Net Asset Value(s)

For immediate release 31 January 2005

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   

                      NET ASSET VALUE AT 31 DECEMBER 2005                      

The Board of Pantheon International Participations PLC (`PIP'), the quoted
private equity fund-of-funds investment trust, today announced an unaudited net
asset value per share and redemption value per redeemable share of 768.94p at
31 December 2005 (716.71p at 30th September 2005). This is an increase of
52.23p, or 7.3%, per share from the 30 September 2005.

The unaudited net assets attributable to ordinary shareholders and redeemable
shareholders at 31 December 2005 stood at £435.1m (£415.6m at 30 September
2005).

Of the unaudited net assets, £360.8m are private equity investment assets. The
private equity investment assets at PIP's holding level were 69% denominated in
US Dollars, 24% denominated in Euros and 7% denominated in Sterling. The
remaining net assets of £74.3m are predominantly Sterling denominated. Of the
69% of investment assets denominated in US Dollars, approximately 5% are
invested in funds investing in Europe and approximately 3% on funds investing
in Asia. Many of the Euro denominated funds have investments in the UK.

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For more information please contact:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Alastair Bruce / Andrew Lebus

NOTES

PIP's valuation policy for private equity funds is based on the latest accounts
produced by the managers of the funds in which of PIP has holdings. In the case
of the valuation as at 31 December 2005, the majority of valuations are dated
30 September 2005. 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. PIP's Manager,
Pantheon Ventures Limited, has reviewed the quoted market holdings at the date
of the latest fund accounts and has included the value of those holdings as at
31 December 2005.

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, investing in both primary funds and
secondary transactions. With investments in over 300 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 companies where there is a private equity
manager well known to the Company investing on 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 £5.9 billion under
management (as at 30 June 2005), investments in some 500 private equity funds
in over 30 countries and offices in London, San Francisco, Hong Kong and
Brussels. In 2004, the firm became part of Russell Investment Group, a global
leader in multi-manager investment.