Interim Results - 6 Months to 31 December 1999

Pantheon Intl Participations PLC
7 March 2000


The Board of Pantheon International Participations PLC (PIP)
today announces the unaudited results for the six months to 31
December 1999.

The key highlights are:

*  Net  assets have increased by 13.6% from £145.8 million  to
 £165.6 million

* The fully diluted return per share was 56.17p (compared with
 13.40p for the six months to 31 December 1998)

*  On 6 December 1999, the Company purchased a portfolio of 18
 private equity funds for a price of £20.7 million

*  On  17 December, the Company announced its intention to put
 proposals  to  shareholders  for the  reorganisation  of  its
 share capital

Lionel Stopford Sackville, Chairman of PIP, commented:

'This  is an exciting period for the Company, which is  poised
to  adopt  a more efficient capital structure at a  time  when
private  equity  returns  and opportunities  have  never  been
greater.  The proposed changes are innovative and will put the
Company  in a unique position to grow and offer all  types  of
investors  private equity investment opportunities  through  a
quoted vehicle.'


For further information, please contact:

Rhoddy Swire, Director
Pantheon International Participations PLC    020 7484 6200

Vanessa Anderson/Elizabeth Ware
Ludgate Communications                       020 7253 2252
                                                              

NOTES TO EDITORS

PIP

*Pantheon  International  Participations  ('PIP')  is  a  £165
 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 130 private equity funds  whose
 portfolios contain investments in over 1,200 companies.

*The  Company is the only independent, private equity  capital
 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 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.   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  Ventures Ltd. has been active in the  private
 equity  sector  since 1982 and currently  manages  over  £2.5
 billion,  invested in over 450 private equity funds  in  over
 30 countries.


CHAIRMAN'S STATEMENT (in full)

Results and Valuation

I  am  pleased  to report that the net assets of  the  Company
increased by 13.6%, from £145.8 million to £165.6 million,  in
the  six  months  to 31 December 1999.  The total  return  per
share for the period was 56.17p, compared with 13.40p for  the
six months to 31 December 1998.

It  is important to note that the Company's policy is to value
private  equity  funds  using  the  most  up-to-date  accounts
available, which for the latest valuation were mostly dated 30
September  1999.  Some of the funds contain shares  that  were
quoted on that date and were valued at an appropriate discount
to  the  quoted  price on 30 September 1999.   Many  of  these
shares,  particularly  those related  to  technology  and  the
Internet,  have  risen in price between 30  September  and  31
December  1999.  However it is impossible for the  Company  to
include these shares at this more recent price because some of
them may have been sold by the fund managers.  The Manager has
estimated  that  the valuation might increase  by  between  £5
million and £10 million if all quoted stocks held within funds
at  30 September 1999 were included at an appropriate discount
to the market price at 31 December 1999.

It  should  be  pointed  out that these  uplifts  only  become
realised  by  the  Company when the shares are  sold  and  the
proceeds  are  distributed,  and  that  the  level  of   price
volatility for these shares is very high.

Activity in the Period

The  six months to 31 December 1999 has been dominated by  two
events: the completion of the purchase of a major portfolio of
secondary interests; and the announcement by the company of  a
reorganisation,  including  the  return  of  excess  cash   to
shareholders and the raising of further, more flexible capital
to replace it.

On  6  December 1999 the Company purchased a portfolio  of  18
private  equity funds for a price of £20.7 million,  including
outstanding  commitments of £3.5 million.   These  investments
are  predominantly in US funds.  The largest  fund  investment
was  an  interest in DLJ Merchant Banking II, which now  forms
the Company's largest investment.

The  Company  also made a number of other secondary  purchases
and  commitments  to  new funds, bringing  investment  in  the
period  to  a total of £33.1 million.  The new funds  included
Enterprise  Partners V, Industri Kapital  Fund  2000,  Telecom
Partners  III, Worldview Technology Partners III  and  Polaris
Venture  partners III.  However the high rate of distributions
continued, so that net investment cash outflow was only  £10.0
million.

Share Capital Reorganisation

On  17  December  the Company announced its intention  to  put
proposals to shareholders for the reorganisation of its  share
capital.   These proposals are aimed at reducing the level  of
cash  that the Company is holding on its balance sheet  whilst
allowing  it to increase the size of its investment programme.
A  copy  of  the press release is attached.  I am  pleased  to
report  that  the proposals have been well received.   Further
details  of  the  scheme will be sent to  shareholders  during
February,  prior  to  seeking Court and shareholder  approval.
The  Directors believe that the scheme is in the  interest  of
all shareholders.

