Net Asset Value(s)

For immediate release 28 October 2005

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   

                    NET ASSET VALUE AS AT 30 SEPTEMBER 2005                    
                      AND REDEMPTION OF REDEEMABLE SHARES                      

Net asset value

The Board of Pantheon International Participations PLC (`PIP' or the `Company')
announces an unaudited net asset value per share and redemption value per
redeemable share of 716.71p as at 30 September 2005 (657.92p as at 30 June
2005).

The Company's valuation policy for private equity funds is to base the
valuation on the latest accounts produced by the fund managers of its fund
holdings. In the case of the valuation as at 30 September 2005, the majority of
these accounts are dated 30 June 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 considered the value of those holdings as at 30
September 2005.

The unaudited net assets attributable to ordinary shareholders and redeemable
shareholders as at 30 September 2005 stood at £415.6m (£381.5m as at 30 June
2005).

Of the unaudited net assets, £339.7m are private equity investment assets. The
investment assets at PIP's holding level were 69% denominated in US Dollars,
22% denominated in Euros, 8% denominated in Sterling with the balance of 1% in
other currencies. The remaining net assets of £75.9m are predominantly Sterling
denominated. Of the 69% of investment assets denominated in US Dollars,
approximately 5% are invested in funds focused in Europe and approximately 3%
on funds focused in Asia.

Redemption of redeemable shares

As stated previously, the Company intends to pursue a policy of periodically
allowing redemptions of the redeemable shares in its capital (the `Redeemable
Shares') at the prevailing net asset value per share, subject to having
sufficient distributable profits and net assets and sufficient available cash
resources for this purpose. In line with this policy, the Company announces
that it intends to redeem on 18 November 2005 up to 1,395,264 Redeemable Shares
at a price per Redeemable Share of 716.71 pence and having an aggregate value
at such price of up to approximately £10 million.

The Company therefore intends today to issue a circular to Redeemable Share
holders notifying them that they may tender for redemption all or any of their
holding of Redeemable Shares and informing them of the procedures for
redemption. If, on the redemption date, the number of Redeemable Shares which
have been validly tendered for redemption exceeds 1,395,264, the number of
Redeemable Shares which each Redeemable Share holder shall have redeemed will
be scaled back on the basis described in the circular. The full text of the
circular is available for inspection at the UKLA Document Viewing Facility, 25
The North Colonnade, Canary Wharf, London E14 5HS.

Primary Investment Programme

The board has also reviewed the primary investment programme and has decided to
increase the rate at which it will commit to the primary new fund programme
from

£300 million to £450 million over a three year period.

                                  ## Ends ###                                  

For more information:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Alastair Bruce / Andrew Lebus

www.pipplc.com [e-mail]

                               NOTES TO EDITORS                                

PIP

  * Pantheon International Participations (`PIP') is a London quoted investment
    trust, managed by Pantheon Ventures Ltd., which uses an international
    fund-of-funds approach to private equity investment.
   
  * PIP has investments in over 300 private equity fund investments.
   
  * The Company is the leading private equity fund-of-funds investor quoted on
    the London Stock Exchange. 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.
   
  * Within its stated primary investment objective, the Company invests in
    private equity funds both by subscribing to new funds and by acquiring
    secondary interests. As an adjunct to this activity, the Company 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.
   
Cont'd



Pantheon

  * Pantheon has been active in the private equity sector since 1982.
   
  * Pantheon is the leading private equity fund-of-funds manager in Europe and
    had £5.1 billion under management at 31 December 2004.
   
  * Pantheon manages investments in some 500 private equity funds in over 30
    countries.
   
  * Pantheon operates from offices in London, San Francisco, Hong Kong and
    Brussels.
   
  * Since early 2004, Pantheon has been part of Russell Investment Group, a
    global leader in multi-manager investing, becoming Russell's global private
    equity fund-of-funds business.