Acquisition

Pantheon Intl Participations PLC
10 August 2000


        PANTHEON INTERNATIONAL PARTICIPATIONS PLC
      TO ACQUIRE PORTFOLIO OF SECONDARY INVESTMENTS

The  Board  of Pantheon International Participations  PLC
(PIP)  announces  today that it has completed  the  first
portion  of  a  contract  to  purchase  a  portfolio   of
secondary interests in private equity funds in Europe and
the USA, in line with the announcement of 31st July 2000.

The  initial  completion comprised 15 funds for  a  total
consideration of £21.3 million.  This has been  satisfied
by the issue of 3,595,628 Participating Loan Notes (PLNs)
at the Adjusted Redemption Value of 591.80p.

Application will be made to the UK Listing Authority  for
the  Participating  Loan Notes  to  be  admitted  to  the
Official  List and to the London Stock Exchange  for  the
Participating Loan Notes to be admitted to trading on its
market for listed securities.

The  completion of the purchase of the remainder  of  the
portfolio is expected to take place within the  next  two
months for cash consideration.

Particulars relating to the issue may be obtained  during
usual business hours for fourteen days from this date  of
this notice from:

Collins Stewart Limited
21 New Street
Bishopsgate
London
EC2M 4HR


For further information, please contact:

Richard Bowley, CEO
Pantheon Ventures Limited                    020 7484 6200

Alastair Bruce
Pantheon Ventures Limited                    020 7484 6200

Robin Hepburn
Ludgate Communications                       020 7253 2252


NOTES TO EDITORS

PIP

* Pantheon International Participations ('PIP') is a £182
  million  investment  trust,  incorporated  in  England,
  managed  by  Pantheon  Ventures  Ltd.,  which  uses  an
  international fund of funds approach to private  equity
  investment.

* PIP  has  investments in over 140 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.