Interim Results

Pantheon Intl Participations PLC
16 March 2001


For Immediate Release                                             16 March 2001


               PANTHEON INTERNATIONAL PARTICIPATIONS ANNOUNCES
                               INTERIM RESULTS



The Board of Pantheon International Participations PLC (PIP) today announces
the unaudited results for the six months to 31 December 2000.

For further information, please contact:

Rhoddy Swire, Director
Pantheon International Participations PLC                        020 7484 6200

Robin Hepburn/Sorrel Dunger
Golin/Harris Ludgate                                              020 7324 8888


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CHAIRMAN'S STATEMENT (in full)

Results and Valuation

I am pleased to report that the Company's fully diluted Net Asset Value (NAV)
per share increased by 8.9% to 653.41p in the six months to 31 December 2000
(30 June 2000: 599.9p).

Following the major reorganisation of its share capital in May 2000, the
Company's capital structure now comprises Participating Loan Notes (PLNs) as
well as ordinary shares and warrants. The Adjusted Redemption Value of the
PLNs stood at 643.57p at 31 December 2000, reflecting the small discount to
asset value on redemption. During the period under review, PIP issued £21.3
million of PLNs to an institutional fund manager as part of the secondary
purchase of a portfolio of private equity funds from that institution.

The Company's valuation policy for private equity funds is to base the
valuation on the latest accounts produced by the fund managers.  In the case
of the valuation as at 31 December 2000 the majority of these accounts are
dated 30 September 2000.

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 Manager has reviewed the
quoted market holdings at the date of the latest fund accounts and has
considered the value of those holdings at 31 December 2000. As there has been
a fall in the value of these holdings, in accordance with normal practice the
Directors have made appropriate adjustment to reflect this.

Despite the turbulence experienced by quoted markets worldwide during the
period under review, the effect of the substantial decline in technology stock
valuations was mitigated by the broad diversification of the Company's
investment portfolio. The net asset value of the Company's shares fell by less
than 2% during the final quarter compared with a 32% fall in the NASDAQ index
during the same period.

Against this background, the Company's performance further demonstrates the
benefits of the fund-of-funds approach and the resultant extensive
diversification of the underlying portfolio, both within the technology sector
itself and across a broad range of non-technology industry sectors.

Activity in the Period

Substantial worldwide declines in the value of quoted technology stocks in the
half year to 31 December 2000 were generally reflected by a decrease in the
number of flotations and, in the private equity markets, by a slowing down in
both the pace of fund raising and the flow of realised proceeds to investors.

However, the Company received cash proceeds totalling £38.7 million from
investments during the period, an increase of 67% over the half year to
December 1999, reflecting the ability of its selected managers to deliver
liquidity even in a difficult climate. Among the funds making significant
distributions to the Company during the period were BC European Capital V, a
later-stage pan-European fund, and Apax UK VI, a balanced-stage fund, each of
which made cash and stock distributions totalling more than £4.2 million.
Distributions from Pantheon USA II totalled more than £3.5 million.

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The level of increase in distributions during the period was mirrored in the
Company's investment activity: commitments to new funds totalled £48.7
million, 67% up on the half year to 31 December 1999. The vast majority of new
commitments are for a mix of venture and later-stage vehicles investing either
in the USA or regionally across Western Europe, all with experienced managers.
The new funds included, in Europe, Advent Private Equity Partners III and CVC
European Equity Partners III and, in the USA, Battery Ventures VI, InterWest
Partners VIII and Menlo Ventures IX. Venture-stage funds predominate among the
US commitments, reflecting the Manager's opinion that such funds are well
placed to capitalise on the lower entry valuations now prevailing.

Notwithstanding levels of distributions and investments during the period, the
geographic spread of the Company's portfolio by value remains substantially
unaltered from 30 June 2000, save for an increase from 20% to 25% in assets in
the United Kingdom. US investments, as befits the largest and most mature
private equity market, constitute the majority of the portfolio at 56% (30
June 2000: 59%). As a result of the expanded new fund investment programme,
the Company's outstanding commitments stood at £105 million at 31 December
2000.

In addition to new fund commitments, the Company's purchases of secondary
interests in the half year totalled £28.3 million. The principal secondary
acquisition during the six months involved the purchase of three portfolios of
interests in 26 US and European private equity funds with a large underlying
quoted element; this transaction was substantially completed for £24 million
at 31 December 2000, the majority of the consideration having been satisfied
by the issue of further PLNs.

Outlook

Despite continuing public market volatility and the downturn in the US
economy, I am optimistic with regard to performance prospects for private
equity.

