Interim Management Statement

For immediate release:

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

INTERIM MANAGEMENT STATEMENT (UNAUDITED)

FOR QUARTER ENDED 30 SEPTEMBER 2008

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1 July 2008 to 30 September
2008. This constitutes the Company's first interim management statement in the
financial year ending 30 June 2009, as required by the UK Listing Authority's
Disclosure and Transparency Rule 4.3.

The Company published an unaudited Net Asset Value ("NAV") as at 30 September
2008 on 31 October 2008*. This interim management statement summarises the
information as at 30 September 2008 and any further developments up to 19
November 2008.

Investment Objective

PIP's primary investment objective is to maximise capital growth

by investing in a diversified portfolio of private equity funds and,
occasionally, directly in private companies.

Gearing

A total amount equal to £116.8 million was drawn down under PIP's loan
facilities at 30 September 2008. In addition PIP also had an overdraft of £2.9
million at 30 September 2008.

Material Events and Transactions

During the quarter ended 30 September 2008 PIP received distributions from
private equity assets of £19.5 million. PIP invested £67.9 million in private
equity assets. PIP made commitments of £22.5 million during the quarter to 5
primary funds prior to the Company's suspension of its primary programme.

Performance*

The Ordinary share price decreased by 10.0% and the Redeemable share price
decreased by 12.4% during the quarter. Since 30 September the share price of
both the Ordinary and Redeemable shares has decreased further. The NAV per
share increased by 4.1% during the quarter.

Total Return Performance

                        1 Year  3 Years 5 Years 10 Years    Since    
                                                          Inception** 
                           %    % p.a.  % p.a.   % p.a.              
                                                            % p.a.   
                                                                     
NAV per share            17.0    17.2    15.3     12.6       14.5    
                                                                     
Ordinary Share Price    -17.2    -0.1     6.3     14.6       12.8    
                                                                     
MSCI World (Sterling)   -14.7     1.0     6.4      3.8        6.1     
Total Return                                                         
                                                                     
FTSE All-Share Index    -22.3     0.0     7.6      3.7        7.4     
Total Return                                                         

** PIP was launched on the 18th September 1987


General Information

                                     30/09/08        30/06/08        Change    
                                                                               
NAV Per Share                        1,153.8p        1,108.7p         4.1%     
                                                                               
Ordinary Share Price                  675.0p          750.0p        (10.0%)    
                                                                               
Redeemable Share Price                717.5p          819.5p        (12.4%)    
                                                                               
Total assets less current             £766.1m        £736.1m          4.1%     
liabilities                                                                    
                                                                               
Outstanding Commitments               £638.9m        £641.2m         (0.4%)    

Other than as described above the Board is not aware of any events during the
period from 1 July 2008 to the date of this statement which would have a
material impact on the financial position of the Company.

Tom Bartlam

Chairman

19 November 2008

The views information and data in this announcement should not be deemed as a
financial promotion or recommendation. Shareholders are advised that this
statement is unaudited.

For further information please visit PIP's website at

www.pipplc.com or contact:

Andrew Lebus

Pantheon Ventures Ltd

Tel: [phone]

* PIP's valuation policy for private equity funds is based on the latest
valuations produced by the managers of the funds in which PIP has holdings.
When accounting for the unquoted investments held within private equity funds,
fair value is determined by reference either to recent significant transactions
in the shares of the unquoted company or to the valuation of comparable
companies that are publicly quoted. Therefore under a fair value accounting
regime, there is a significant relationship between the level of prices of
publicly quoted companies and the fair value of comparable privately owned
companies.

In the case of the valuation as at 30 September 2008, the majority of
valuations (accounting for circa 94% by value) are dated 30 June 2008. In
periods of significant public market price volatility (such as has been seen
during the period since the 30 June during which quoted market prices have
fallen considerably) such effects would be apparent in reported private equity
valuations only when subsequent valuations are reported by the managers of the
private equity funds. Private equity funds may contain a proportion of quoted
shares from time to time, for example where the underlying company investments
have been taken public but the holdings have not yet been sold. The quoted
market holdings at the date of the latest fund accounts are reviewed and
compared with the value of those holdings at the year end. If there has been a
material movement in the value of these holdings, the valuation is adjusted to
reflect this.