Net Asset Value(s)

13th February 2009

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

NET ASSET VALUE AT 31 DECEMBER 2008

The Board of Pantheon International Participations PLC ('PIP'), the quoted
private equity fund-of-funds investment trust, today announces an unaudited net
asset value per share and redemption value per redeemable share of 1126.3p at
31 December 2008 (1153.8p at 30 September 2008). This represents a decrease of
2.4% per share.

The underlying decline in valuation at -22.3% of opening investment assets was
largely offset by the positive contribution from currency movements. The
majority of PIP's investment assets are denominated in US Dollars and Euros.
Both the US Dollar and Euro increased in value against Sterling by 19% and 18%
respectively over the quarter. The valuation adjustments included a provision
of £141m against the valuation of the unquoted assets. This is explained more
fully below. The unaudited net assets attributable to ordinary shareholders and
redeemable shareholders at 31 December 2008 stood at £747.8m (£766.1m at 30
September 2008).

PIP's valuation policy for private equity funds is based on the latest
valuations produced by the managers of the funds in which PIP has holdings.
When accounting for the unquoted investments held within private equity funds,
fair value is determined by reference either to recent significant transactions
in the shares of the unquoted company or to the valuation of comparable
companies that are publicly quoted. Therefore under a fair value accounting
regime, there is a significant relationship between the level of prices of
publicly quoted companies and the fair value of comparable privately owned
companies. In the case of the valuation as at 31 December 2008, the majority of
valuations (accounting for circa 94% by value) are dated 30 September 2008. In
periods of significant public market price volatility (such as has been seen
during the period since the 30 September during which quoted market prices have
fallen considerably) the effects would be apparent in reported private equity
valuations only when subsequent valuations are reported by the managers of the
private equity funds. In view of this delay in reporting such material effects,
a provision against the valuation has been made to allow for the likely effect
of stock market movements in the period. This provision is based on relevant
stock market index movements taking account both of sector and region. The
outcome of this analysis was further supported by guidance provided by some of
PIP's underlying managers in respect of funds accounting for around 29% of
PIP's investment portfolio value.

The provision is an estimate and is likely to differ from the change in
valuations when they are reported by the underlying managers.

The extent and duration of the global downturn is still unclear, and even if
stock market indices do not deteriorate much further, it is possible that
declining profits and rising company failures could continue to adversely
affect valuations.

It should, however, be emphasised that these valuations are interim figures and
will not necessarily be the value at which the assets are realised. The nature
of private equity enables managers to work with their portfolio companies over
the long term and, importantly, to sell when the time is right. In these
difficult times, PIP's manager, Pantheon Ventures Ltd, continues to maintain a
close dialogue with the underlying fund managers to ensure that they focus on
preserving existing value, driving operational improvements and positioning
businesses for successful exit as and when conditions allow.

Investment assets, available financing and outstanding commitments

At 31 December 2008 the value of the private equity investment assets, after
taking into account the provision, stood at £892.8m (£895.5m at 30 September
2008). Of the private equity investment assets at PIP's holding level 67% were
represented by funds reporting values denominated in US Dollars, 27%
denominated in Euros and 6% denominated in Sterling. Of the 67% of investment
assets denominated in US Dollars, approximately 3% are invested in funds
investing mainly in Europe and approximately 6% 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.

As at 31st December 2008, PIP had £17.5m in cash. In addition at 31st December
2008, PIP had remaining £44m of its £150m available bank loan facility 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 outstanding loan notes.
As such, PIP's available financing capacity stood at £162m at 31st December
2008. PIP did not make any new commitments in the quarter to 31st December
2008. Outstanding commitments to investments, which are likely to be called
over a number of years, stood at £733m, an increase of £94m due to currency
movements.

During the quarter PIP received distributions of £43.1m and paid £39.8m to meet
investment calls. In the coming quarters it is likely that calls will exceed
distributions although drawdowns for making new investments in this economic
environment are likely to be significantly below historic levels for some time.
Accordingly, PIP's existing financing resources are expected to be sufficient
to cover expected call activity in the near term. PIP will closely monitor its
ability to finance its commitments in the longer term and will keep under
review all options, including disposal of certain fund interests.

The Interim Report is due to be published at the end of February.

                             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 £12.9 billion under
management (as at 30 September 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