Net Asset Value(s)

For immediate release 29 July 2005

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   

                          ASSET VALUE AT 30 JUNE 2005                          

The Board of Pantheon International Participations PLC (`PIP') announces an
unaudited net asset value per share and redemption value per redeemable share
of 657.92p at 30 June 2005 (618.95p at 31 March 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 PIP's fund
holdings. In the case of the valuation as at 30 June 2005 the majority of these
accounts are dated 31 March 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 at 30 June
2005.

The unaudited net assets attributable to ordinary shareholders and redeemable
shareholders at 30 June 2005 stood at £381.5m (£358.9m at 31 March 2005).

Of the unaudited net assets, £315.0m are investment assets. The investment
assets at PIP's holding level were 69% denominated in US Dollars, 21%
denominated in Euros, 9% denominated in Sterling with the balance of 1% in
other currencies. The remaining net assets of £66.5m are predominantly Sterling
denominated. Of the 69% of investment assets denominated in US Dollars,
approximately 6% are invested in funds focused in Europe and approximately 3%
in funds focused in Asia.

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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.
   
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.