Statement re Secondary Transactions

For immediate release 5 July 2002

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   

                            Secondary Transactions                             

The Board of Pantheon International Participations PLC (PIP) is pleased to
announce that it has signed agreements for the purchase of two portfolios of
secondary interests. These comprise a total of 38 fund interests, predominantly
in US and European buyout funds.

Completion of the purchase of each interest is conditional on obtaining
transfer consents and, in the case of certain of the interests, upon the
completion of due diligence. The total purchase price for these interests is in
the region of £60 million (representing a discount to net asset value), and is
subject to adjustment for recent cash flows between the fund and the vendors.

PIP is purchasing these portfolios alongside the Pantheon Global Secondary
Fund.

For more information:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Richard Bowley, Alastair Bruce

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 250 private equity funds whose portfolios
    contain investments in over 2,700 companies.
   
  * The Company is the leading independent 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, 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 Ventures Limited

  * Pantheon has been active in the private equity sector since 1982.
   
  * Pantheon is the leading private equity fund-of-funds manager in Europe and
    currently manages over £3.8 billion.
   
  * Pantheon manages investments in 485 private equity funds in over 30
    countries.
   
  * Pantheon has 60 staff, based at offices in London, San Francisco, Hong Kong
    and Brussels.