Completes Reduction of Unfunded Commitments

3rd July 2009

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC

                  COMPLETES REDUCTION OF UNFUNDED COMMITMENTS                  

Further to the announcements made by the Board of Pantheon International
Participations PLC ("PIP") on 26th and 29th May 2009 (the "Announcements"), the
Board is pleased to announce today that the disposal of the majority of fund
interests referred to therein has been completed. These disposals represent
approximately 84% of the aggregate purchase price and 89% of the aggregate
unfunded commitments of those interests referred to in the Announcements. Most
of the remaining transfers are expected to be completed on or before 30th
September 2009.

Ends

NOTES

PIP

Pantheon International Participations PLC (`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's assets represent approximately 9%
of the total assets managed by Pantheon Ventures. 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 over £16 billion
under management (as at 31 December 2008), investments in some 1,000 private
equity funds in over 30 countries and offices in London, San Francisco, New
York and Hong Kong. Pantheon is part of Russell Investments.

.

For more information please contact:

Andrew Lebus 020 7484 6200