The correction in technology, media and telecoms (TMT) values in the public
markets represents a healthy readjustment of expectations following a period
of irrational exuberance. The basic technology paradigm and the forces driving
restructuring still apply and should ensure a continuing flow of investment
opportunities.

While the markets for flotations are expected to remain unreceptive in the
short term, making liquidity harder to achieve, venture and private equity
funds have historically sold more companies to trade purchasers than they have
taken public. I have great confidence in the professionalism of the Company's
underlying fund managers, each of which is appropriately motivated through
carried interest to deliver value.  Global venture and private equity fund
raising is not expected to continue at the levels seen in recent years, not
least because the trend for groups to return to the market sooner than
expected and with increased targets is unlikely to persist in the current exit
environment. Availability of capital for new fund investments is likely to be
restricted in comparison with the recent past since some investing
institutions, particularly in the US, are currently at, or close to, their
maximum alternative asset allocations.

Managers with capital currently in hand for investment are therefore in a
position to benefit both from more realistic entry prices and a less
competitive environment - an encouraging prospect for the Company.

Meanwhile, secondaries are gaining wider credibility both with vendors, as a
route to liquidity and a tool for asset reallocation, and with investors, as a
means of enhancing portfolio diversification. Thanks to a proportional
co-investment agreement with the Pantheon Global Secondaries Fund, the Company
is in a strong position to benefit from the Manager's deal flow and expertise
in this arena.

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Warrants

I remind warrant holders that the outstanding warrants expire during October
2001 and accordingly must be sold before or exercised at that time. I will be
writing to warrant holders again in September but in the meantime would
recommend that they take steps to locate their share certificates and take
appropriate advice.

Conclusion

Your Company has shown during its 13-year life that it can benefit from the
expertise of the private equity industry on a global basis without the
volatility normally associated with the sector. The flexibility conferred by
the restructuring in May allows the Company to increase its investments on
behalf of shareholders without the cash drag to which its performance was
subject in the past.

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                  PANTHEON INTERNATIONAL PARTICIPATIONS PLC
       Summarised Statement Of Total Return of the Company (unaudited)
                    (incorporating the revenue account*):

                Six months to 31 December
                                            2000                        1999
                           Revenue  Capital  Total    Revenue  Capital    Total
                            £'000s   £'000s  £'000s    £'000s   £'000s   £'000s

                          -------- -------- ------- --------- -------- --------


Gains on investments             -   17,948   17,948        -   19,375  19,375
Currency gains/(losses) 
on capital items                 -      242      242        -     (258)   (258)


Income                         913        -      913    2,550        -    2,550
Investment management fee  (1,358)        -  (1,358)  (1,107)        -  (1,107)
Other expenses               (989)             (989)    (502)             (502)

                           ------- --------  -------  ------- --------  -------

Return on ordinary
activities before 
financing                  (1,434)   18,190  16,756      941    19,117   20,058
costs and tax
Interest payable             (121)        -    (121)       -         -        -
Revaluation of participating         (5,084) (5,084)
loan notes
                          -------- --------- --------- -------- -------- -------
Return on ordinary 
activities                 (1,555)   13,106   11,551      941   19,117   20,058
before tax
Tax on ordinary activities                               (270)             (270)

                        ---------- --------- -------- ------- --------- -------

Return on ordinary 
activities
after tax                  (1,555)   13,106   11,551      671   19,117   19,788

                          =======    ======   ======     ====   ======    ======


Return per ordinary share
- Basic**                  (8.74p)  73.69p    64.95p      1.98p 56.33p    58.31p
- Diluted                      +    65.69p    57.90p      1.90p 54.27p    56.17p



*      The revenue column of this statement is the profit and loss account of
       the Company.

**   Interest is payable to PLN holders in an amount equal to the net dividend
paid on the Ordinary shares.  The  basic return per Ordinary share does not
reflect the effect of interest which would be payable to PLN holders arising
from the declaration of a dividend payable in respect of the Ordinary shares.

+    In order to comply with Financial Reporting Standard No.14: Earnings per
Share, the returns per share which are not dilutive have not been shown.



