Final Results

PANTHEON INTERNATIONAL PARTICIPATIONS PLC
17 September 1999
 
      PANTHEON INTERNATIONAL PARTICIPATIONS PLC ANNOUNCES
                      PRELIMINARY RESULTS
 
The  Board of Pantheon International Participations PLC  (PIP)
today announces its results for the year ended 30 June 1999.
 
The key highlights are:
 
-     The fully diluted net asset value per share increased by
      10% to 405.6p (June 1998: 368.6p)
 
-     Total net assets of £145.8 million (June 1998: £131.3 million)
 
-     Total  of  £30.8  million  in  cash  received  from  its
      investments bringing the total cash realisation to £68 million
      from its investment portfolio in the last two years
 
-     Outstanding commitments to private equity funds of £44.7
      million at 30 June 1999
 
-     Investment, including commitments, in private equity  in
      the year amounted to £15 million (June 1998: £24.1 million)
 
-     Repurchase  of the Company's shares under  consideration
      when advantageous to shareholders
 
-     The  Company  had cash and fixed interest  resources  of
      £62.9 million (June 1998: £47.4 million)
 
-     The  Directors recommend a first and final dividend of  2.0
      pence per share (1998: nil)
 
Lionel Stopford Sackville, Chairman of PIP, commented:
 
'The Company has been careful in consideration of both primary
or secondary investments in the last year, however, it is in a
strong  position to make some substantial investments  in  the
coming  months thereby reducing the high levels  of  cash  and
improving the value of the Company.
 
 
'The  Board has taken measures to reduce the discount  between
the  net  asset  value and the share price.   It  has  already
bought back a number of warrants for cancellation and proposes
to  repurchase  the Company's shares where this is  considered
advantageous  to shareholders.  The discount between  the  net
asset  value  and  the  share price has reduced  significantly
since year end.'
 
The  Annual  General Meeting will be held  at  12.00  noon  on
Thursday  18  November 1999 at Chatham  House,  10  St  James'
Square, London, SW1 and will, as in previous years, include  a
presentation on the activities of the Company.
 
 
For further information, please contact:
 
Pantheon International Participations PLC         0171 484 6200
Rhoddy Swire
 
Pantheon  Ventures                                0171 484 6200
Richard Bowley
 
Ludgate  Communications                           0171 253 2252
Vanessa Anderson/Elizabeth Ware
 
 
NOTES TO EDITORS
 
Pantheon International Participations PLC
 
- Pantheon International Participations ('PIP') is a £145.8
  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 170 private  equity  funds
  whose portfolios contain investments in over 1,500 companies.
 
- The  Company is currently the only independent,  private
  equity  capital fund of funds investor quoted on the  London
  Stock   Exchange.   It  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.   The Company'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., which manages  PIP,  has  been
  active in the private equity sector since 1982 and currently
  manages approximately £2 billion, which is invested in  over
  350 private equity funds in over 30 countries.
 
  
CHAIRMAN'S STATEMENT
 
This  is my first opportunity to address shareholders  in  the
Annual Accounts of the Company.  I am sure that you would like
to  join  the  Board in thanking Tom Griffin for the  enormous
contribution that he made to the development of the Company in
the period since its formation in 1987.
 
The results show that the net asset value has grown by 10%  in
the year to 30 June 1999 and that total basic return per share
was  44.6  pence.   Due to the low levels of activity  in  the
secondary  market the Company has made few new investments  in
the  year under review.  However its role as the only  London-
quoted  vehicle giving access to unquoted, third party private
equity  funds  on  a  global basis remains  undiminished.   It
enables  institutions and individual investors to  participate
in  this  important  asset  class  through  both  primary  and
secondary investments.  The recent dramatic improvement in the
secondary  market  has  found the Company  in  a  very  strong
position  from  which  to capitalise  on  the  experience  and
resources of its manager.
 
