Acquisition

Pantheon Intl Participations PLC
31 July 2000



        PANTHEON INTERNATIONAL PARTICIPATIONS PLC
      TO ACQUIRE PORTFOLIO OF SECONDARY INVESTMENTS

The  Board  of Pantheon International Participations  PLC
(PIP)  is  pleased  to  announce that  it  has  exchanged
contracts  to purchase a portfolio of secondary interests
in  26  private equity funds in Europe and the USA for  a
consideration totalling approximately £30 million.  It is
currently  intended  that  a  significant  part  of  this
consideration will be satisfied by the issue  of  further
Participating Loan Notes at the Adjusted Redemption Value
of 591.80p announced today.

Lionel Stopford Sackville, Chairman of PIP said:

'We   are   delighted   with   this   transaction.    The
reorganisation  of  PIP as a more efficient  vehicle  has
allowed  us  to  structure  this  deal  in  a  way   that
demonstrates   the  flexibility  of  the  new   financial
instrument,  PLNs.   It has also enabled  the  vendor  to
continue  to  participate  in the  private  equity  asset
class.

We  are  also pleased that, in future, we will  have  the
opportunity  to  invest in larger secondary  transactions
for  cash,  alongside  Pantheon's  recently  closed  $418
million Global Secondary Fund.'


                            
For further information, please contact:

Richard Bowley, CEO
Pantheon Ventures Limited                    020 7484 6200

Alastair Bruce
Pantheon Ventures Limited                    020 7484 6200

Robin Hepburn/Elizabeth Ware
Ludgate Communications                       020 7253 2252
                                                         

                                                         

NOTES TO EDITORS

PIP

* Pantheon International Participations ('PIP') is a £169
  million  investment trust, managed by Pantheon Ventures
  Ltd.,   which  uses  an  international  fund  of  funds
  approach to private equity investment.

* PIP  has  investments in over 130 private equity  funds
  whose  portfolios  contain investments  in  over  1,200
  companies.

* The  Company  is  the only independent, private  equity
  capital  fund  of funds investor quoted on  the  London
  Stock  Exchange.  PIP enables individuals  as  well  as
  institutions to gain access to a substantial  portfolio
  of  unquoted  companies  in the  USA,  UK,  Continental
  Europe  and  Asia, within funds managed by  experienced
  private equity managers.

* Within  its  stated primary investment  objective,  the
  Company  invests  in  private  equity  funds  both   as
  secondary  interests and by subscribing to  new  funds.
  As  an  adjunct  to  this  activity,  the  Company  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 Ventures Limited

* Pantheon  Ventures Ltd. has been active in the  private
  equity sector since 1982 and currently manages over  £3
  billion,  invested in over 450 private equity funds  in
  over 30 countries.