All revenue and capital items in the above statement derive from continuing
activities



                  PANTHEON INTERNATIONAL PARTICIPATIONS PLC
              Summarised Balance Sheet of the Company (unaudited)


                         As at 31                As at 30              As at 31
                         Dec 2000               June 2000              Dec 1999
                           £'000s                  £'000s                £'000s


Investments               194,822                 150,049               152,191
Investment in subsidiary 
undertaking                     1                       1                     -
Net current assets          5,485                  11,277                13,396

                      -----------              ----------             ---------
Total assets less 
current 
liabilities               200,308                 161,327               165,587

                      -----------             -----------           -----------

Creditors: amounts 
falling due after 
one year
Participating loan 
notes                      63,199                  36,836                     -
Capital and reserves      137,109                 124,491               165,587

                      -----------             -----------           -----------

Amount attributable to 
shareholders and
participating loan 
note holders              200,308                  161,32               165,587

                          =======                 =======               =======



Total net assets for 
the purposes of calculating
the net assets per 
ordinary share****        137,109                 124,491               164,916

                      -----------             -----------           -----------

Net asset value 
per ordinary share****

Basic                       760.4p                  702.7p            485.9p
Fully diluted*              653.4p                  599.9p            454.4p

Adjusted redemption 
value per participating
loan note                   643.6p                  591.8p                -


Number of ordinary 
shares in issue        18,031,567              17,715,805        33,940,276
Number or warrants 
in issue **             4,811,912               5,238,632         5,238,632
Number of participating 
loan notes in issue***  9,820,099               6,224,471                 -



* The fully diluted net asset values per ordinary share assume that all
existing warrants are exercised at a subscription price of 250p.

** On 22 November 2000, 426,720 warrants were exercised at a price of 250p per
share.  As a result of the reorganisation of the capital structure, for every
100 warrants, a warrant holder is entitled to subscribe for 74 Ordinary shares
and 26 PLNs.  At 31 December 2000 the PLN entitlement resulting from the
exercise of warrants on 22 November 2000 had yet to be allotted and issued.

*** On 10 August 2000 3,595,628 participating loan notes were issued at a
price of 591.8p, being the adjusted redemption value as at 30 June 2000.

**** The figures for total net assets for the purpose of calculating the net
asset value per Ordinary share as at 31 December 2000 are stated including the
current period deficit.  The comparative figures as at 30 June 2000 are stated
including the current period revenue and those at 31 December 1999 are stated
excluding current period revenue.


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                  PANTHEON INTERNATIONAL PARTICIPATIONS PLC
                  Summarised Statement of Cashflow (unaudited)


                   For the 6 months                        For the 6 months
                to 31 December 2000                     to 31 December 1999
                             £'000s                                  £'000s

Net cash 
(outflow)/inflow 
from operating 
activities                  (3,241)                                   1,855

                         ----------                               ---------

Servicing of finance
Payment of participating 
loan note interest             (158)                                      -
                            --------                               --------
Net cash outflow 
from servicing of finance      (158)                                      -

                            --------                               --------
Tax recovered                    23                                       -

                            --------                               --------


Capital expenditure and 
financial investment

Purchases of investments     (97,405)                               (79,186)
Sales of investments          76,903                                 81,370
Realised currency 
gains/(losses) on 
settlement                        72                                    (25)
                          -----------                             ----------

Net cash (outflow)/inflow 
from capital expenditure
and financial investment     (20,430)                                 2,159

                          -----------                             ----------
Equity dividends paid           (354)                                  (679)

                          -----------                             ----------



Financing
Proceeds from issue of 
participating loan notes      21,279
                                   -
Proceeds of warrant
 conversion                    1,067                                     10

                           ----------                              ---------

Net cash inflow from 
financing                     22,346                                     10

                           ----------                              ---------

(Decrease)/Increase in cash   (1,814)                                 3,345

                              =======                               =======



Signed on behalf of the Board

L.G. Stopford Sackville
Chairman
15 March 2000

                                   - Ends -


NOTES TO EDITORS

PIP

*         Pantheon International Participations ('PIP') is a £200 million
investment trust, managed by Pantheon Ventures Ltd., which uses an
international fund of funds approach to private equity investment.

*         PIP has investments in over 140 private equity funds whose
portfolios contain investments in over 2,100 companies.

*         The Company is the only independent, private equity capital fund of
funds investor quoted on the London Stock Exchange.  PIP enables individuals
as well as institutions to gain access to a substantial portfolio of unquoted
companies in the USA, UK, Continental Europe and Asia, within funds managed by
experienced private equity managers.

*         Within its stated primary investment objective, the Company invests
in private equity funds both as secondary interests and by subscribing to new
funds.  As an adjunct to this activity, the Company 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.

Pantheon Ventures Limited

*         Pantheon Ventures Ltd. has been active in the private equity sector
since 1982 and currently manages over £3.3 billion, invested in over 450
private equity funds in over 30 countries.