Interim Management Statement

13th November 2013

                   Pantheon International Participations PLC                   
        Interim Management Statement (Unaudited) for the Quarter Ended
                              30th September 2013                              


Pantheon International Participations PLC ("PIP" or the "Company") presents its
interim management statement for the period from 1st July 2013 to 30th September
2013. This constitutes the Company's first interim management statement in the
financial year ending 30th June 2014, 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 30th September
2013 on 22nd October 2013. This interim management statement summarises the 
information as at 30th September 2013 and any further developments up to 11th
November 2013.


Investment Objective

PIP's primary investment objective is to maximise capital growth by investing in
a diversified portfolio of private equity funds and, occasionally, directly in 
private companies.


General Information
                                       30/09/2013     30/06/2013        Change 
                                                                               
NAV per share                            1,283.3p       1,331.9p          -3.6%
                                                                               
Ordinary share price                     1,057.0p       1,042.0p           1.4%
                                                                               
Redeemable share price                   1,025.0p       1,050.0p          -2.4%
                                                                               
Net asset value                             £867m          £903m          -4.0%
                                                                               
Outstanding commitments                     £175m          £195m         -10.3%


Performance

The NAV per share at 30th September 2013 was 1,283.3p, representing a decrease 
of 48.6p, or 3.6%, relative to the NAV per share at 30th June 2013.

Portfolio gains added 18.8p per share in the quarter, led by value increases in
the large/mega buyout portfolio, and the venture & growth portfolio.

Adverse currency movements, caused in particular by the US dollar which declined
by c. 6.3% against sterling, decreased NAV per share by 70.0p.

During the quarter the Company invested £2.3m (at market value) buying back
shares for cancellation. These buybacks resulted in an uplift to NAV per share
of approximately 1.0p.

Income, net of expenses increased NAV per share by 1.6p.

The Company's ordinary share price increased during the quarter by 1.4% to
1,057.0p, whilst the price of its redeemable shares decreased by 2.4% to 
1,025.0p at 30th September 2013. Subsequent to the quarter end, up until the
market close on 11th November 2013, the share price of the ordinary and
redeemable shares decreased to 1,034.0p and 1,010.0p respectively.


Portfolio Cash Flow

PIP's portfolio generated positive net cash of £33.3m in the quarter before the
cost of new commitments. Distributions amounted to £39.4m and calls from
existing commitments totalled £6.1m.


Distributions in the quarter included:

  * £2.1m from Genstar Capital following the sale of clinical research
    organisation PRA International to funds managed by KKR & Co., realising a
    multiple in excess of 2.2x.
   
  * £1.7m from Brentwood Associates in relation to the sale of wholesale paper
    distributor Paper Source, Inc. to Investcorp.
   
  * £1.4m from Doughty Hanson & Co. in relation to the sale of multiplex cinema
    operator Vue Entertainment at a 2.1x cost multiple.
   
  * £1.2m from Doughty Hanson & Co. in relation to the sale of transport
    services provider Avanza to Grupo ADO.
   
  * £0.7m from Apollo Management following the sale of shares in Realogy
    Corporation, a provider of real estate and relocation services.

  
New Commitments

PIP invested a total of £9.4m in new commitments in the quarter, which
consisted of the following:

  * A co-investment of £2.4m was made alongside Parthenon to acquire Bracket, a
    pharmaceutical services provider.
   
  * A co-investment of £2.1m was made alongside Riverstone to acquire ILX, a US
    oil and gas company.
   
  * A co-investment of £2.0m was made alongside CVC to acquire ISTA, a
    pan-European sub-metering hardware and services provider.
   
  * A co-investment of £1.9m was made alongside Bencis to acquire Xeikon, a
    designer, manufacturer and distributor of digital printing and pre-press
    equipment.
   
  * A co-investment of £1.0m was made alongside Herkules to acquire Schat
    Harding, a supplier and service provider of lifeboats in the Nordic region.

Since the quarter-end PIP has completed a £2.1m primary commitment to Nordic
Capital VIII, and a co-investment of £1.8m alongside Ares Management to acquire
Neiman Marcus, a luxury branded goods retailer.

For its new private equity investments, the Company will continue to emphasise
secondary transactions, supplemented with co-investments alongside leading
private equity managers selected by Pantheon. The Company will also look to
make primary commitments on a targeted basis for portfolio construction
purposes.

The pipeline of investment activity is likely to lead to the completion of
further transactions in the coming quarter. This includes two new secondaries
which are at an advanced stage, pending completions that are scheduled at the
end of November and December respectively. Beyond that the pipeline of
secondaries has increased since the first half of the year, and activity is
expected to continue to pick up during the fourth quarter.


Share Buybacks

During the quarter, PIP bought back for cancellation 225,000 ordinary shares at
an average price of 1,037.2p per share. These transactions were executed at a 
discount of approximately 22% to the 30th June 2013 NAV per share.

From August 2011, when the Company started buying back shares, up to 30th
September 2013, it has acquired, for investment purposes, approximately 10.5%
of its outstanding shares.

After the quarter end PIP bought back for cancellation 450,000 ordinary shares
at a price of 1,039p per share, which represented a discount of approximately
22% to the 30th June 2013 NAV per share.

The Board expects the Company's mature portfolio to remain cash generative and
continues to believe that share buybacks are an effective means of enhancing
NAV per share as an alternative to new investments when the Company's shares
are trading at a wide discount.


Cash Balance and Remaining Facilities

As at 30th September 2013, PIP had cash balances equivalent to a total of
approximately £91m.

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 30th September 2013, PIP's total available liquid
financing capacity, comprising its cash and bank facility, stood at £189m.


Undrawn Commitments

Undrawn commitments to investments stood at £175m at 30th September 2013,
calculated using exchange rates at that date. Drawdowns of undrawn commitments
typically occur over a period of several years.


Historical Total Return Performance to 30th September 2013¹

                                                                          Since 
                                1 Year   3 Years   5 Years   10 Years Inception
                                                                               
                                     %    % p.a.    % p.a.     % p.a.    % p.a.
                                                                               
NAV per share                     8.9%     10.8%      2.2%       8.5%     11.3%
                                                                               
Ordinary share price             37.4%     22.0%      9.4%       7.7%     10.9%
                                                                               
FTSE All-Share Total Return      18.9%     10.1%     10.7%       9.2%      8.1%
                                                                               
MSCI World (sterling) Total      20.6%     11.4%     10.5%       8.4%      6.9%
Return                                                                         

¹PIP was launched on 18th September 1987. The performance figures for PIP
assume reinvestment of dividends, capital repayments and cash flow from
warrants.


Valuations

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 30th September 2013, the majority of valuations (accounting
for circa 95% by value) are dated 30th June 2013. 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
period end. If there has been a material movement in the value of these
holdings, the valuation is adjusted to reflect this.


Foreign Exchange Exposure

At 30th September 2013, the value of the private equity investment assets stood
at £776m. Of the private equity investment assets at PIP's holding level, 70%
were represented by funds reporting values denominated in US dollars, 21%
denominated in euros, 7% denominated in sterling and 2% denominated in other
currencies. Of the 70% 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 11% (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.

Other than as described in the paragraphs above the Board is not aware of any
events during the period from 30th September 2013 to the date of this statement
which would have a material impact on the financial position of the Company.


Tom Bartlam


Chairman
12th November 2013

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.


                                     ENDS                                      

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.