Termination of Remaining Standby Commitments

28th September 2011

Termination of Remaining Standby Commitments

The Board of Pantheon International Participations PLC (the "Company") today
announces that it is terminating all the remaining commitment obligations of
the institutions (the "Standby Investors") who agreed to subscribe for
redeemable shares of £0.01 each in the capital of the Company ("Redeemable
Shares") pursuant to the terms of standby subscription agreements entered into
with the Company ("Standby Commitments"). The termination of the remaining
Standby Commitments will be effective on 30th September 2011.

The Standby Commitments were entered into between 2005 and 2008 and required
the Standby Investors to commit to subscribe for Redeemable Shares in an amount
up to £150 million. Following the partial utilisation of the Standby
Commitments on 24 August 2011, pursuant to which the Company effectively
exchanged the full balance of the Company's outstanding loan notes in an amount
of £100.5 million for the issue of 9,102,279 new Redeemable Shares, the Company
has £49.5 million of unutilised commitments, £42.9 million of which are due to
expire on 31st December 2011 and £6.6 million of which are due to expire on
31st December 2012.

As a result of the undrawn commitments having reduced in significance in
relation to the Company's assets and the Company having entered into a new loan
facility, which expires in June 2015, the Board has concluded that it is
unlikely that the Company will need to utilise the remaining £49.5 million of
Standby Commitments. Accordingly, the Board has today issued the necessary
notices in order to terminate the Standby Commitments with effect from 30th
September 2011. By terminating these commitments, the Company will avoid
incurring further commitment fees that would otherwise have been payable for
the remaining period of the commitments.  Following their cancellation, the
Company's capital structure and financing arrangements will be further
simplified and the Standby Commitments will no longer appear in the Company's
accounts as derivative assets under FRS 26, thus simplifying the presentation
of the Company's financial information.

                                     Ends                                      

NOTES

PIP

Pantheon International Participations ("PIP") is a London quoted investment
trust, managed by Pantheon, 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.

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 £15.1 billion under
management (as at 31st March 2011). Pantheon has offices in London, San
Francisco, New York and Hong Kong, and has made investments in over 1,000 funds
globally.

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.