Interim Management Statement

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

INTERIM MANAGEMENT STATEMENT (UNAUDITED)

FOR THE QUARTER ENDED 31st MARCH 2011

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1st January 2011 to 31st March
2011. This constitutes the Company's second interim management statement in the
financial year ending 30th June 2011, 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
2011 on 5th May 2011. This interim management statement summarises the
information as at 31st March 2011 and any further developments up to 16th May
2011.

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.

Calls and Distributions

During the quarter ended 31st March 2011 PIP received distributions from
private equity assets of £45.3m and invested £18.2m through calls to underlying
private equity funds. Overall net cash inflow from investments amounted to 
£27.1m, representing an increase of £17.2m relative to the same period last
year, and an increase of £4.7m relative to the quarter ended 31st December
2010.

Cash Balance and Remaining Facilities

As at 31st March 2011, PIP had cash and treasury bills equivalent to a total of
£26.0m.

In addition, at 31st March 2011 the Company's $117.4m US dollar and €85.9m Euro
bank loan facilities were completely undrawn. The Company also had available 
£150m of standby commitments to subscribe for redeemable shares. It should be
noted that, if called, £100.5m of the proceeds from a redeemable share issue
under the standby commitments would be needed to repay outstanding unsecured
subordinated loan notes in issue at 31st March 2011.

Based on exchange rates at 31st March 2011, PIP's total available liquid
financing capacity stood at £225m.

Standby Loan Notes

The Company has outstanding £100.5m of unsecured subordinated loan notes
maturing on 15th November 2011. These comprise the following:

  * £49.5m of Series A unsecured subordinated loan notes that were issued in
    December 2008.
   
  * £51.0m of Series B unsecured subordinated loan notes that were issued in
    September and October 2010.
   
Outstanding Commitments

PIP has made no new commitments in the quarter. Outstanding commitments to
investments, which are likely to be called over several years, stood at £256.8m
at 31st March 2011, calculated at exchange rates on that date.

Performance

The Company's Ordinary share price increased by 16.0% to 725.0p during the
quarter, whilst the Company's redeemable share price increased by 24.1% to
670.0p. Since 31st March 2011 the share price of the Ordinary shares has
increased to 763p and the share price of the Redeemable shares increased to
710p. The NAV per share increased by 7.6% during the quarter, to 1,052.4p.

Total Return Performance

                                1 Year   3 Years  5 Years   10 Years      Since
                                                                      Inception
                                                                               
                                     %    % p.a.   % p.a.     % p.a.     % p.a.
                                                                               
NAV per share                     13.0     (1.3)     5.6         5.4       11.6
                                                                               
Ordinary share price              34.5     (5.1)    (1.8)        3.0       10.3
                                                                               
MSCI World (Sterling) Total        7.8      7.7      4.3         3.4        6.7
Return                                                                         
                                                                               
FTSE All-Share Index Total         8.7      5.4      3.7         4.7        8.0
Return                                                                         

PIP was launched on 18th September 1987. £1,000 invested at inception, assuming
reinvestment of dividends and capital repayments, would have been worth
approximately £10,095 at 31st March 2011.


General Information

                                       31/03/2011     31/12/2010         Change
                                                                               
NAV per share                           1,052.4p         978.5p           7.6% 
                                                                               
Ordinary share price                      725.0p         625.0p          16.0% 
                                                                               
Redeemable share price                    670.0p         540.0p          24.1% 
                                                                               
Net Assets                                £698.7m        £649.6m          7.6% 
                                                                               
Outstanding commitments                   £256.8m        £275.8m         (6.9%)

Other than as described above the Board is not aware of any events during the
period from 31st March 2011 to the date of this statement which would have a
material impact on the financial position of the Company.

Tom Bartlam

Chairman

17th May 2011

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.

Ends

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

Andrew Lebus or Alexis Barling

Pantheon

Tel: [phone]

Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of this announcement.