds.

PIP will acquire a share of this portfolio alongside other funds managed by
Pantheon including the $909 million Pantheon Global Secondary Fund II, with
which PIP has co-investment arrangements in place. PIP's share of the
transaction consideration, including its proportionate share of outstanding
commitments to the funds in which interests are being acquired, will be
approximately £60 million.

Approximately £7 million of the purchase price for PIP's share of the
transaction relates to interests which are subject to existing third party
pre-emption rights. In addition, the acquisition of each fund interest is
subject to consent from the general partner of the relevant fund. The transfer
of the interests is expected to commence during the fourth quarter of 2004 and
to complete by the end of the first quarter of 2005.

Tom Bartlam, Chairman of PIP, said:

'We are delighted with this transaction, which will add a significant
collection of diversified, high quality assets to PIP's existing portfolio.

PIP has retained the flexibility to raise capital to fund future secondary
purchases through the introduction of redeemable shares in its recent capital
restructuring and has the opportunity in future to invest in substantial
secondary transactions alongside Pantheon's second Global Secondary Fund.'

                                   - Ends -                                    

Cont'd.

For more information:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Alastair Bruce / Andrew Lebus

www.pipplc.com [e-mail]

                               NOTES TO EDITORS                                

PIP

  * Pantheon International Participations (`PIP') is a London quoted investment
    trust, managed by Pantheon Ventures Ltd., which uses an international
    fund-of-funds approach to private equity investment.
   
  * PIP has investments in over 300 private equity fund investments.
   
  * The Company is the leading private equity fund-of-funds investor quoted on
    the London Stock Exchange. PIP enables individuals as well as institutions
    to gain access to a substantial portfolio of unquoted companies in the USA,
    the UK, Continental Europe and Asia, within funds managed by experienced
    private equity managers.
   
  * Within its stated primary investment objective, the Company invests in
    private equity funds both by subscribing to new funds and by acquiring
    secondary interests. As an adjunct to this activity, the Company may
    occasionally acquire direct holdings in unquoted companies usually where a
    vendor is seeking to sell a combined portfolio of funds and direct
    holdings. PIP's investment policy also extends to investing directly in
    companies where there is a private equity manager well known to the Company
    investing on the same terms.
   
Pantheon

  * Pantheon has been active in the private equity sector since 1982.
   
  * Pantheon is the leading private equity fund-of-funds manager in Europe and
    had £4.3 billion under management at 30 June 2004.
   
  * Pantheon manages investments in some 500 private equity funds in over 30
    countries.
   
  * Pantheon operates from offices in London, San Francisco, Hong Kong and
    Brussels.
   
  * Since early 2004, Pantheon has been part of Russell Investment Group, a
    global leader in multi-manager investing, becoming Russell's global private
    equity fund-of-funds business.