Net Asset Value and Reduction of Commitments

29th May 2009

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

                      PIP REDUCES OUTSTANDING COMMITMENTS                      

                        ANNOUNCES NAV TO 31 MARCH 2009                         

The Board of Pantheon International Participations PLC (`PIP'), the quoted
private equity fund-of-funds investment trust, today announces a further
disposal of assets, following those announced on the 26th May, and its net
asset value at 31st March 2009.

Reduction of outstanding commitments through asset disposals

PIP, in common with many investors in private equity, runs a commitment
strategy whereby distributions from existing assets, over the course of a
cycle, contribute to the funding of new commitments. The outlook for
distributions from PIP's fund investments remains subdued in the current
economic and market environment and thus, as mentioned in its Half Yearly
Financial Report earlier this year, the Company has been exploring options to
increase its liquidity to ensure it is sufficient to meet commitments to
existing fund interests through 2010 and beyond.

On 26th May, PIP announced that it had entered into conditional agreements with
certain institutional investors to dispose of a number of fund interests
representing unfunded commitments (those not drawn down) totalling £154m. The
Board today announces an agreement to dispose of additional fund interests with
unfunded commitments of £52m, taking the total amount of unfunded commitments
represented by interests to be disposed of to £206m. These agreements are
conditional upon receipt of consents for the transfer of the relevant fund
interests and other closing conditions customary for deals of their respective
sizes.

The effect of the disposals announced on 26th May and today will be to reduce
PIP's unfunded commitments from £687 million as at 31st March 2009 to
approximately £481m. Before taking into account the provision explained below,
the fund interests being sold had, in aggregate, a net asset value as at 31st
March 2009 of £121m. On completion of the disposals, the Company expects to
receive proceeds of approximately £46m.

The completion of these transactions will reduce the level of outstanding
commitments to a level that the Company considers to be in line with its
financing capacity, given its view of liquidity prospects for the next few
years.  As such, PIP expects to be in a position to fund all its outstanding
commitments for the foreseeable future.

Provision and Net Asset Value

The unaudited net asset value per share and redemption value per redeemable
share is 954.7p at 31st March 2009, a decrease of 15.2% from 31st December 2008
(1126.3p).

The unaudited net assets attributable to ordinary shareholders and redeemable
shareholders declined by £114m in the quarter from £747.8m to £633.8m. Of the
decline of £114m approximately £10m was attributable to adverse currency
affects and £94m resulted from a provision for an estimated loss in relation to
all planned disposals, including those referred to above. The provision
reflects a revaluation of these assets based on an estimate of the difference
between expected proceeds and the net asset value of the assets to be disposed.
The balance is principally due to portfolio valuation movements and expenses.

Cash and borrowings

As at 30th April the Company had cash of £10.3m and borrowings of £169.5m
comprising £120m drawn down under its £150m bank loan facility (of which £30m
remains available to be drawn down) and loan notes outstanding of £49.5m.

In addition, the Company has £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 the outstanding loan notes.

As such, PIP's available financing capacity at 30th April was £141m.

Consideration receivable from the announced disposals will be adjusted to take
account of the calls and distributions between the agreed disposal date and the
completion date. Ignoring any such adjustments, the receipt of £46m of
proceeds, if applied to the cash position as at 30th April 2009, would result
in PIP's available financing capacity increasing to approximately £187m.

Portfolio

At 31st March 2009 the value of the private equity investment assets, after
accounting for the above provision, stood at £797.3m (£892.8m at 31st December
2008). Of the private equity investment assets at PIP's holding level adjusting
for the above provision, 72% were represented by funds reporting values
denominated in US dollars, 22% denominated in euro and 6% denominated in
sterling. Of the 72% of investment assets denominated in US Dollars,
approximately 3% are invested in funds investing mainly in Europe and
approximately 7% 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.

Following the disposals the Company will remain well diversified by geography,
stage and maturity with underlying investments in over 600 private equity funds
representing interests in over 4000 underlying companies.

Valuation policy

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 31st March 2009, the majority of valuations (accounting for
circa 95% by value) are dated 31st December 2008. 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 year
end. If there has been a material movement in the value of these holdings, the
valuation is adjusted to reflect this.

Ends

NOTES

PIP

Pantheon International Participations PLC (`PIP') is a London quoted investment
trust, managed by Pantheon Ventures Ltd., one of the longest-established
international private equity fund-of-funds manager, 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's assets represent approximately 9%
of the total assets managed by Pantheon Ventures. 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 over £16 billion
under management (as at 31 December 2008), investments in some 1,000 private
equity funds in over 30 countries and offices in London, San Francisco, New
York and Hong Kong. Pantheon is part of Russell Investments.

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For more information please contact:

Andrew Lebus 020 7484 6200