Reduction of Unfunded Commitments

PANTHEON INTERNATIONAL PARTICIPATIONS PLC REDUCES UNFUNDED COMMITMENTS

The Board of Pantheon International Participations PLC (`PIP'), the quoted
private equity fund-of-funds investment trust, today announced that in order to
manage both the profile of its existing investments and the level of
outstanding commitments, it has entered into various agreements with
institutional investors pursuant to which a number of PIP's fund interests will
be sold, the effect of which will be to reduce PIP's unfunded commitments by £
154 million from £687 million (as at 31 March 2009) to £533 million. The agreements
are conditional upon reciept of consents for the transfer of the relevant fund 
interests and other closing conditions that are customary for deals of their 
respective sizes.

The Company estimates that the impact of the disposals will be to reduce the
net asset value per share as at 31st March 2009 by approximately 102p. The
effect would have been similar on the NAV per share as at 31 December 2008
which was 1126.3p.

The Company is in the process of pursuing a number of additional transactions
intended to ensure, once completed, that PIP will be in a position to fund all
its remaining commitments for the foreseeable future.

The Board will make a further announcement later this week to update
shareholders as to its liquidity and borrowings, as well as the Company's net
asset value as at 31 March 2009 and to provide further detail on the
above-mentioned disposals.

                                     Ends                                      

NOTES

PIP

Pantheon International Participations PLC (`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's assets represent approximately 9%
of the total assets managed by Pantheon Ventures. 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 over £16 billion
under management (as at 31 December 2008), investments in some 1,000 private
equity funds in over 30 countries and offices in London, San Francisco, New
York and Hong Kong. Pantheon is part of Russell Investments.


                      For more information please contact:
                          Andrew Lebus 020 7484 6200