Interim Management Statement

11th November 2011

                   Pantheon International Participations PLC                   

        Interim Management Statement (Unaudited) for the Quarter Ended         

                              30th September 2011                              

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1st July 2011 to 30th
September 2011. This constitutes the Company's first interim management
statement in the financial year ending 30th June 2012, 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
2011 on 27th October 2011. This interim management statement summarises the
information as at 30th September 2011 and any further developments up to
10th November 2011.

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.

Valuations

PIP's valuation policy for private equity funds is based on the latest accounts
produced by the managers of the funds in which PIP has holdings. In the case of
the valuation as at 30th September 2011, the majority of valuations (accounting
for circa 96% by value) are dated 30th June 2011. Within the portfolio's
underlying fund investments, approximately 8% of PIP's portfolio value at 30th
September 2011 was comprised of quoted investments. The quoted market holdings
at the date of the latest fund accounts were reviewed and adjusted to the
market value of those holdings at 30th September 2011, in accordance with the
Company's valuation policy.

Cash Flow

During the quarter ended 30th September 2011, PIP received distributions from
private equity assets of £39m and invested £14m through drawdowns on
commitments to underlying private equity funds. Net cash inflow, which was £25m
in the quarter, has now been positive for eight consecutive quarters.

New Commitments and Share Buybacks

PIP made no new commitments in the quarter ended 30th September 2011. For any
new investment commitments, the Company currently intends to emphasise
opportunities in the secondary market. The fundamentals driving the secondary
market remain compelling but the Company will continue to adopt a cautious
approach to new investments given the difficult market outlook.

The growth in cash resources, resulting from continued strong cash generation
through realisations, has increased the Company's capacity to acquire its own
shares when, in the December quarter, secondary market activity is expected to
be slower. The Board has tabled a resolution for the AGM and a separate class
meeting of redeemable shareholders on 22nd November 2011 to provide
shareholders with an opportunity to vote on a proposed change of the Articles
which would increase the Company's flexibility to buy its own shares by
increasing the duration of the quarterly trading periods specified in the
Articles.

In the view of both the Board and the Manager, the current discount to the 30th
September NAV per share of approximately 44% (as at market close on 9th
November 2011) does not reflect the high quality of the portfolio and the
strength of the Company's balance sheet.

In August 2011, PIP bought back 940,000 redeemable shares for £6.4m,
representing an average purchase price of 683p (a 38% discount to the 30th June
adjusted NAV per share). These redeemable shares were held in treasury at 30th
September 2011. The value and number of shares held in treasury were excluded
from the NAV calculation resulting in an uplift to NAV per share of 6.3p.

After the quarter end, on 28th October 2011, the Company bought back 400,000
ordinary shares at a price of 640p per share (a 44% discount to the 30th
September NAV per share) for cancellation. At the same time, the Company
announced that all 940,000 redeemable shares previously held in treasury had
been cancelled with immediate effect. Following this cancellation, the number
of ordinary and redeemable shares in issue is 37,121,013 and 37,033,534
respectively, none of which are held in treasury. The redeemable share figure
also takes into account the drawdown of redeemable shares on 24th August 2011,
as explained later in this statement.

The Board will consider further targeted share buybacks as a means of enhancing
NAV per share. As the Company's shares trade at such a historically high
discount, this will be an investment priority in the currently prevailing
market conditions.

Cash Balance and Remaining Facilities

As at 30th September 2011, PIP had cash balances equivalent to a total of £44m.

In addition, the Company's multi-currency revolving credit facility agreement
(the "Bank Loan Facility"), comprising an $82m US dollar facility and a €57m
euro facility, was completely undrawn. The Bank Loan Facility expires in June
2015.

Based on exchange rates at 30th September 2011, PIP's total available liquid
financing capacity stood at £145m.

Drawdown of Redeemable Shares and Repayment of Loan Notes

On 24th August 2011 the Company drew down on commitments to subscribe £100.5m
for new redeemable shares of £0.01 each in the capital of the Company from the
institutions with whom the Company had entered into standby subscription
agreements under which those institutions could be called upon by the Company
to subscribe for new redeemable shares in the Company ("Standby Commitments").
Simultaneously, the Company repaid £100.5m of outstanding unsecured
subordinated loan notes ("Loan Notes") held by those institutions.

These actions effectively exchanged the full balance of the Loan Notes for new
redeemable shares. Based on the adjusted NAV per share of 1,104.12p¹ at 30th
June 2011, the Company issued 9,102,279 new redeemable shares.

As announced on 28th September 2011, the Company has terminated all the
remaining unutilised Standby Commitments amounting to £49.5m with effect from
30th September 2011. The majority of these agreements were due to expire at the
end of 2011.

Outstanding Commitments

Outstanding commitments to investments, which are likely to be called over
several years, stood at £229m at 30th September 2011, calculated using exchange
rates at that date.

Performance

The Company's ordinary share price decreased by 14.1% to 613.0p during the
quarter, whilst the Company's redeemable share price decreased by 9.9% to
640.0p. Between 30th September 2011 and the market close on 9th November 2011,
the share price of the ordinary shares increased to 650p and the share price of
the redeemable shares decreased to 630p. The NAV per share at 30th September
2011 of 1,151.7p represented an increase of approximately 4.3% on the adjusted
NAV per share at 30th June 2011¹.

Total Return Performance

                                                                          Since
                                                                               
                                1 Year   3 Years  5 Years   10 Years  Inception
                                                                               
                                     %     % p.a.   % p.a.      % p.a.     % p.a.
                                                                               
NAV per share                     22.0      (0.1)     7.0         6.4       11.7
                                                                               
Share price                        5.2      (3.2)    (5.5)        2.5        9.4
                                                                               
FTSE All-Share Index Total        (4.4)      6.0      0.8         4.8        7.3
Return                                                                         
                                                                               
MSCI World (Sterling) Total       (3.3)      4.9      1.9         3.6        5.9
Return                                                                         

PIP was launched on 18th September 1987. £1,000 invested at inception, assuming
reinvestment of dividends, capital repayments and cash flow from warrants,
would have been worth approximately £8,670 at 30th September 2011.


General Information

                                       30/09/2011     30/06/2011        Change 
                                                                               
NAV per share                             1,151.7p       1,104.1p          4.3%  
                                                                               
Ordinary share price                        613.0p         714.0p        (14.1%) 
                                                                               
Redeemable share price                      640.0p         710.0p         (9.9%) 
                                                                               
Net assets                                 £858.7m        £733.1m         17.1%  
                                                                               
Outstanding commitments                    £229.1m        £242.8m         (5.6%) 

Other than as described above the Board is not aware of any events during the
period from 30th September 2011 to the date of this statement which would have
a material impact on the financial position of the Company.


¹ The adjusted NAV per share at 30th June 2011 of 1,104.12p excluded a derivative
asset ("Standby Asset") relating to the Company's Standby Commitments. The
Board was advised by the Company's auditors that these agreements needed to be
included as an asset in the Company's accounts at 30th June 2011 in order to be
compliant with FRS 26. The Board considers that the best measure of the
Company's economic value to shareholders at 30th June 2011 was the adjusted NAV
per share. Due to the drawdown of £100.5m of the Standby Commitments in August
2011, and the cancellation of the remaining Standby Commitments in September
2011, the Standby Asset was eliminated with effect from 30th September 2011 and
therefore is no longer held on the balance sheet.


Tom Bartlam

Chairman

11th November 2011

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

Andrew Lebus or Alexis Barling

Pantheon

020 7484 6200

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.