Net Asset Value(s)

4th February 2010

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC

                     NET ASSET VALUE AT 31st DECEMBER 2009                     

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 844.6p at
31st December 2009 (826.5p at 30th September 2009). This represents an increase
of 2.2% per share.

The unaudited net assets attributable to ordinary shareholders and redeemable
shareholders increased by £12.1m in the quarter from £548.7m to £560.8m.
Valuation uplifts accounted for £25 million of gains. These uplifts were
partially offset by exchange rate losses of £10 million. Interest and net
expenses totalled approximately £3m.

Cash Balance and Remaining Facilities

As at 31st December 2009, PIP had cash balances totalling £45.8m.

In addition at 31st December 2009, £30m of its £150m available bank loan
facility remained undrawn and £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 stood at £176.3m at 31st December
2009.

Loans

A total amount equal to £120m was drawn down under PIP's loan facilities at
31st December 2009. In addition, the Company has outstanding £49.5m of
unsecured subordinated loan notes.

Calls and Distributions

During the quarter ended 31st December 2009 PIP received distributions from
private equity assets of £22.9 million. PIP invested £20.3 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 £358.7m
at 31st December 2009 calculated using exchange rates as at that date.

Foreign Exchange Exposure

At 31st December 2009, the value of the private equity investment assets stood
at £694.4m. Of the private equity investment assets at PIP's holding level 72%
were represented by funds reporting values denominated in US dollars, 22%
denominated in euros, 5% denominated in sterling and 1% denominated in yen. Of
the 72% of investment assets denominated in US dollars, approximately 4% are
invested in funds investing mainly in Europe and approximately 9% 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 December 2009, the majority of valuations (accounting
for circa 93% by value) are dated 30th September 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 30th September 2009), investments in over 500 private equity
funds in over 30 countries and offices in London, San Francisco, New York and
Hong Kong. Pantheon is part of Russell Investments.


For more information please contact:

              Andrew Lebus 020 7484 6200