Portfolio Update

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

In accordance with UKLA Listing Rule 15.4.11(2), the following list represents
the Company's 10 largest investments as at 30th September 2006 and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

Name of company                                 Class of share             
                                                                           
Bowman Partners*                                Unquoted Fund              
                                                                           
Klee USA Fund I                                 Unquoted Fund              
                                                                           
ABS IV                                          Unquoted Fund              
                                                                           
Industri Kapital 2000 Fund                      Unquoted Fund              
                                                                           
Klee Europe Fund II                             Unquoted Fund              
                                                                           
Silver Cup Partners L.P                         Unquoted Fund              
                                                                           
BC European Capital VII                         Unquoted Fund              
                                                                           
Pantheon Asia Fund III                          Unquoted Fund              
                                                                           
Klee Europe Fund I                              Unquoted Fund              
                                                                           
Win 4 Holdings LLC                              Unquoted Fund              

*Holding greater than 5% of the company's gross assets.