Correction : Largest Holdings

The issuer advises that the following replaces the Statement re Largest
Holdings announcement released today at 11.49 under PR Newswire reference ID
PRNUK-0501041147-85D7.

The statement should have referred to the 10 largest investments as at 31
December 2003. All other details remain unchanged and the full amended text
appears below.



PANTHEON INTERNATIONAL PARTICIPATIONS PLC

In accordance with UKLA Listing Rule 21.20(l)(ii), the following list
represents the Company's 10 largest investments as at 31 December 2003 and
where appropriate, any investment with a value greater than 5% of the Company's
gross assets:

Name of company Class of share

Industri Kapital 2000                               Unquoted Fund          
                                                                           
JLL III                                             Unquoted Fund          
                                                                           
WIN 4 Holdings                                      Unquoted Fund          
                                                                           
Pantheon Global PCC                                 Unquoted Fund          
                                                                           
Softbank Capital Partners                           Unquoted Fund          
                                                                           
BC European Capital VII                             Unquoted Fund          
                                                                           
DLJ Merchant Banking Partners II                    Unquoted Fund          
                                                                           
Warburg Pincus Equity Partners                      Unquoted Fund          
                                                                           
Alchemy Plan                                        Unquoted Fund          
                                                                           
Permira Europe II                                   Unquoted Fund          

5 January 2004