Acquisition of Portfolio of Secondary Investments

PANTHEON INTERNATIONAL PARTICIPATIONS PLC
26 October 1999



PANTHEON INTERNATIONAL PARTICIPATIONS PLC  TO ACQUIRE
PORTFOLIO OF SECONDARY INVESTMENTS

Pantheon International Participations PLC (PIP), the
specialist investment vehicle for private equity funds,
announces today that it has exchanged contracts to acquire a
portfolio of secondary interests.  The portfolio comprises
holdings in 21 private equity funds, invested predominantly in
the USA and is valued at approximately £18 million, with £4
million of additional uncalled commitments.  Completion is
expected to take place within six weeks and is subject to fund
transfer requirements.

In a separate transaction, PIP has completed the acquisition
of a £2 million interest in an international private equity
fund specialising in technology investment.

The purchases are being financed from PIP's existing liquid
resources.

Rhoddy Swire, Chairman of Pantheon Ventures, commented:

'These acquisitions will continue PIP's strategy of investing
in mature private equity opportunities via the secondary
market, which historically has generated enhanced returns for
our shareholders.'


For further information, please contact:

Pantheon International Participations
0171 484 6200
Rhoddy Swire

Pantheon Ventures                                 
0171 484 6200
Richard Bowley

Ludgate Communications                            
0171 253 2252
Vanessa Anderson/Liz Ware



NOTES TO EDITORS

Pantheon International Participations PLC

*    Pantheon International Participations ('PIP') is a £145.8
  million investment trust, managed by Pantheon Ventures Ltd.,
  which uses an international fund of funds approach to private
  equity investment.

*    PIP has investments in over 170 private equity funds
  whose portfolios contain investments in over 1,500 companies.

*    The Company is currently the only independent, private
  equity capital fund of funds investor quoted on the London
  Stock Exchange.  It 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 as secondary
  interests and by subscribing to new funds.  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.  The Company'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 Ventures Ltd. has been active in the private
  equity sector since 1982 and currently manages approximately
  £2 billion, which is invested in over 350 private equity funds
  in over 30 countries.