Redemption of Redeemable Shares

26 May 2006

For immediate release

                   Pantheon International Participations PLC                   

Pantheon International Participations PLC (the "Company") announced on 5 May
2006 that Redeemable Shareholders would be given the opportunity to tender for
redemption all or any of their Redeemable Shares. On the same date the Company
issued a circular to Redeemable Shareholders informing them of the procedure
for redemption (the "Circular"). As stated in the announcement and the
Circular, the Company will redeem a maximum of 1,246,727 Redeemable Shares at a
price per Redeemable Share of 802.1 pence (being the net asset value per share
of the Company as at 31 March 2006) and having an aggregate value at such price
of up to approximately £10,000,000.

Valid tenders for redemption have been received from 40 holders of Redeemable
Shares in respect of a total of 4,992,486 Redeemable Shares and, in accordance
with the redemption procedure 1,246,709 Redeemable Shares will be redeemed
today. As the number of Redeemable Shares validly tendered for redemption
exceeded 1,246,727, larger tenders were subject to scaling back as contemplated
in the Circular. The Directors determined that the threshold amount for larger
tenders should be 90 Redeemable Shares. Accordingly, Redeemable Shares
represented by valid Redemption Tender Notices received in respect of 90 or
fewer Redeemable Shares and amounting to 293 Redeemable Shares in aggregate
have been redeemed in full. Valid tenders in respect of 90 or more Redeemable
Shares (amounting to 4,992,193 Redeemable Shares in aggregate) were scaled back
on a proportionate basis such that, in respect of each such tender, the number
of Redeemable Shares redeemed was approximately 24.968% of the number of
Redeemable Shares to which the tender related (rounded down to the nearest
whole number of Redeemable Shares).

Following the redemption 28,871,255 Redeemable Shares will remain in issue.

For more information please contact:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Alastair Bruce / Andrew Lebus