Interim Management Statement

6th November 2014

                   Pantheon International Participations PLC                   
        Interim Management Statement (Unaudited) for the Quarter Ended         
                              30th September 2014                              

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1st July 2014 to 30th
September 2014. This constitutes the Company's first interim management
statement in the financial year ending 30th June 2015, 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 30th September
2014 on 24th October 2014. This interim management statement summarises the
information as at 30th September 2014 and any further developments up to 5th
November 2014.


Investment Objective

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


General Information

                                       30/09/2014     30/06/2014        Change 
                                                                               
NAV per share                             1,470.6p       1,364.2p          7.8%
                                                                               
Ordinary share price                      1,195.0p       1,150.0p          3.9%
                                                                               
Redeemable share price                    1,090.0p       1,070.0p          1.9%
                                                                               
Net asset value                              £969m          £902m          7.4%
                                                                               
Outstanding commitments                      £214m          £176m         21.6%


Performance

The NAV per share at 30th September 2014 was 1,470.6p, representing an increase
of 106.4p, or 7.8%, relative to the NAV per share at 30th June 2014.

Portfolio gains added 55.1p per share in the quarter. Investment income
increased the NAV per share by 8.0p. Favourable currency movements increased
NAV per share by 47.6p but expenses and taxes reduced it by 5.1p. Share
buybacks resulted in an uplift to NAV per share of 0.8p.

The Company's ordinary share price increased during the quarter by 3.9% to
1,195.0p, whilst the price of its redeemable shares increased by 1.9% to
1,090.0p at 30th September 2014. Subsequent to the quarter end, up until the
market close on 4th November 2014, the share price of the ordinary shares
increased to 1,202.0p and the redeemable share price increased to 1,128p.


Portfolio Cash Flow

PIP's portfolio generated positive net cash of £53.1m in the quarter before the
cost of new commitments. Distributions amounted to £62.0m and calls from
existing commitments totalled £8.9m.

Distributions in the quarter included:

  * £2.5m in relation to the sale of business software provider Visma AS with £1.6m 
    from KKR & Co. and £0.9m from HgCapital.
   
  * £2.3m from Brentwood Associates following the partial sale of its
    investment in fast-casual restaurant chain, Zoë's Kitchen.
   
  * £2.1m from EQT Partners, mainly relating to the sale of Taiwanese cable TV
    channel operator, Gala TV.
   
  * £1.8m from Thomas H. Lee Partners following the sale of Acosta, a sales and
    marketing agency, which realised a multiple of 3.4x.
   
  * £1.8m from Mercapital in relation to the sale of facility management
    company, Clece, at a multiple of 1.7x.
   
  * £1.7m from Bencis following the sale of SPG Prints BV, a manufacturer of
    printing systems for graphics and textiles, to Investcorp.
   
  * £1.5m from Genstar Capital in relation to the sale of healthcare software
    and payments solution provider, Evolution1, which realised a 2.5x return on
    invested capital.
   
  * £1.4m from Clessidra Capital Partners, mainly relating to the sale of Camfin, 
    the majority owner of tyre manufacturer Pirelli, at a cost multiple of 
    approximately 1.8x.
   

New Commitments

PIP invested a total of £87.4m in new commitments in the quarter, which
consisted of the following:

  * Three secondary investments totalling £40.6m in five European buyout funds
    that were, on average, 80% funded.
   
  * Three primary commitments in US buyout funds: £9.9m in Hellman & Friedman
    Capital Partners VIII, £6.0m in ABRY Partners VIII and £5.5m in Wasserstein
    Partners III (made alongside co-investment in ALM Media listed below).
   
  * Two primary commitments in European buyout funds: £9.3m in Altor Fund IV
    and £7.5m in ECI 10.
   
  * Four co-investments totalling £8.6m, that include a £4.2m investment
    alongside Wasserstein & Co. in ALM Media, a global leader in specialised
    business news and information.
   
Since the quarter-end, PIP has completed a £5.7m primary commitment to a
Pan-Asian growth capital and buyout fund and a £1.4m secondary investment in a
Latin American buyout fund.

For its new private equity investments, the Company will continue to emphasise
secondary transactions, supplemented with co-investments alongside leading
private equity managers selected by Pantheon. The Company will also look to
make primary commitments on a targeted basis for portfolio construction
purposes.

