Portfolio Update

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

In accordance with UKLA Listing Rule 15.4.11(2), the following list represents
the Company's 10 largest investments as at 31 March 2006 and where appropriate,
any investment with a value greater than 5% of the Company's gross assets:

Name of company                                   Class of share           
                                                                           
Bowman Partners*                                  Unquoted Fund            
                                                                           
Klee USA Fund I                                   Unquoted Fund            
                                                                           
BC European Capital VII                           Unquoted Fund            
                                                                           
Klee Europe Fund II                               Unquoted Fund            
                                                                           
Silver Cup Partners                               Unquoted Fund            
                                                                           
Industri Kapital 2000 Fund                        Unquoted Fund            
                                                                           
WIN 4 Holdings                                    Unquoted Fund            
                                                                           
Klee Europe Fund I                                Unquoted Fund            
                                                                           
Softbank Capital Partners LP                      Unquoted Fund            
                                                                           
Alchemy Plan                                      Unquoted Fund            

*Holding greater than 5% of the company's gross assets.