Net Asset Value(s)

29th January 2007

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC
                      NET ASSET VALUE AT 31 DECEMBER 2006                      

The Board of Pantheon International Participations PLC (`PIP'), the quoted
private equity fund-of-funds investment trust, today announced an unaudited net
asset value per share and redemption value per redeemable share of 829.2p at 31
December 2006 (823.3p at 30 September 2006). This is an increase of 5.9p, or
0.7%, per share from 30 September 2006.

The unaudited net assets attributable to ordinary shareholders and redeemable
shareholders at 31 December 2006 stood at £458.9m (£455.7m at 30 September
2006).

Of the unaudited net assets, £462.1m are private equity investment assets. Of
the private equity investment assets at PIP's holding level 69% were
represented by funds reporting values denominated in US Dollars, 25%
denominated in Euros and 6% denominated in Sterling. Of the 69% of investment
assets denominated in US Dollars, approximately 4% are invested in funds
investing mainly in Europe and approximately 5% 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.

                                     Ends                                      

NOTES

PIP

Pantheon International Participations (`PIP') is a London quoted investment
trust, managed by Pantheon Ventures Ltd., one of the longest-established
international private equity fund-of-funds manager, investing in both primary
funds and secondary transactions. With investments in private equity funds,
covering late stage buyouts to early stage technology, PIP enables individuals
as well as institutions to gain access to a substantial portfolio of unquoted
companies in the USA, the UK, Continental Europe and Asia, within funds managed
by experienced private equity managers. PIP may occasionally acquire direct
holdings in unquoted companies, usually where a vendor is seeking to sell a
combined portfolio of funds and direct holdings. PIP's investment policy also
extends to investing directly in companies where there is a private equity
manager well known to the Company investing on the same terms. www.pipplc.com

Pantheon Ventures Ltd.

Pantheon has been active in private equity since 1982 and is now one of the
world's leading private equity fund-of-funds managers, with £8.0 billion under
management (as at 30 September 2006), investments in some 500 private equity
funds in over 30 countries and offices in London, San Francisco, Hong Kong and
Brussels. Pantheon is part of the Russell Investment Group.

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 31 December 2006, the majority of valuations are dated 30
September 2006. 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.


For more information please contact:

                  Alastair Bruce / Andrew Lebus 020 7484 6200