Standby Subscription Agreements

8 January 2007

           PIP Increases Available Standby Financing by £50 million            

The Board of Pantheon International Participations PLC (PIP) is pleased to
announce that it has entered into five-year agreements with three institutional
investors under which the investors have committed to subscribe, if called upon
by PIP to do so, a total of £70 million for new Redeemable Shares (Standby
Subscription Agreements). These agreements took effect on 1 January 2007. At
the same time PIP has reduced by £20 million a similar commitment from an
institutional investor to subscribe for new Redeemable Shares.

As a result of the Standby Subscription Agreements being entered into, the
total aggregate amount which institutional investors have committed to
subscribe for new Redeemable Shares under standby agreements, if called upon by
PIP to do so, has increased by £50 million to £150 million.

These new investor commitments to subscribe a total of £70 million are for a 5
year period expiring on 31 December 2011. Under the terms of these agreements,
Redeemable Shares subscribed for pursuant to any call made by PIP will be
subscribed for at a price per share equal to the most recently calculated NAV
per share as at the date of subscription. During the commitment period, PIP
will pay a commitment fee of 0.5% per annum to the investors on the amount of
the undrawn commitments.

The Board of PIP intends that the commitments will only be called once other
sources of funding available to PIP have been utilised.

The commitments do not constitute a right for the investors to subscribe for
Redeemable Shares. In addition, PIP's ability to call on the commitments is
subject to PIP retaining sufficient unutilised shareholder authority to allot
the Redeemable Shares which would be required to be issued and certain events
of default (including the appointment of a receiver or a similar insolvency
event in relation to PIP or Pantheon Ventures, or a successor manager approved
by the investors, ceasing to be PIP's manager) not occurring.

                                  Ends                                 

For more information:

Pantheon International Participations PLC

Rhoddy Swire 020 7484 6200

Pantheon Ventures

Alastair Bruce / Andrew Lebus 020 7484 6200

www.pipplc.com

                               NOTES TO EDITORS                                

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, investing in both primary funds and
secondary transactions. With investments in over 300 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 £6.5 billion under
management (as at 31 March 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.