Renewal of financing

5 January 2006

                       PIP Renews £50 million Financing                        

The Board of Pantheon International Participations PLC (PIP) is pleased to
announce that it has entered into agreements with five institutional investors
under which the investors have committed to subscribe, when called upon by PIP
to do so, a total of £50 million for new Redeemable Shares. These agreements
took effect on 1 January 2006 and replace existing similar commitments from
certain institutional investors to subscribe a total of £50 million for new
Redeemable Shares that expired on 31st December 2005.

As a result of these replacement agreements being entered into, the total
aggregate amount which institutional investors have committed to subscribe for
new Redeemable Shares, when called upon by PIP to do so, remain s unchanged at
£100 million.

The investor commitments to subscribe a total of £50 million under these
replacement agreements are for a 5 year period expiring on 31 December 2010.
Under the terms of these commitments, Redeemable Shares subscribed for pursuant
to any call made by PIP will be subscribed for at a price per share equal to
the most recently calculated NAV per share as at the date of subscription.
During the commitment period, PIP will pay a commitment fee of 0.5% per annum
to the investors on the amount of the undrawn commitments.

The Board of PIP intends that the commitments will only be called once other
sources of funding available to PIP have been utilised.

The commitments do not constitute a right for the investors to subscribe for
Redeemable Shares and PIP's ability to call on the commitments is subject to
PIP retaining sufficient unutilised shareholder authority to allot the
Redeemable Shares which would be required to be issued.

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For more information:

Pantheon International Participations PLC

Rhoddy Swire 020 7484 6200

Pantheon Ventures

Alastair Bruce / Andrew Lebus 020 7484 6200

www.pipplc.com

                               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 £5.9 billion under management at 30 June 2005.
   
  * 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.