Interim Management Statement

6th November 2012
                   
                    Pantheon International Participations PLC                   

        Interim Management Statement (Unaudited) for the Quarter Ended         

                              30th September 2012                              

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1st July 2012 to 30th
September 2012. This constitutes the Company's first interim management
statement in the financial year ending 30th June 2013, 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
2012 on 19th October 2012. This interim management statement summarises the
information as at 30th September 2012 and any further developments up to 6th
November 2012.


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.


General Information

                                       30/09/2012     30/06/2012        Change 
                                                                               
NAV per share                            1,178.1p       1,193.5p          -1.3%
                                                                               
Ordinary share price                       769.5p         725.5p           6.1%
                                                                               
Redeemable share price                     755.0p         760.0p          -0.7%
                                                                               
Net assets                                £831.5m        £845.4m          -1.6%
                                                                               
Outstanding commitments                   £176.3m        £190.9m          -7.6%


Performance

The NAV per share at 30th September 2012 was 1,178.1p, representing a decrease
of approximately 15.4p, or 1.3%, relative to the NAV per share at 30th June
2012. Overall, the Company's underlying assets continued to perform positively
when measured in local currency, with this quarter's negative movement in NAV
per share predominantly explained by foreign exchange losses.

Portfolio gains added 12.7p per share in the quarter, driven mainly by the
Company's direct investments and venture and growth funds. The Company's buyout
returns were approximately flat for the quarter. Regionally, the Asian
portfolio produced lower returns than the USA and Europe, consistent with weak
stock market performance in the region.

Negative foreign exchange movements reduced NAV per share by 28.1p per share,
with costs accounting for a further 1.7p. During the quarter the Company
invested £1.9m (at market value) buying back shares for cancellation. These
buybacks resulted in an uplift to NAV per share of approximately 1.7p.

The Company's ordinary share price increased by 6.1% to 769.5p during the
quarter to 30th September 2012, whilst the Company's redeemable share price
decreased by 0.7% to 755.0p. Subsequent to the quarter end up until the market
close on 5th November 2012, the share price of the ordinary shares rallied to
845.0p and the share price of the redeemable shares increased to 830.0p.


Portfolio Cash Flow

PIP's portfolio has generated significant positive net cash in the quarter.
Distributions amounted to £50.0m, and represented the highest quarterly
distribution rate for the Company since September 2007. After taking into
account £12.3m of calls on existing commitments to underlying private equity
funds, total net cash inflow from the portfolio was £37.7m during the quarter.

Distributions in the quarter included:

  * £6.1m from the sale of Global Blue by Equistone Partners in a secondary
    buyout. Global Blue is a provider of travel-related payment services and
    realised a 4.0x gross money multiple since the initial investment by
    Equistone in September 2007.
   
  * £4.2m from Nova Capital Management relating to the sale of Carbolite to
    Verder Group. Carbolite is a UK-based manufacturer and supplier of
    laboratory and industrial furnaces, ovens and incubators. The sale
    represented a net equity return of approximately 3.5x and was in-line with
    its holding value.
   
  * £1.8m was received from Doughty Hanson & Co following the sale of Norit to
    Cabot Corporation at a 2.5x cost multiple.
   

New Commitments

For its new private equity investments, the Company has continued to emphasise
secondary transactions, supplemented with co-investments alongside leading
private equity managers selected by Pantheon. In the quarter PIP made total
commitments of £13.8m to the following:

  * A £10.4m secondary commitment to a four-fund portfolio of mid-size buyout
    funds, based in North America and Australia. The deal was approximately 85%
    funded on completion.
   
  * A co-investment of £2.1m in a company focused on the Chinese automobile
    sector.
   
  * A co-investment of £1.3m in a medical transportation company based in the
    USA.
   
A number of additional secondary and co-investment transactions are in the
pipeline, which if completed are expected to result in approximately £40m of
further commitments.


Share Buybacks

During the quarter, PIP bought back for cancellation a total of 255,000
redeemable shares at an average price of 734p per share. These transactions
were executed at an overall discount of approximately 39% to the 30th June 2012
NAV per share.

Additionally, after the quarter end PIP bought back for cancellation a total of
347,000 ordinary shares at an average price of 838p per share and 97,000
redeemable shares at a price of 837p per share. These transactions were
executed at an overall discount of approximately 29% to the 30th September 2012
NAV per share.

In total, since the Company started buying back shares in August 2011 it has
acquired, for investment purposes, approximately 7.1% of the shares then
outstanding. The value of these buybacks amounts to £37m, or approximately 30%
of the net cash flow generated from the portfolio between 30th June 2011 and
30th September 2012. The Board expects the Company's mature portfolio to remain
cash generative and continues to believe that share buybacks are an effective
means of enhancing NAV per share as an alternative to new investments whilst
the Company's shares trade at such high discounts.


Cash Balance and Remaining Facilities

As at 30th September 2012, PIP had cash balances equivalent to a total of
approximately £68m.

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 2012, PIP's total available liquid
financing capacity, comprising its cash and bank facility, stood at £164m.


Undrawn Commitments

Undrawn commitments to investments stood at £176m at 30th September 2012,
calculated using exchange rates at that date. Drawdowns of undrawn commitments
typically occur over a period of several years.


Historical Total Return Performance¹

                                                                          Since
                                                                               
                                1 Year   3 Years   5 Years   10 Years Inception
                                                                               
                                     %    % p.a.    % p.a.     % p.a.    % p.a.
                                                                               
NAV per share                      2.3      12.5       3.6        8.3      11.3
                                                                               
Ordinary share price              25.5      25.0      -2.1        6.5      10.0
                                                                               
FTSE All-Share Total Return       17.2       8.0       1.7        9.0       7.7
                                                                               
MSCI World (sterling) Total       18.5       7.8       3.1        8.3       6.4
Return                                                                         

¹PIP was launched on 18th September 1987. The performance figures for PIP
assume reinvestment of dividends, capital repayments and cash flow from
warrants.


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 2012, the majority of valuations (accounting
for circa 97% by value) are dated 30th June 2012. 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.


Foreign Exchange Exposure

At 30th September 2012, the value of the private equity investment assets stood
at £766m. Of the private equity investment assets at PIP's holding level, 71%
were represented by funds reporting values denominated in US dollars, 22%
denominated in euros, 5% denominated in sterling and 2% denominated in other
currencies. Of the 71% of investment assets denominated in US dollars,
approximately 5% (expressed as a proportion of PIP's total portfolio) are
invested in funds investing mainly in Europe and approximately 10% (expressed
as a proportion of PIP's total portfolio) in funds investing mainly in Asia. In
addition to the funds reporting values denominated in sterling, many of the
euro-denominated funds have investments in the UK.


Other than as described in the paragraphs above the Board is not aware of any
events during the period from 30th September 2012 to the date of this statement
which would have a material impact on the financial position of the Company.


Tom Bartlam

Chairman
6th November 2012



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.