Capital Reorganisation

Pantheon Intl Participations PLC
23 May 2000



         PANTHEON INTERNATIONAL PARTICIPATIONS PLC ('PIP')
                        LISTS NEW SECURITY
                                 
Following approval by the High Court on 17 May 2000, the Board  of
Pantheon  International Participations PLC ('PIP') announces  that
its  issue of Participating Loan Notes ('PLNs') have been admitted
to the Official List and will commence trading on 23 May 2000.

Following  the  reorganisation there will be  17,715,805  Ordinary
Shares and 6,224,471 PLN's in issue.  Shareholders who elected  to
receive  all shares will have their elections satisfied  in  full.
Shareholders  who  elected  to  receive  all  cash  will   receive
approximately 32% of their excess elections.

In a circular to shareholders on 31 March 2000, the Board outlined
proposals to create this new instrument  - an issue of PLNs and to
return surplus cash to shareholders.

The Board is confident that as a result of this reorganisation  of
the  company's  capital base, the Company will manage  better  the
cash   component  of  its  assets  and  enhance  PIP's  investment
performance.

Lionel Stopford-Sackville, Chairman of PIP commented 'Reducing the
cash-drag effect on PIP should significantly enhance the company's
investment performance.

'We  are  delighted  with the response from shareholders  to  this
novel  approach  and  would  not be surprised  at  seeing  greater
investor interest in PIP, given the attractiveness of its  Private
Equity Investment portfolio.'

                                 
Further enquiries to:

Lionel Stopford Sackville, Chairman          Tel: [phone]
Pantheon International Participations PLC

Richard Bowley, Chief Executive Officer      Tel: [phone]
Pantheon Ventures Ltd.

Rhoddy Swire, Group Chairman                 Tel: [phone]
Pantheon Ventures Ltd.

Rolly Crawford/Paul Richards                 Tel: [phone]
Collins Stewart Limited

Robin Hepburn/Liz Ware                       Tel: [phone]
Ludgate Communications


Notes to Editors:

PIP

* Pantheon International Participations ('PIP') is a £189  million
  investment  trust  (of which £50 million is  being  returned  to
  shareholders as part of this transaction), 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., the manager, has been  active  in  the
  private equity sector since 1982 and currently manages over £2.5
  billion,  invested in over 450 private equity funds in  over  30
  countries.