The pipeline of investment activity is likely to lead to the completion of
further transactions in the coming quarter.


Share Buybacks

During the quarter, PIP bought back for cancellation 100,000 ordinary shares at
a price of 1,144.0p per share (16% discount to NAV per share at 30th June
2014), and 100,000 redeemable shares at a price of 1,055p per share (23% discount 
to NAV per share at 30th June 2014).

From August 2011, when the Company started buying back shares, up to 30th
September 2014, it has acquired, for investment purposes, approximately 12.7%
of its outstanding shares.

After the quarter end, PIP bought back for cancellation 25,000 ordinary shares
at a price of 1,190.0p (13% discount to NAV per share at 30th June 2014) and
100,000 redeemable shares at a price of 1,097p (20% discount to NAV per share
at 30th June 2014).

The Board expects the Company's mature portfolio to remain cash generative. In
certain circumstances, usually where the Company's shares are quoted at a
significant discount to NAV, the Board may view the shares as presenting an
attractive investment opportunity relative to other uses of cash, such as new
investment commitments. In such circumstances, the Board will consider
targeted buybacks of ordinary and redeemable shares instead of, or in addition
to, new investments as a means of utilising cash generated from the Company's
portfolio.


Cash Balance and Remaining Facilities

As at 30th September 2014, PIP had cash balances equivalent to a total of
approximately £96m.

In addition, the Company's multi-currency revolving credit facility agreement
("the Bank Loan Facility"), comprising an $82m US dollar facility and a €57m
euro facility, was completely undrawn. The Board expects to renew the credit
facility before its expiry in June 2015.

Based on exchange rates at 30th September 2014, PIP's total available liquid
financing capacity, comprising its cash and bank facility, stood at £191m.


Undrawn Commitments

Undrawn commitments to investments stood at £214m at 30th September 2014,
calculated using exchange rates at that date. Drawdowns of undrawn commitments
typically occur over a period of several years.

Historical Total Return Performance to 30th September 2014¹

                                                                            Since
                                1 Year   3 Years   5 Years   10 Years   Inception
                                     %    % p.a.    % p.a.     % p.a.      % p.a.
                                                                               
NAV per share                    14.6%      8.5%     12.2%       9.6%       11.4%
                                                                               
Ordinary share price             13.1%     24.9%     24.8%       8.7%       11.1%
                                                                               
FTSE All-Share Total Return       6.1%     13.9%      9.7%       8.2%        8.0%
                                                                               
MSCI World (sterling) Total      12.7%     17.2%     11.2%       8.9%        7.1%
Return                                                                         


¹PIP was launched on 18th September 1987. The performance figures for PIP
assume reinvestment of dividends, capital repayments and cash flow from
warrants.


Valuations

PIP's valuation policy for private equity funds is based on the latest accounts
produced by the managers of the funds in which PIP has holdings. In the case of
the valuation as at 30th September 2014, the majority of valuations (accounting
for circa 94% by value) are dated 30th June 2014. Private equity funds may
contain a proportion of quoted shares from time to time, for example where the
underlying company investments have been taken public but the holdings have not
yet been sold. The quoted market holdings at the date of the latest fund
accounts are reviewed and compared with the value of those holdings at the
period end. If there has been a material movement in the value of these
holdings, the valuation is adjusted to reflect this.


Foreign Exchange Exposure

At 30th September 2014, the value of the private equity investment assets stood
at £873m. Of the private equity investment assets at PIP's holding level, 74%
were represented by funds reporting values denominated in US dollars, 21%
denominated in euros, 4% denominated in sterling and 1% denominated in other
currencies. Of the 74% of investment assets denominated in US dollars,
approximately 4% (expressed as a proportion of PIP's total portfolio) are
invested in funds investing mainly in Europe and approximately 10% (expressed
as a proportion of PIP's total portfolio) in funds investing mainly in Asia. In
addition to the funds reporting values denominated in sterling, many of the
euro-denominated funds have investments in the UK.

Other than as described in the paragraphs above, the Board is not aware of any
events during the period from 30th September 2014 to the date of this statement
that would have a material impact on the financial position of the Company.


Tom Bartlam

Chairman
5th November 2014


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

Andrew Lebus or Alexis Barling
Pantheon
020 7484 6200

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.