Interim Management Statement

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

INTERIM MANAGEMENT STATEMENT (UNAUDITED)

FOR THE QUARTER ENDED 31st MARCH 2010

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1st January 2010 to 31st March
2010. This constitutes the Company's second interim management statement in the
financial year ending 30th June 2010, as required by the UK Listing Authority's
Disclosure and Transparency Rule 4.3.

The Company published an unaudited Net Asset Value ("NAV") as at 31st March
2010 on 5th May 2010. This interim management statement summarises the
information as at 31st March 2010 and any further developments up to 18th May
2010.

Investment Objective

PIP's primary investment objective is to maximise capital growth by investing
in a diversified portfolio of private equity funds and, occasionally, directly
in private companies.

Cash Balance and Remaining Facilities

As at 31st March 2010, PIP had cash balances totalling £8.4m.

In addition at 31st March 2010, $55.9m of its $117.4m available US dollar bank
loan facility remained undrawn and €41.2m of its €85.9m available euro bank
loan facility remained undrawn as well as £150m of standby commitments to
subscribe for redeemable shares. It should be noted that, if called, £49.5m of
the proceeds from a redeemable share issue under the standby commitments would
be needed to repay outstanding loan notes.

Based on exchange rates at 31st March 2010, PIP's total available financing
capacity stood at £182.5m.

Gearing

At 31st March 2010, $61.5m was drawn down under PIP's US dollar denominated
loan facilities and €44.7m was drawn down under PIP's euro denominated loan
facilities. In addition, the Company has outstanding £49.5m of unsecured
subordinated loan notes.

Calls and Distributions

During the quarter ended 31st March 2010 PIP received distributions from
private equity assets of £19.8 million. PIP invested £9.9 million in private
equity assets.

Outstanding Commitments

PIP has made no new commitments to new investments. Outstanding commitments to
investments, which are likely to be called over several years, stood at £356.3m
at 31st March 2010 calculated using exchange rates as at that date.

Performance

The Company's Ordinary and Redeemable share prices both increased by 27% to
539p and 535p respectively during the quarter. Since March the share price of
the Ordinary shares has increased to 544p and the share price of the Redeemable
shares has increased to 580p. The NAV per share increased by 10.2% during the
quarter, to 931p.

Total Return Performance

                          1 Year   3 Years  5 Years  10 Years
                             %      % p.a.   % p.a.   % p.a. 
                                                           
                                                             
NAV per share              -2.5%      1.9%     8.5%     6.3%  
                                                            
Ordinary share price      160.4%    -14.3%    -1.0%     2.9%  
                                                            
MSCI World (Sterling)      44.2%      3.7%     8.1%     0.9%  
Total Return                                                
                                                            
FTSE All-Share Index       52.3%     -0.2%     7.2%     2.6%  
Total Return                                                

PIP was launched on the 18th September 1987. £1,000 invested at inception,
assuming reinvestment of dividends and capital repayments, would have been
worth approximately £7,570 at 31st March 2010.


General Information

                                     31/03/10        31/12/09        Change    
                                                                               
NAV per share                         931.0p          844.6p         10.2%     
                                                                               
Ordinary share price                   539p            425p          26.8%     
                                                                               
Redeemable share price                 535p            420p          27.4%     
                                                                               
Net Assets                            £618.1m        £560.8m         10.2%     
                                                                               
Outstanding commitments                £356m          £359m          (0.8%)    

Other than as described above the Board is not aware of any events during the
period from 31st March 2010 to the date of this statement which would have a
material impact on the financial position of the Company.

Tom Bartlam

Chairman

19th May 2010

The views, information and data in this announcement should not be deemed as a
financial promotion or recommendation. Shareholders are advised that this
statement is unaudited.

For further information please visit PIP's website at www.pipplc.com or
contact:

Andrew Lebus

Pantheon Ventures Ltd

Tel: [phone]