Interim Management Statement

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

INTERIM MANAGEMENT STATEMENT (UNAUDITED)

FOR THE QUARTER ENDED 30th SEPTEMBER 2010

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1st July 2010 to 30th
September 2010. This constitutes the Company's first interim management
statement in the financial year ending 30th June 2011, 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 30th September
2010 on 2nd November 2010. This interim management statement summarises the
information as at 30th September 2010 and any further developments up to 17th
November 2010.

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 30th September 2010, PIP had cash balances totalling £51.7m.

In addition at 30th September 2010, $54.4m of its $117.4m available US dollar
bank loan facility remained undrawn and €37.9m of its €85.9m available euro
bank loan facility remained undrawn. The Company also had available £150m of
standby commitments to subscribe for redeemable shares. It should be noted
that, if called, £88.6m of the proceeds from a redeemable share issue under the
standby commitments would be needed to repay outstanding unsecured subordinated
loan notes in issue at 30th September 2010.

Based on exchange rates at 30th September 2010, PIP's total available liquid
financing capacity stood at £180m.

Gearing

At 30th September 2010, $63.0m was drawn down under PIP's US dollar denominated
loan facilities and €48.0m was drawn down under PIP's euro denominated loan
facilities. In addition, the Company has outstanding £88.6m of unsecured
subordinated loan notes (£49.5m of Series A unsecured subordinated loan notes
were issued in December 2008. In the current financial year, £51.0m of Series B
unsecured subordinated loan notes have been issued, £39.1m of which were issued
on 30th September 2010 and £11.9m of which were issued on 1st October 2010).

Calls and Distributions

During the quarter ended 30th September 2010 PIP received distributions from
private equity assets of £29.5 million. PIP invested £23.0 million in private
equity assets.

Outstanding Commitments

PIP has made no new commitments in the quarter. Outstanding commitments to
investments, which are likely to be called over several years, stood at £303.4m
at 30th September 2010, calculated using exchange rates as at that date.

Performance

The Company's Ordinary share price increased by 20% to 582.5p during the
quarter, whilst the Company's redeemable share price decreased by 2% to 540.0p.
Since 30th September 2010 the share price of the Ordinary shares has increased
to 604.0p and the share price of the Redeemable shares has remained at 540.0p.
The NAV per share decreased by 2% during the quarter, to 944.2p.

Total Return Performance

                                  1 Year    3 Years   5 Years   10 Years  
                                                                           
                                       %     % p.a.    % p.a.     % p.a.   
                                                                           
NAV per share                      14.2%      -1.4%      5.7%       4.3%    
                                                                           
Ordinary share price               47.8%     -12.1%     -3.0%       0.3%    
                                                                           
MSCI World (Sterling) Total         9.3%       0.6%      4.2%       0.7%    
Return                                                                     
                                                                           
FTSE All-Share Index Total         12.5%      -1.0%      4.5%       2.8%    
Return                                                                     

PIP was launched on 18th September 1987. £1,000 invested at inception, assuming
reinvestment of dividends and capital repayments, would have been worth
approximately £8,110 at 30th September 2010.


General Information

                                    30/09/2010      30/06/2010       Change    
                                                                               
NAV per share                         944.2p          958.7p         (1.5%)    
                                                                               
Ordinary share price                  582.5p          486.0p         19.9%     
                                                                               
Redeemable share price                540.0p          550.0p         (1.8%)    
                                                                               
Net Assets                           £626.9m         £636.5m         (1.5%)    
                                                                               
Outstanding commitments                £303m          £331m          (8.5%)    

Other than as described above the Board is not aware of any events during the
period from 30th September 2010 to the date of this statement which would have
a material impact on the financial position of the Company.

Tom Bartlam

Chairman

17th November 2010

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.

Ends

For further information please visit PIP's website at www.pipplc.com or
contact:

Andrew Lebus

Pantheon Ventures Ltd

Tel: [phone]

Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of this announcement.