Outlook

This is an exciting period for the Company, which is poised to
adopt  a  more  efficient capital structure  at  a  time  when
private  equity  returns  and opportunities  have  never  been
greater.  The proposed changes are innovative and will put the
Company  in a unique position to grow and offer all  types  of
investors  private equity investment opportunities  through  a
quoted vehicle.

17 December 1999
PROPOSAL TO REORGANISE SHARE CAPITAL

Pantheon   International   Participations   PLC   (PIP),   the
specialist  investment  vehicle  for  private  equity   funds,
announces  its intention to put proposals to shareholders  for
the reorganisation of its share capital.


Cash efficiency

PIP   has  achieved  a  return  on  shareholders'  assets   of
approximately   15%   per   annum  since   launch   in   1987,
outperforming  the  FTSE  All-Share  Index  over  the  period.
However, its performance has been affected by having to hold a
significant  amount  of  cash on its  balance  sheet  to  fund
outstanding  commitments.  The Manager estimates that  in  the
absence  of  this  'cash  drag'  the  net  asset  value  (NAV)
performance of PIP would have been around 20% per annum.

PIP  and  its  adviser, Collins Stewart, are now proposing  an
innovative  structure to enable it to maintain its  commitment
to  private equity investment whilst substantially eliminating
this 'cash drag'.

Surplus cash returned to shareholders

The  Company proposes to return to shareholders the uninvested
cash  at  the time of the reorganisation.  This cash  will  be
repaid  by means of a cancellation of shares at a discount  of
not  more  than  5  percent to the NAV  at  the  time  of  the
reorganisation.

Participating Loan Notes

Under  the  proposals,  a proportion of the  Company's  issued
share  capital will be converted into participating loan notes
(PLNs).  It is expected that PLNs will represent approximately
£30  million  of the net assets of PIP after conversion.   The
value  of the PLNs will track the NAV per share of the Company
while  in  issue  and will mirror any dividends  paid  on  the
ordinary  shares.  PLNs  will be redeemed  at  a  discount  no
greater than 1% to the prevailing NAV and further PLNs will be
issued at the prevailing NAV.

The Directors will seek permission for the listing of the PLNs
on  the  London  Stock Exchange, which together  with  regular
redemptions,  will  provide greater liquidity  for  investors.
Court approval will be required for this reorganisation.

Further investment

Undertakings to subscribe for further PLNs in the future  will
be sought as a means of ensuring that at all times the Company
always  has  access  to  cash resources  to  fund  its  future
investment programme efficiently.  The Board is now  satisfied
that  certain  institutions will subscribe for  a  substantial
amount of further PLNs.

Cash  received in the future by the Company from its  invested
portfolio  will  be  used to fund further  investments  or  to
redeem PLNs.

Future prospects

The  Directors of PIP anticipate that this flexible  structure
will  not  only enhance the growth prospects of  the  ordinary
shares,  but  should  allow  PIP to  grow  in  line  with  the
increasing  demand for private equity.  PIP will  continue  to
provide  access to private equity markets for individuals  and
institutions through both the ordinary shares and the PLNs.

Lionel  Stopford Sackville, Chairman of PIP, said,  'When  PIP
was  formed in 1987 it was the first of its kind.  With  these
innovations  the  Company  will remain  at  the  forefront  of
private  equity investing.  The new structure will enable  PIP
to expand its activities, both by subscribing to new funds and
by selectively acquiring secondary interests.'

Rhoddy  Swire,  Chairman  of  the Manager,  Pantheon  Ventures
Limited, said, 'The proposed structure provides investors with
all the advantages of a quotation combined with the efficiency
of a private equity fund vehicle.'



