Portfolio Update

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

In accordance with UKLA Listing Rule 15.6.8R(2), the following list represents
the Company's 10 largest investments as at 30th September 2007 and where
appropriate, any investment with a value greater than 5% of the Company's gross
assets:

Name of company                                   Class of share           
                                                                           
Monteverdi                                        Unquoted Fund            
                                                                           
Bowman Partners                                   Unquoted Fund            
                                                                           
Klee USA Fund I                                   Unquoted Fund            
                                                                           
Argan Capital                                     Unquoted Fund            
                                                                           
Odin Partners                                     Unquoted Fund            
                                                                           
BC European Capital VII                           Unquoted Fund            
                                                                           
Pantheon Asia Fund III                            Unquoted Fund            
                                                                           
Blenheim Holdings                                 Unquoted Fund            
                                                                           
Klee Europe Fund II                               Unquoted Fund            
                                                                           
Safeguard International Fund                      Unquoted Fund            

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