Exchange of Loan Notes for New Redeemable Shares

22nd July 2011

Drawdown of Redeemable Share Subscription Commitments and Repayment of Loan
Notes

Pantheon International Participations PLC ("PIP" or the "Company") today
announces that it will drawdown commitments to subscribe for £100.5 million of
new redeemable shares of £0.01 each in the capital of the Company ("New
Redeemable Shares") from the institutions with whom the Company has entered
into standby subscription agreements ("Standby Agreements"). Simultaneously the
Company will repay £100.5 million of outstanding unsecured subordinated loan
notes ("Loan Notes") held by those institutions. These actions will effectively
exchange the full balance of the Company's Loan Notes for New Redeemable
Shares.

Between 2005 and 2008, PIP entered into the Standby Agreements with a number of
institutions ("Standby Investors"). Under the terms of the Standby Agreements,
the Standby Investors agreed to subscribe an aggregate amount of £150 million
for redeemable shares in the Company when called upon by the Company to do so
and at an issue price equal to the most recently published net asset value per
share (the "Standby Commitments").

In 2008 and 2010, PIP issued to Standby Investors two series of Loan Notes with
an aggregate principal amount of £100.5 million. Under the terms upon which the
Loan Notes were subscribed, a drawdown on the Standby Commitments requires an
equivalent amount of the Loan Notes to be repaid. The Loan Notes mature on 15th
November 2011 and the Board has determined to exchange the Loan Notes for
redeemable shares in the Company by drawing down on the Standby Commitments.

The New Redeemable Shares will be issued at a price equal to the net asset
value per share of the Company as at 30th June 2011, which is expected to be
published on or around 28th July 2011. The Company intends to complete the
issue of the New Redeemable Shares and the repayment of the Loan Notes on 24th
August 2011. The Company has submitted an application for the New Redeemable
Shares to be admitted to the Official List of the United Kingdom Listing
Authority and to be admitted to trading on the London Stock Exchange plc's main
market for listed securities ("Admission"). It is expected that Admission will
become effective, and that dealings in the New Redeemable Shares will commence,
on 24th August 2011.

Following the execution of a new multi-currency credit facility in June 2011,
the Board does not expect to utilise the remaining £49.5 million of Standby
Commitments.

                                     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 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 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 £15.1 billion under
management (as at 31st March 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.