Issue of Loan Notes

17th September 2010

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

ISSUE OF LOAN NOTES                              

The Board of Pantheon International Participations PLC ("PIP"), the quoted
private equity fund-of-funds, today announced that agreements have been entered
into with institutional investors to subscribe for up to £51m in aggregate for
unsecured subordinated loan notes (the "Notes").

Under these agreements, the Notes are to be subscribed for in cash on 30th
September 2010 and, if not repaid earlier, will have a maturity date of 15th
November 2011. The Notes will pay a rate of interest equal to LIBOR plus
1.5% p.a. In addition, existing notes issued by the Company in December 2008 and 
due to mature on 15th November 2010 have had their maturity date extended to 
15th November 2011. The agreements have been entered into with all of the
institutional investors who have previously entered into "standby" commitments
to subscribe, if called upon by the Company to do so, for redeemable shares.
Standby commitments amounting in aggregate to £50 million which were due to
expire on 31st December 2010 have been extended so that they expire on 31st
December 2011. In the event of a drawdown by the Company under a "standby"
commitment from an institutional investor who is a Noteholder, the Company
shall repay an equivalent amount on the Notes held by such investor (or such
lesser amount as is outstanding).

The Board remains confident that the Company has sufficient financing in place
to meet future cash calls from its unfunded investment commitments.

                                     Ends                                      

NOTES

PIP

Pantheon International Participations ("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 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. www.pipplc.com

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 £14.6 billion under
management (as at 31st March 2010), investments in over 500 private equity
funds in over 30 countries and offices in London, San Francisco, New York and
Hong Kong.


For more information please contact:

                          Andrew Lebus 020 7484 6200