Net Asset Value(s)

24th July 2014

                   Pantheon International Participations PLC                   

                       Net Asset Value at 30th June 2014                       

Pantheon International Participations PLC ("PIP") announces an unaudited net
asset value ("NAV") per share at 30th June 2014 of 1,364.2p, a decrease of
20.5p (-1.5%) from the NAV per share as at 31st May 2014. Valuation gains
(2.9p, 0.2%), investment income (1.4p, 0.1%) and share buybacks (1.0p) were
offset by foreign exchange movements (-24.1p, -1.7%) and expenses (-1.7p,
-0.1%).

PIP's valuation policy for private equity funds is based on the latest
valuations reported by the managers of the funds in which PIP has holdings. In
the case of PIP's valuation at 30th June 2014, the majority of reported
valuations (accounting for circa 95% by value) are dated 31st March 2014.

At 30th June 2014, PIP's private equity assets stood at £815m, whilst cash
balances were £88m. Undrawn commitments to investments stood at £176m at 30th
June 2014, calculated using exchange rates at that date. In addition, the
Company's multi-currency revolving credit facility agreement, comprising a
US$82m facility and a €57m facility, remained completely undrawn.

PIP's portfolio generated net cash of £9.2m during the month, with
distributions of £12.7m relative to £3.5m of calls from existing commitments to
private equity funds.

Amongst new investments in the month was a £12.9m secondary commitment in two
North American energy funds which, on aggregate, were approximately 72% funded
at completion. In addition, PIP completed two co-investments during the month:
a £3.9m co-investment was made alongside Rutland Partners in Maplin, a UK
multi-channel retailer of specialist electronics products and computer
accessories; and a £2.8m co-investment was made alongside Warburg Pincus in
Venari, a US-based oil and gas exploration and production (E&P) company.

During the month, PIP invested £2.2m in share buybacks, acquiring 10,000
ordinary shares for a total of £0.1m at a price of 1,135.0p per share (18%
discount to NAV per share at 31st May 2014), and 200,000 redeemable shares for
a total of £2.1m at an average price of 1,051.0p per share (24% discount to NAV
per share at 31st May 2014).

For the year ended 30th June 2014

The NAV per share at 30th June 2014 of 1,364.2p is an increase of 32.3p, or
2.4% for the financial year. Solid underlying portfolio gains (158.6p, 11.9%),
investment income (20.4p, 1.5%) and share buybacks (7.2p, 0.5%) were offset by
foreign exchange movements (-135.4p, -10.1%) and expenses (-18.5p, -1.4%)

PIP's portfolio generated £142m of cash during the year, with distributions of
£184m relative to £42m of calls from existing commitments to private equity
funds.

PIP made 29 new investments in the year amounting to £148m. This included six
secondary deals (£95m), 19 co-investments (£42m) and four primary commitments
(£11m).

During the year PIP, invested £18m in share buybacks, acquiring 1.0m ordinary
shares and 0.7m redeemable shares, at an average price of 1,044p. This price
represented an average discount of 22% to the NAV per share as at 30th June
2013.

Commenting on the results, Andrew Lebus, Partner at Pantheon Ventures (UK) LLP,
said: "2014 has been an active year for PIP as high levels of realisations and
strong positive cash flow enabled us to increase our investment pace, actively
renewing the portfolio as well as adding to NAV per share growth through share
buybacks."

Monthly Report

The June monthly newsletter can be accessed on PIP's website at www.pipplc.com
in the Investor Relations section under the heading "Reports & Newsletters", or
by following this link: http://www.pipplc.com/investor-relations/
financial-reports.

                                     Ends                                      

NOTES

PIP

PIP is a London quoted investment trust, managed by Pantheon Ventures (UK) LLP
("Pantheon"), a leading global private equity fund investor, investing in both
primary funds and secondary transactions, and from time to time capitalising
further on its fund investment activities by acquiring direct holdings in
unquoted companies, usually either where a vendor is seeking to sell a combined
portfolio of fund interests and direct holdings or where there is a private
equity manager, well known to Pantheon, investing on substantially the same
terms. With investments in private equity funds, covering multiple private
equity strategies ranging from investments in 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.

Pantheon

Pantheon is a leading global private equity fund investor that invests on
behalf of over 400 institutional investors. Established over 30 years ago,
Pantheon has developed a strong reputation and track record in primary,
secondary and co-investments and across all stages and geographies. Pantheon
has £18.3 billion in AUM (as at 31st March 2014), over 190 employees, including
over 75 investment professionals, located across offices in London, San
Francisco, New York, Hong Kong, Seoul and Bogotá.

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.

                                                                               

                   Pantheon International              Telephone +44 (0) 20    
                   Participations PLC                  7484 6200               
                                                                               
                   Norfolk House                       Facsimile [phone]
                                                       6201                    
                   31 St. James's Square                                       
                                                       E-mail:                 
                   London SW1Y 4JR                     [e-mail]     
                                                                               
                                                       Internet: www.pipplc.com

Registered office: Beaufort House, 51 New North Road, Exeter, Devon EX4 4EP. 
Incorporated in England number: 2147984.                                     
                                                                             
An investment company under section 833 of the Companies Act 2006. Managed by
Pantheon Ventures (UK) LLP.