Market Commentary & Outlook
 
The  private equity market continues to grow at a rapid  rate.
Commitments  to  private equity in 1998 were  up  35%  on  the
previous  year  and have now more than doubled in  two  years.
The  performance of funds raised in earlier years  is  strong,
and  exits  from  investments have been  very  rapid  in  some
sectors, particularly Internet related investments.
 
However the increase in the size of the market, together  with
the  prospect  of more normal performance and investment  life
cycles  in the period ahead, is likely to lead to an  increase
in  the  size  of the secondary market.  This  comes  after  a
period  of  limited  activity and  intense  competition.   The
increase  in  activity can already be detected as the  manager
has  reviewed a large volume of secondary deals in  the  first
six months of 1999.  I expect the Company to make a number  of
investments in the near future.
 
More resources
 
It  has  been  apparent  during the  year  that  some  of  the
portfolios of secondary interests becoming available are of  a
greater  size than the Company is able to bid on.  Accordingly
the  Manager, Pantheon Ventures Limited, has begun  raising  a
fund,   Pantheon  Global  Secondary  Fund,  to  target   large
portfolios  of  secondary interests. The  Company  has  agreed
terms  whereby  secondary  portfolios  are  shared  with  this
vehicle  on  terms advantageous to the Company.   The  Company
will be able, with this fund, to ensure that it remains a pre-
eminent purchaser of secondary interests in the global  market
place.
 
Activities
 
The  Company  has  been careful in its consideration  of  both
primary  and secondary opportunities during the  year.   In  a
period of significant stock market volatility there have  been
a  number  of  secondary transactions where  the  Company  has
chosen  either  not  to  bid  or to  bid  at  level  where  it
transpired  that there was little chance of  success.   It  is
important  to  remember when considering the large  amount  of
cash  that the Company has available that it is more important
to   select  the  correct  investments  than  to  achieve  any
particular level of activity.  By 'keeping its powder dry' the
Company is well placed to make substantial investments in  the
coming months.
 
The  Company  received  a  total of  £30.8  million  from  its
investments in the year and has now received £68 million  from
its  investment portfolio in the last two years.  It  is  this
continuing  high  level of distributions,  combined  with  the
limited  secondary activity, that explains the high levels  of
cash that the Company now possesses.
 
Share & Warrant Buybacks
 
The  Board  has  considered what measures could  be  taken  to
reduce the discount between the net asset value and the  share
price.   It  has already bought back a number of warrants  for
cancellation  and  it proposes to take powers  at  the  Annual
General Meeting to repurchase the Company's shares where  this
is  considered advantageous to shareholders.  It should not be
thought that this is a panacea for the problem of the discount
but it is a suitable weapon for the Company to possess.  Other
steps are being actively contemplated to reduce this discount,
although  I am pleased it has reduced significantly subsequent
to the year end.
 
Hedging
 
The  Company  has  identified  normal  weightings  to  various
private equity markets and their associated currencies.  These
are based upon the strategic geographical allocations that the
manager,  Pantheon  Ventures Limited, has recommended  to  the
Board  as  appropriate  at this time.   These  weightings  may
change  over the medium term as private equity markets outside
of the USA mature and develop.
 
 
                            Upper %    Lower %
USA - US Dollars                 60         50
United Kingdom - Sterling        30         20
Continental Europe - Euro        30         15
Asia - Yen                        5          0
 
                                                                 
It  is  the  Company's  policy to maintain  currency  exposure
within those weighting ranges by holding surplus cash in these
currencies  and,  if necessary, by adopting hedging  positions
where assets and commitments fall temporarily outside of those
ranges.   There has been no hedging activity during  the  year
and there are no open contracts at the year end.
 
Dividend
 
The  Board  has recommended a final dividend of two pence  per
share, payable on 30 November 1999 to holders of shares  on  1
October  1999.  The dividend is being paid to meet  investment
trust  regulations.  The Company's aim remains capital  growth
and shareholders should not expect regular dividends.
 
