Interim Management Statement

13th May 2013


                    Pantheon International Participations PLC                   
        Interim Management Statement (Unaudited) for the Quarter Ended         
                                31st March 2013                                

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1st January 2013 to 31st March
2013. This constitutes the Company's second 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 31st March
2013 on 22nd April 2013. This interim management statement summarises the
information as at 31st March 2013 and any further developments up to 10th May
2013.


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

                                       31/03/2013     31/12/2012        Change 
                                                                               
NAV per share                            1,293.0p       1,206.3p           7.2%
                                                                               
Ordinary share price                     1,075.0p         882.5p          21.8%
                                                                               
Redeemable share price                   1,032.5p         865.0p          19.4%
                                                                               
Net asset value                             £884m          £831m           6.4%
                                                                               
Outstanding commitments                     £189m          £183m           3.3%


Performance

The NAV per share at 31st March 2013 was 1,293.0p, representing an increase of
86.7p, or 7.2%, relative to the NAV per share at 31st December 2012.

Portfolio gains, mainly from the buyout segment of the portfolio, added 13.2p
per share in the quarter.

Foreign exchange gains increased NAV per share by 72.6p per share. During the
quarter the Company invested £4.9m (at market value) buying back shares for
cancellation. These buybacks resulted in an uplift to NAV per share of
approximately 2.5p. Expenses and interest, net of income, reduced NAV per share
by 1.6p.

The Company's ordinary share price increased during the quarter by 21.8% to
1,075.0p, whilst the price of its redeemable shares increased by 19.4% to
1,032.5p at 31st March 2013. Subsequent to the quarter end, up until the market
close on 10th May 2013, the share price of the ordinary and redeemable shares
decreased to 1,045.0p and 1,030.0p respectively.


Portfolio Cash Flow

PIP's portfolio generated positive net cash of £34.8m in the quarter before the
cost of new commitments. Distributions amounted to £43.0m and calls from
existing commitments totalled £8.2m.

Distributions in the quarter included:

  * £4.4m in relation to the highly profitable sale of stock received from the
    initial public offering of operational intelligence software provider
    Splunk.
   
  * £1.8m from Equistone Partners Europe, mainly relating to the sale of
    packaging manufacturer Paragon Print and Packaging to Sun European Partners
    at a cost multiple of 2.2 times and fluid control equipment manufacturer
    Hydrasun Holdings to Investcorp at a cost multiple of 2.6 times.
   
  * £1.4m from Bain Capital, mainly relating to the sale of shares in HCA
    Healthcare and the debt re-financing of HD Supply which, taking into
    account any unrealised holdings, have generated cost multiples of 4.4 times
    and 3.7 times respectively.
   
  * £1.0m was received from Nova Capital as the final instalment from the
    disposal of Carbolite at a 3.5 times 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. PIP made a total of £26.3m new
commitments in the quarter, which consisted of the following:

  * A secondary commitment of £10.4m to an Asian mid-market fund, that was
    approximately 90% funded at completion.
   
  * A secondary commitment of £10.1m to two large buyout funds based in the USA
    that, on an aggregated basis, were approximately 50% funded at completion.
   
  * A co-investment of £2.1m in a telecommunications equipment firm in the USA.
   
  * A co-investment of £2.0m to a US-based domestic bank.
   
  * A co-investment of £1.7m to a specialist insurance business in the USA.
   
The pipeline of investment activity is likely to lead to the completion of
further transactions in the coming quarter.


Share Buybacks

During the quarter, PIP bought back for cancellation 550,000 redeemable shares
at a price of 890p per share. This transaction was executed at a discount of
approximately 26% to the 31st December 2012 NAV per share.

In total, from August 2011, when the Company started buying back shares, up to
31st March 2013, it has acquired, for investment purposes, approximately 9.5%
of its outstanding shares. The value of these buybacks amounted to £52.6m, or
26% of the net cash flow generated from the portfolio between 30th June 2011
and 31st March 2013.

Additionally, after the quarter end PIP bought back for cancellation 130,000
ordinary shares at a price of 1,033p per share, which represented a discount of
approximately 20% to the 31st March 2013 NAV per share.

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 when the Company's shares
are trading at a wide discount.


Cash Balance and Remaining Facilities

As at 31st March 2013, PIP had cash balances equivalent to a total of
approximately £83m.

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 31st March 2013, PIP's total available liquid
financing capacity, comprising its cash and bank facility, stood at £185m.


Undrawn Commitments

Undrawn commitments to investments stood at £189m at 31st March 2013,
calculated using exchange rates at that date. Drawdowns of undrawn commitments
typically occur over a period of several years.


Historical Total Return Performance to 31st March 2013¹

                                                                          Since
                                1 Year   3 Years   5 Years   10 Years Inception
                                                                               
                                     %    % p.a.    % p.a.     % p.a.    % p.a.
                                                                               
NAV per share                    13.4%     11.6%      3.4%       9.1%     11.5%
                                                                               
Ordinary share price             38.5%     25.9%      4.9%      10.4%     11.2%
                                                                               
FTSE All-Share Total Return      16.8%      8.8%      6.7%      10.7%      8.1%
                                                                               
MSCI World (sterling) Total      18.4%      9.1%      8.5%       9.9%      7.0%
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 31st March 2013, the majority of valuations (accounting for
circa 88% by value) are dated 31st December 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 31st March 2013, the value of the private equity investment assets stood at
£806m. Of the private equity investment assets at PIP's holding level, 70% were
represented by funds reporting values denominated in US dollars, 22%
denominated in euros, 7% denominated in sterling and 1% denominated in other
currencies. Of the 70% of investment assets denominated in US dollars,
approximately 6% (expressed as a proportion of PIP's total portfolio) are
invested in funds investing mainly in Europe and approximately 14% (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 31st March 2013 to the date of this statement
which would have a material impact on the financial position of the Company.


Tom Bartlam


Chairman
13th May 2013

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.