Net Asset Value(s)

6th August 2009

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

                       NET ASSET VALUE AT 30th JUNE 2009                       

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 773.6p at
30th June 2009 (954.7p at 31st March 2009).

The unaudited net assets attributable to ordinary shareholders and redeemable
shareholders declined by £120.2m in the quarter from £633.8m to £513.6m. Of
this decline, approximately £97.0m was attributable to adverse currency effects
and £10.3m was remaining from the provision previously applied to the 31st
March 2009 NAV for an estimated loss in relation to planned disposals but not
completed as at 30th June 2009. The provision reflects a revaluation of assets
based on an estimate of the difference between expected proceeds and the net
asset value of the assets being disposed of. The remainder of the movement in
the net assets over the quarter is primarily attributable to portfolio
valuation movements and expenses.

At 30th June 2009, the value of the private equity investment assets stood at £
648.2m. Of the private equity investment assets at PIP's holding level 73% were
represented by funds reporting values denominated in US dollars, 21%
denominated in euros and 6% denominated in sterling. Of the 73% of investment
assets denominated in US dollars, approximately 4% are invested in funds
investing mainly in Europe and approximately 8% 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.

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 June 2009, the majority of valuations (accounting for
circa 95% by value) are dated 31st March 2009. 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.

                                     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 £15 billion under
management (as at 31st March 2009), investments in over 500 private equity
funds in over 30 countries and offices in London, San Francisco, New York, Hong
Kong and Brussels. Pantheon is part of Russell Investments.

.

For more information please contact:

                          Andrew Lebus 020 7484 6200