Net Asset Value(s)

5th May 2010

                  PANTHEON INTERNATIONAL PARTICIPATIONS PLC

                      NET ASSET VALUE AT 31st MARCH 2010                       

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 931.0p at
31st March 2010 (844.6p at 31st December 2009). This represents an increase of
10.2% per share.

The unaudited net assets attributable to ordinary shareholders and redeemable
shareholders increased by £57.3m in the quarter from £560.8m to £618.1m.
Reported valuation uplifts accounted for £29 million of gains while exchange
rate uplifts accounted for £31 million of gains. Interest and net expenses
totalled approximately £3m.

Cash Balance and Remaining Facilities

As at 31st March 2010, PIP had cash balances totalling £8.4m.

In addition at 31st March 2010, $55.9m of its $117.4m available US dollar bank
loan facility remained undrawn and €41.2m of its €85.9m available euro bank
loan facility remained undrawn as well as £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 outstanding loan notes.

Based on exchange rates at 31st March 2010, PIP's total available financing
capacity stood at £182.5m.

Loans

At 31st March 2010, $61.5m was drawn down under PIP's US dollar denominated
loan facilities and €44.7m was drawn down under PIP's euro denominated loan
facilities. In addition, the Company has outstanding £49.5m of unsecured
subordinated loan notes.

Calls and Distributions

During the quarter ended 31st March 2010 PIP received distributions from
private equity assets of £19.8 million. PIP invested £9.9 million in private
equity assets.

Outstanding Commitments

PIP has made no new commitments to new investments. Outstanding commitments to
investments, which are likely to be called over several years, stood at £356.3m
at 31st March 2010 calculated using exchange rates as at that date.

Foreign Exchange Exposure

At 31st March 2010, the value of the private equity investment assets stood at
£745.6m. Of the private equity investment assets at PIP's holding level 73%
were represented by funds reporting values denominated in US dollars, 21%
denominated in euros, 5% denominated in sterling and 1% denominated in other
currencies. Of the 73% of investment assets denominated in US dollars,
approximately 4% are invested in funds investing mainly in Europe and
approximately 10% 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.

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 2010, the majority of valuations (accounting for
circa 93% by value) are dated 31st December 2009. 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 ('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 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 £14 billion under
management (as at 31st December 2009), investments in over 500 private equity
funds in over 30 countries and offices in London, San Francisco, New York and
Hong Kong.



For more information please contact:

Andrew Lebus 020 7484 6200