Interim Management Statement

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

INTERIM MANAGEMENT STATEMENT (UNAUDITED)

FOR THE QUARTER ENDED 31st MARCH 2009

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1st January 2009 to 31st March
2009. This constitutes the Company's second interim management statement in the
financial year ending 30th June 2009, as required by the UK Listing Authority's
Disclosure and Transparency Rule 4.3.

This interim management statement summarises information as at 31st March 2009
and any further developments up to 18th May 2009.

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.

Cash Balance and Remaining Facilities

As at 31st March 2009, PIP had £14.2m in cash.

In addition at 31st March 2009, PIP had remaining undrawn £30m of its £150m
available bank loan facility and £150m of standby commitments to subscribe for
redeemable shares. It should be noted that, if called, £49.5m of the proceeds
from a redeemable share issue under the standby commitments would be needed to
repay the outstanding loan notes.

As such, PIP's available financing capacity stood at £144.7m at 31st March
2009.

Gearing

A total amount equal to £120m was drawn down under PIP's loan facilities at
31st March 2009. In addition, the Company has outstanding £49.5m of unsecured
subordinated loan notes.

Calls and Distributions

During the quarter ended 31st March 2009 PIP received distributions from
private equity assets of £8.9 million. PIP invested £21.8 million in private
equity assets.

Outstanding Commitments

PIP has made no new commitments to new investments. Outstanding commitments to
investments, which are likely to be called over a number of years, stood at £
686.6m at 31st March 2009 calculated using exchange rates as at that date.

Performance

The Ordinary share price decreased by 14% to 207.0p and the Redeemable share
price decreased by 51% to 155.0p during the quarter. Since 31st March the share
price of both the Ordinary and Redeemable shares has increased to 386.5p and
380.0p respectively as at 18th May 2009. The NAV per share calculated as at
31st March 2009 will be published shortly.

Tom Bartlam

Chairman

19th May 2009

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]