PANTHEON INTERNATIONAL PARTICIPATIONS PLC
Summarised statement of Total Return of the Company(unaudited)
(incorporating the revenue account*)

                                      1999
                         Revenue      Capital         Total
                          £'000s       £'000s        £'000s
Gains on                       -       19,375        19,375
investments
Currency                                                   
(losses)/gains on                                          
capital items                  -        (258)         (258)
                                                           
Income                                                     
Dividend and bond                                          
interest                   2,498            -         2,498
Other income                  52            -            52
Investment                                                 
management fee           (1,107)            -        (1,107)
Other expenses             (502)            -          (502)
                                                           
Return on ordinary                                         
activities before                                          
tax                         941        19,117        20,058
Tax on ordinary                                            
activities                 (270)            -          (270)
                                                           
Return on ordinary                                         
activities                                                 
after tax for the                                          
period                                                     
attributable to                                            
equity shareholders          671       19,117        19,788
                                                           
                                                           
                                                           
Return per ordinary                                        
share**
- Basic                    1.98p       56.33p        58.31p
- Diluted                  1.90p       54.27p        56.17p
                                                           

                                      1998
                         Revenue      Capital         Total
                          £'000s       £'000s        £'000s
Gains on                                                   
investments                    -        4,168         4,168
Currency                                                   
(losses)/gains on                                          
capital items                  -           17            17
                                                           
Income                                                     
Dividend and bond                                          
interest                   1,807            -         1,807
Other income                  35            -            35
Investment                                                 
management fee              (984)           -         (984)
Other expenses              (453)           -         (453)
                                                           
Return on ordinary                                         
activities before                                          
tax                          405        4,185         4,590
Tax on ordinary                                            
activities                     -            -             -
                                                           
Return on ordinary                                         
activities                                                 
after tax for the                                          
period                                                     
attributable to                                            
equity shareholders          405        4,185         4,590
                                                           
                                                           
                                                           
Return per ordinary                                        
share**
- Basic                    1.19p       12.33p        13.52p
- Diluted                  1.18p       12.22p        13.40p
                                                           


* The revenue column of this statement is the profit and loss
  account of the Company.

**The  accounts have been prepared using accounting  standards
  and  policies adopted at the year end with the exception  of
  income,  which  has been calculated in accordance  with  the
  recently issued Financial Reporting Standard No 16:  Current
  Tax.   The  comparatives have been restated to reflect  this
  change.



PANTHEON INTERNATIONAL PARTICIPATIONS PLC
Summarised Balance Sheet of the Company (unaudited)

                           As at 31      As at 30      As at 31
                           Dec 1999     June 1999      Dec 1998
                             £'000s        £'000s        £'000s
                                                               
Investments                 152,191       140,696       130,730
Net current assets           13,396         5,093         5,182
                                                               
Total net assets                                               
attributable to                                                
ordinary shareholders       165,587       145,789       135,912
Net revenue for the                                            
period                        (671)             -         (405)
                                                               
Total net asset for the                                        
purposes of calculating                                        
the net assets per                                             
ordinary share              164,916       145,789       135,507
                                                               
Number of ordinary                                             
shares in issue          33,940,276    33,936,363    33,936,363
Number of warrants in                                          
issue*                    5,238,632     5,242,545     5,242,545
                                                               
Net asset value per                                            
share
- Basic                      485.9p        429.6p        399.3p
- Fully diluted              454.4p        405.6p        379.3p




PANTHEON INTERNATIONAL PARTICIPATIONS PLC
Summarised statement of Cashflow (unaudited)

                                         As at 31      As at 31
                                         December      December
                                             1999          1998
                                           £'000s        £'000s
                                                               
Net cash inflow from operating                                 
activities                                  1,855            39
                                                               
Capital expenditure and financial                              
investment
Calls and purchases of investments        (79,186)      (38,725)
Distributions and sales of                                     
investments                                81,370        39,993
Exchange losses on settlement                 (25)         (137)
                                                                
Net cash inflow from capital                                   
expenditure and financial investment        2,159         1,131
                                                               
Financing                                                      
Proceeds of warrant conversion                 10             -
                                                               
Net cash inflow from financing                 10             -
                                                               
Equity dividends paid                           -         (679)
                                                               
Increase in cash                            3,345         1,170
                                                               

The  above financial information does not constitute statutory
accounts as defined in Section 240 of the Companies Act  1985.
The comparative financial information for the year end 30 June
1999  are  taken  from  the  full  accounts  which  have  been
delivered  to  the  Registrar of Companies  and  contained  an
unqualified audit report.



Signed on behalf of the Board

L.G. Stopford Sackville
Chairman
6 March 2000