PANTHEON INTERNATIONAL PARTICIPATIONS PLC - Net Asset Value(s)

26th April 2012

Pantheon International Participations PLC (the "Company")           

                      Net Asset Value at 31st March 2012

The Board of Pantheon International Participations PLC ("PIP"), the quoted
private equity fund-of-funds investment trust, today announces an unaudited net
asset value ("NAV") per share of 1,140.1p at 31st March 2012, an increase of
0.5% on the NAV per share at 31st December 2011.

Net assets were £814.2m at 31st March 2012. Portfolio values proved resilient
following the global public market downturn in the summer of 2011. However,
this downturn led to a slowdown in exit activity during the third and fourth
quarters and consequently the level of distributions the Company received was
lower than in the previous quarter. Given the maturity of the Company's assets,
net portfolio cash flows remained healthily positive with distributions
exceeding calls by £15m in the quarter.

Underlying net portfolio gains of £14m were offset by £16m of currency losses
resulting mainly from the weakening of the US dollar. Interest and expenses of
£3m were offset by income of £3m. The Company bought back in the market, for
investment purposes, £10m (at market value) of shares during the quarter. These
buybacks resulted in a total uplift to NAV per share of approximately 8.9p
(0.8% relative to the 31st December 2011 NAV per share).

Valuation Policy

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 31st March 2012, the majority of valuations (accounting for
circa 93% by value) are dated 31st December 2011. 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.

Cash Flow

During the quarter ended 31st March 2012 , PIP received distributions from private equity assets of £29m and invested £14m through drawdowns on commitments to underlying private equity funds. Net cash inflow from the portfolio during the quarter was £15m.

New Commitments and Share Buybacks

During the quarter PIP made three new commitments to secondary interests in
aggregate amounting to £17m, which overall, were approximately 70% funded.
Undrawn commitments relating to these secondary interests amounted to £5m. The
new secondary interests are focused predominantly on buyout funds based in the
USA. Additionally, since the end of the quarter the Company has acquired an £8m
secondary commitment (approximately 60% funded) to a USA-based buyout fund.

For new investment commitments the Company will continue to emphasise investments in secondary transactions and will also occasionally participate in co-investments alongside leading private equity managers selected by Pantheon.

The Board will consider further share buybacks as a means of enhancing NAV per
share as an alternative to new investments whilst its shares continue to trade
at such historically high discounts.

In the quarter, PIP bought back for cancellation, a total of 230,000 ordinary
shares at a price of 653p per share and 1,215,000 redeemable shares at an
average price of 697p per share. These transactions were executed at an overall
discount of approximately 39% to the 31st December 2011 NAV, and resulted in a
total uplift to NAV per share of approximately 8.9p.

Since August 2011, the Company has deployed a total of £27.6m in implementing
share buybacks, acquiring 5.4% of PIP's total shares outstanding prior to any
share buybacks.

Realisation Activity

Distributions received by the Company from portfolio realisations were lower
relative to the previous quarter reflecting the slowdown in exit activity
following the downturn in public markets in the summer of 2011. However, given
the maturity of the portfolio, distributions remained at a healthy level.
Examples of distributions in the quarter include (see note 1):

* In February 2012 UnitedHealthcare completed its acquisition of XL Health

Corporation, a sponsor of Medicare Advantage health plans with a primary

focus on Medicare recipients with special needs, such as those with chronic

illness and those eligible for Medicaid ("dual eligibles"). PIP held XL

Health through MatlinPatterson Global Opportunities III Fund and the

acquisition was completed for a return in excess of 5x invested capital.

The distribution received by PIP was £1.7m.

* In January 2012 Avista Capital Partners agreed to sell BioReliance for

$350m in cash to Sigma-Aldrich Corporation. BioReliance provides critical

services that include biologics testing, specialised toxicology and animal

health testing to pharmaceutical, biopharmaceutical, diagnostics, and other

life science clients worldwide. The exit achieved a 2.6x gross return for

Avista Capital. The distribution received by PIP was £0.9m.

Call Activity

The Company continued to invest through calls from its undrawn commitments. Examples of calls in the quarter include:

* In February 2012 , Doughty Hanson acquired USP Hospitales ("USP"), the

Spanish hospitals operator, from Barclays and Royal Bank of Scotland for €

355m which represented a 9x multiple of forecast 2012 EBITDA. USP is the

third largest private hospital operator in Spain , with a market share of

5.5% in 2010, and it is focused on the provision of hospital services to

the private insurance and self-pay segments. USP operates 12 hospitals, 1

specialist clinic and 22 auxiliary clinics, with a total of over 1,200

beds. The call paid by PIP relating to USP was £1.4m.

* In January 2012 , Hutton Collins supported the acquisition of a majority

interest in Wellington boot maker Hunter Boot Limited by Searchlight

Capital Partners. Hunter has expanded its product offering in recent years

into areas including leather boots and other footwear, knitted accessories

and bags. Hunter's positioning as a heritage British brand, with a history

dating back more than 150 years, has given it market-leading positions in

the UK and US markets, and its products are today sold in more than 30

countries worldwide. The call paid by PIP relating to Hunter was £0.9m.

Outstanding Commitments

Outstanding commitments to investments stood at £199m at 31st March 2012 , calculated using exchange rates at that date. Drawdowns of outstanding commitments typically occur over a period of several years.

Cash Balance and Bank Loan Facility

As at 31st March 2012 , PIP had cash balances equivalent to a total of approximately £46m.

In addition, the Company's multi-currency revolving credit facility agreement
("the Bank Loan Facility"), comprising an $82m US dollar facility and a €57m
euro facility, was completely undrawn. The Bank Loan Facility expires in June
2015.

Based on exchange rates at 31st March 2012 , PIP's total available liquid financing capacity, comprising its cash and bank facility, stood at £145m.

Foreign Exchange Exposure

At 31st March 2012, the value of the private equity investment assets stood at
£773m. Of the private equity investment assets at PIP's holding level, 69% were
represented by funds reporting values denominated in US dollars, 24%
denominated in euros, 6% denominated in sterling and 1% denominated in other
currencies. Of the 69% of investment assets denominated in US dollars,
approximately 5% (expressed as a proportion of PIP's total portfolio) are
invested in funds investing mainly in Europe and approximately 9% (expressed as
a proportion of PIP's total portfolio) 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.

Note 1
The distribution or call amounts above may include small amounts relating to
other companies or items.

                                     Ends                                      

NOTES

PIP

Pantheon International Participations ("PIP") is a London quoted investment
trust, managed by Pantheon, one of the longest-established international
private equity fund-of-funds managers, 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.

Pantheon

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 £15.2bn under management (as at 31st December 2011 ). Pantheon has offices in London , San Francisco , New York and Hong Kong , and has made investments in over 1,000 funds globally.

For more information please visit PIP's website at www.pipplc.com or contact:

Andrew Lebus or Alexis Barling

Pantheon

020 7484 6200

Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of this announcement.

Pantheon International              Telephone +44 (0) 20    
                   Participations PLC                  7484 6200               
                                                                               
                   Norfolk House                       Facsimile +44 (0)20 7484
                                                       6201                    
                   31 St. James's Square                                       
                                                       E-mail:                 
                   London SW1Y 4JR                     pip.ir@pantheon.com     
                                                                               
                                                       Internet: www.pipplc.com

Registered office: Beaufort House , 51 New North Road, Exeter , Devon EX4 4EP. Incorporated in England number: 2147984.

An investment company under section 833 of the Companies Act 2006. Managed by Pantheon Ventures (UK) LLP.