Interim Management Statement

For immediate release:

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

INTERIM MANAGEMENT STATEMENT (UNAUDITED)

FOR QUARTER ENDED 31 MARCH 2008

Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1 January 2008 to 31 March
2008. This constitutes the Company's second interim management statement in the
financial year ending 30 June 2008, as required by the UK Listing Authority's
Disclosure and Transparency Rule 4.3.

The Company published an unaudited Net Asset Value ("NAV") as at 31 March 2008
on 28 April 2008*. This interim management statement summarises the information
as at 31 March 2008 and any further developments up to 19 May 2008.

Investment Objective

PIP's primary investment objective is to maximise capital growth

by investing in private equity funds and, occasionally, directly in

private companies.

Gearing

A total amount equal to £41.2m was drawn down under PIP's loan facilities at 31
March 2008.

Material Events and Transactions

During the quarter ended 31 March 2008 PIP received distributions from private
equity assets of £24 million. PIP invested £69 million in private equity
assets. PIP made commitments of £122 million during the quarter to 8 primary
funds (£80 million) and 4 secondary transactions (£42 million).

Performance*

The share price and NAV per share increased by 1.0% and 4.1% respectively
during the quarter.

Total Return Performance

                        1 Year  3 Years 5 Years 10 Years    Since    
                                                          Inception* 
                           %    % p.a.  % p.a.   % p.a.              
                                                            % p.a.   
                                                                     
NAV per share            24.3    21.0    15.2     11.9       14.5    
                                                                     
Ordinary Share Price     -1.4    14.3    16.3     13.5       13.7    
                                                                     
MSCI World (sterling)    -3.6     8.3    11.3     3.2        6.6     
Total Return                                                         
                                                                     
FTSE All-Share Index     -7.7     9.5    14.7     3.5        8.3     
Total Return                                                         

*18th September 1987


General Information

                                     31/03/08        31/12/07        Change    
                                                                               
NAV Per Share                         1096.1p        1052.5p          4.1%     
                                                                               
Ordinary Share Price                  847.5p          839.5p          1.0%     
                                                                               
Redeemable Share Price                869.0p          857.5p          1.3%     
                                                                               
Total assets less current             £727.7m        £698.8m          4.1%     
liabilities                                                                    
                                                                               
Outstanding Commitments               £627.0m        £556.9m         12.6%     

Other than as described above the Board is not aware of any events during the
period from 1 January 2008 to the date of this statement which would have a
material impact on the financial position of the Company.

Tom Bartlam

Chairman

19 May 2008

The views information and data in this announcement should not be deemed as a
financial promotion or recommendation. Shareholders are advised that this
statement is unaudited.

For further information please visit PIP's website at

www.pipplc.com or contact:

Andrew Lebus

Pantheon Ventures Ltd

Tel: [phone]

* 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 31 March 2008, the majority of valuations are
dated 31 December 2007. 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.