Interim Management Statement

10th May 2012

                   Pantheon International Participations PLC                   

        Interim Management Statement (Unaudited) for the Quarter Ended         

                                31st March 2012                                

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1st January 2012 to 31st March
2012. This constitutes the Company's second 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 31st March
2012 on 26th April 2012. This interim management statement summarises the
information as at 31st March 2012 and any further developments up to 9th May
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.

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 2012, the majority of valuations (accounting for
circa 93% by value) are dated 31st December 2011. 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.

Cash Flow

During the quarter ended 31st March 2012, PIP received distributions from
private equity assets of £29m and invested £14m through drawdowns on
commitments to underlying private equity funds. Net cash inflow from the
portfolio during the quarter was £15m.

New Commitments and Share Buybacks

During the quarter PIP made three new commitments to secondary interests in
aggregate amounting to £17m, which overall, were approximately 70% funded.
Undrawn commitments relating to these secondary interests amounted to £5m. The
new secondary interests are focused predominantly on buyout funds based in the
USA. Additionally, since the end of the quarter the Company has acquired an £8m
secondary commitment (approximately 60% funded) to a USA-based buyout fund.

For new investment commitments the Company will continue to emphasise
investments in secondary transactions and will also occasionally participate in
co-investments alongside leading private equity managers selected by Pantheon.

The Board will consider further share buybacks as a means of enhancing NAV per
share as an alternative to new investments whilst its shares continue to trade
at such historically high discounts.

In the quarter, PIP bought back for cancellation, a total of 230,000 ordinary
shares at a price of 653p per share and 1,215,000 redeemable shares at an
average price of 697p per share. These transactions were executed at an overall
discount of approximately 39% to the 31st December 2011 NAV, and resulted in a
total uplift to NAV per share of approximately 8.9p.

After the quarter end on 3rd May 2012, the Company bought back for
cancellation, a further 100,000 ordinary shares at a price of 777.5p per share.

Since August 2011, the Company has deployed a total of £28m in implementing
share buybacks, acquiring 5.5% of PIP's total shares outstanding prior to any
share buybacks.

Cash Balance and Remaining Facilities

As at 31st March 2012, PIP had cash balances equivalent to a total of
approximately £46m.

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 2012, PIP's total available liquid
financing capacity, comprising its cash and bank facility, stood at £145m.

Undrawn Commitments

Undrawn commitments to investments stood at £199m at 31st March 2012,
calculated using exchange rates at that date. Drawdowns of undrawn commitments
typically occur over a period of several years.

Performance

The Company's ordinary share price increased by 24.0% to 776.0p during the
quarter to 31st March 2012, whilst the Company's redeemable share price
increased by 18.6% to 765.0p. Between 31st March 2012 and the market close on
9th May 2012, the share price of the ordinary shares decreased to 752.0p and
the share price of the redeemable shares remained unchanged at 765.0p. The NAV
per share at 31st March 2012 of 1,140.1p represented an increase of
approximately 0.5% on the NAV per share at 31st December 2011.

Total Return Performance

                                                                          Since
                                                                               
                                1 Year   3 Years  5 Years   10 Years  Inception
                                                                               
                                     %    % p.a.   % p.a.     % p.a.     % p.a.
                                                                               
NAV per share                      8.3       6.1      5.3        6.9       11.3
                                                                               
Ordinary share price               7.0      55.3     -2.0        4.8       10.1
                                                                               
FTSE All-Share Total Return        1.4      18.8      1.8        5.2        7.7
                                                                               
MSCI World (sterling) Total        1.6      16.5      4.1        4.1        6.5
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 £10,509 at 31st March 2012.


General Information

                                       31/03/2012     31/12/2011        Change 
                                                                               
NAV per share                            1,140.1p       1,134.0p           0.5%
                                                                               
Ordinary share price                       776.0p         625.8p          24.0%
                                                                               
Redeemable share price                     765.0p         645.0p          18.6%
                                                                               
Net assets                                £814.2m        £826.2m          -1.5%
                                                                               
Outstanding commitments                   £199.2m        £211.3m          -5.7%

Other than as described above the Board is not aware of any events during the
period from 31st March 2012 to the date of this statement which would have a
material impact on the financial position of the Company.

Tom Bartlam

Chairman

10th May 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.