Acquisition of Secondary Portfolio

For immediate release 28th October 2004

 PANTHEON INTERNATIONAL PARTICIPATIONS PLC TO ACQUIRE SUBSTANTIAL PORTFOLIO OF 
                            US SECONDARY INTERESTS                             

The Board of Pantheon International Participations PLC (PIP) is pleased to
announce that it has exchanged contracts to purchase secondary interests in a
substantial portfolio of private equity fund investments.

The transaction involves interests in more than 20 private equity funds.
Approximately 90% of the portfolio is focused on the USA, with global funds
comprising the majority of the balance.

PIP will acquire its share of this portfolio alongside other Pantheon clients
including the $909 million Pantheon Global Secondary Fund II, with which PIP
has co-investment arrangements in place. PIP's share of the transaction
consideration, including its proportionate share of outstanding commitments to
the funds in which interests are being acquired, will be approximately £39
million.

The transfer of the individual funds will commence during the fourth quarter of
2004 and, subject to necessary consents being obtained, is expected to complete
by the end of the first quarter of 2005.

PIP has extended its loan facility from The Royal Bank of Scotland to £80
million to ensure adequate financing over the coming period.

Tom Bartlam, Chairman of PIP, said:

'We are delighted with this transaction, which will add interests in a
substantial portfolio of high quality funds, most of them focused on buyouts,
to PIP's existing private equity assets.'

                                   - Ends -                                    

Cont'd.

For more information:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Alastair Bruce / Andrew Lebus

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 300 private equity funds.
   
  * 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 £4.3 billion under management at 30 June 2004.
   
  * 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.