Redemption of Redeemable Shares

For immediate release 5 May 2006

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   

                        REDEMPTION OF REDEEMABLE SHARES                        

Following the announcement on 27 April 2006 of the Company's net asset value as
at 31 March 2006 and in line with its policy of periodically allowing
redemptions of the redeemable shares in its capital (`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, the Company announces that it intends to redeem on 26 May
2006 (`Redemption Date') up to 1,246,727 Redeemable Shares at a price per
Redeemable Share of 802.1p pence, being the NAV per share at 31 March 2006, and
having an aggregate value at such price of up to approximately £10,000,000.

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 1,246,727, tenders shall be
subject to scaling 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.

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For more information please contact:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Alastair Bruce / Andrew Lebus

NOTES

PIP's valuation policy for private equity funds is based on the latest accounts
produced by the managers of the funds in which of PIP has holdings. In the case
of the valuation as at 31 March 2006, the majority of valuations are dated 31
December 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 included the value of those holdings as at
31 March 2006.

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, investing in both primary funds and
secondary transactions. With investments in over 300 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 £6.6 billion under
management (as at 31 December 2005), investments in some 500 private equity
funds in over 30 countries and offices in London, San Francisco, Hong Kong and
Brussels. In 2004, the firm became part of Russell Investment Group, a global
leader in multi-manager investment.