Acquisition

For immediate release 18th August 2006

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   
            TO ACQUIRE SHARE OF VENTURE CAPITAL FUND PORTFOLIO FROM            
                                 CDB WEB TECH                                  

The Board of Pantheon International Participations PLC (PIP) is pleased to
announce that an acquisition vehicle in which PIP has an interest and which is
managed by PIP's manager, Pantheon Ventures Limited, has executed an agreement
to purchase Cdb Web Tech S.p.A's entire interest in Cdb Web Tech International
LP and Cdb Private Equity LP.

Together the two limited partnerships being purchased own interests in
approximately 90 venture capital funds and 8 direct investments. Approximately
72% of the portfolio to be acquired is focused on the USA with the remainder in
Europe, Israel and Asia.

PIP's share of the transaction consideration will be approximately £61.8
million. Of this amount, £22.1m will be paid on completion and £14.7m will be
deferred until December 2007. The remaining £25.0m relates to outstanding
commitments.

Subject to satisfaction of certain conditions precedent, the transaction is
expected to close by the end of October 2006.

Tom Bartlam, Chairman of PIP, said:

"We are delighted with this transaction, which will add diversified, high
quality venture assets to PIP's existing portfolio."

Andrew Lebus, Managing Director of Pantheon Ventures, said:

"We are acquiring interests in two limited partnerships which together own a
mature and very high quality global venture capital portfolio. We believe that
at this stage of the investment cycle portfolios of venture funds can represent
attractive investments. Since June 2005 PIP has committed over £150m in
acquiring secondary interests in private equity funds."

NOTES

PIP

Pantheon International Participations (`PIP') is a London quoted investment
trust, managed by Pantheon Ventures Ltd., one of the longest-established
international private equity fund-of-funds, investing in both primary funds and
secondary transactions. With investments in over 300 private equity funds,
covering late stage buyouts to early stage technology, 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. PIP 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. www.pipplc.com

Pantheon Ventures Ltd.

Pantheon has been active in private equity since 1982 and is one of the world's
leading private equity fund-of-funds managers, with £6.6 billion under
management (as at 31 December 2005), investments in some 500 private equity
funds in over 30 countries and offices in London, San Francisco, Hong Kong and
Brussels. Pantheon is part of the Russell Investment Group.

For more information please contact:

Andrew Lebus 020 7484 6200