Portfolio Update

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

In accordance with UKLA Listing Rule 15.4.11(2), the following list represents
the Company's 10 largest investments as at 31st March 2007 and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

Name of company                                Class of share              
                                                                           
Monteverdi                                     Unquoted Fund               
                                                                           
Bowman Partners                                Unquoted Fund               
                                                                           
Klee USA Fund I                                Unquoted Fund               
                                                                           
Odin Partners                                  Unquoted Fund               
                                                                           
Industri Kapital 2000                          Unquoted Fund               
                                                                           
Argan Capital                                  Unquoted Fund               
                                                                           
Pantheon Asia Fund IV                          Unquoted Fund               
                                                                           
Klee Europe Fund II                            Unquoted Fund               
                                                                           
BC European Capital VII                        Unquoted Fund               
                                                                           
ABS IV                                         Unquoted Fund               

*Holding greater than 5% of the company's gross assets.