L.G. Stopford Sackville
16 September 1999
 
 
      Summarised Statement of Total Return of the Company
             (incorporating the revenue account*):
 
 
 
                                1 July 1998             1 July 1997
                            to 30 June 1999         to 30 June 1998
                     Revenue Capital  Total  Revenue Capital  Total
                       £'000s  £'000s £'000s   £'000s  £'000s £'000s            
      £'000s
                      ------  ------ ------   ------  ------ ------
 
Gains on investments      -   13,867 13,867        -  15,325 15,325
Cost of Warrants
purchased for
cancellation              -        -      -        -  (1,146)(1,146)
Currency gains            -       83     83        -     133    133

 
Income (Note)          4,091       -  4,091    2,897       -  2,897
Investment
management fee        (2,036)      - (2,036)  (1,857)      - (1,857)
Other expenses          (717)      -   (717)    (750)      -   (750)
                      ------  ------ ------  ------- ------  ------
Return on ordinary
activities before tax  1,338  13,950 15,288      290  14,312 14,602
Tax on ordinary
activities              (142)      -   (142)     (67)      -    (67)
                      ------  ------ ------   ------  ------ ------
Return on ordinary
activities after
tax for the financial
year                   1,196  13,950 14,146      223  14,312 14,535
Dividends in respect
of equity shares        (679)      -   (679)       -       -      -             
            
                      ------  ------ ------   ------  ------ ------
Transfer to reserves     517  13,950 14,467      223  14,312 14,535
                        ====    ====   ====     ====    ====   ====
 
 
Return per ordinary share **
- Basic                 3.52p  41.11p 44.63p    0.66p  42.17p 42.83p
- Fully diluted         3.48p  40.55p 44.03p    0.65p  41.52p 42.17p
 
 
 
*  The revenue column of this statement is the revenue account
   of the Company.
 
** The  accounts have been prepared using accounting  standards
   and  policies  adopted at the previous year  end,  with  the
   exception of returns per share which have been calculated in
   accordance  with  the  recently issued  Financial  Reporting
   Standard No: 14, Earnings per share. The comparative figures
   have been restated to reflect this change.
 
All  revenue  and capital items in the above statement  derive
from continuing operations.
No operations were acquired or discontinued in the year.
 
 
Note: Income for the year ended 30 June 1999 was made  up
      of  dividends  and  interest  received  from  shares  and
      securities  of  £4,004,000 (1998:  2,718,000)  and  other
      income of £87,000 (1998: £179,000).
 
 
      
             Summarised Balance Sheet of the Company
 
 
 
                                           As at 30 June
                                          1999       1998
                                         £'000s     £'000s
 
Fixed Assets
Investments                            140,696    126,547
 
Current Assets
Debtors                                  4,720      2,705
Cash at bank                             1,479      2,373
                                     ---------  ---------
                                         6,199      5,078
                                     ---------  ---------
Creditors: amounts falling due
within one year                          1,106        303
                                     ---------  ---------
Net current assets                       5,093      4,775
                                     ---------  ---------
Total net assets                       145,789    131,322
                                         =====      =====
Capital and reserves
Called-up share capital                 16,968     16,968
Share premium                           32,525     32,525
Capital reserve - realised gains        75,587     57,752
Capital reserve - unrealised gains      19,101     22,986
Revenue reserve                          1,608      1,091
                                     ---------  ---------
Total shareholders' funds              145,789    131,322
                                         =====      =====
 
Number of ordinary shares in issue  33,936,363 33,936,363
Number or warrants in issue          5,242,546  5,242,546
 
 
Net asset value per share:
                    - basic              429.6p     387.0p
                    - fully diluted      405.6p     368.6p
 
 
 
The Directors have recommended a final dividend of 2.0p per
share (1998: nil) payable on 30 November 1999 to shareholders
on the register at close of business on 1 October 1999.
 
The  above financial information does not constitute statutory
accounts as defined in Section 240 of the Companies Act  1985.
The  comparative financial information for the year  ended  30
June  1998  is  taken from the full accounts which  have  been
delivered  to  the  Registrar of Companies  and  contained  an
unqualified audit report.
 
Signed on behalf of the Board
 
L G Stopford Sackville
Chairman
16 September 1999