Issue of Loan Notes

11th December 2008

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

                              ISSUE OF LOAN NOTES                              

The Board of Pantheon International Participations PLC (`PIP'), the quoted
private equity fund-of-funds, today announced that agreements have been entered
into with institutional investors to subscribe for up to £49.5m in aggregate
for unsecured subordinated loan notes (the "Notes").

Under these agreements, the Notes are to be subscribed in cash on 18 December
2008 and, if not repaid earlier, will have a maturity date of 15 November 2010.
The Notes will pay a rate of interest equal to LIBOR plus 1.5% p.a.

The agreements have been entered into with all of the institutional investors
who have previously entered into "standby" commitments to subscribe, if called
upon by the Company to do so, for redeemable shares. In the event of a drawdown
by the Company under a "standby" commitment from an institutional investor who
is a Noteholder, the Company shall repay an equivalent amount on the Notes held
by such investor (or such lesser amount as is outstanding).

Having reviewed PIP's existing investment commitments and, in relation thereto,
the Company's requirement for additional cash facilities, the Board believes
that these short-term loan arrangements provide the most appropriate method of
obtaining the necessary cash financing in current market conditions.

                                     Ends                                      

NOTES

PIP

Pantheon International Participations (`PIP') is a London quoted investment
trust, managed by Pantheon Ventures Ltd., one of the longest-established
international private equity fund-of-funds managers, investing in both primary
funds and secondary transactions. With investments in private equity funds,
covering late stage buyouts to early stage technology, 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. PIP 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 unquoted companies where there is a private
equity manager well known to the Company investing on substantially the same
terms. www.pipplc.com

Pantheon Ventures Ltd.

Pantheon has been active in private equity since 1982 and is now one of the
world's leading private equity fund-of-funds managers, with £12.3 billion under
management (as at 30 June 2008), investments in over 500 private equity funds
in over 30 countries and offices in London, San Francisco, New York, Hong Kong
and Brussels. Pantheon is part of Russell Investments.

.

For more information please contact:

                  Andrew Lebus / Alastair Bruce 020 7484 6200