For immediate release 28 April 2003

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   

                         ASSET VALUE AT 31 MARCH 2003                          

The Board of Pantheon International Participations PLC (PIP) announces an
unaudited net asset value per share of 539.69p at 31 March 2003 (526.88p at 31
December 2002). The Board also announces an Adjusted Redemption Value of the
Participating Loan Notes (PLNs) of 529.58p at 31 March 2003 (517.01p at 31
December 2002), reflecting the small discount to asset value upon redemption of
the Participating Loan Notes.

The Company's valuation policy for private equity funds is to base the
valuation on the latest accounts produced by the fund managers. In the case of
the valuation as at 31 March 2003 the majority of these accounts are dated 31
December 2002.

Private equity funds may contain a proportion of quoted shares from time to
time, for example where the underlying company investments have been taken
public but the holdings have not yet been sold. The Directors, together with
PIP's Manager, Pantheon Ventures Limited, has reviewed the quoted market
holdings at the date of the latest fund accounts and has considered the value
of those holdings at 31 March 2003.

The net assets attributable to ordinary shareholders and PLN holders stood at �
218.1m at 31 March 2003 (�212.9m at 31 December 2002).

For more information:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Alastair Bruce / Andrew Lebus

www.pipplc.com contactus@pipplc.com

NOTES TO EDITORS

PIP

  * Pantheon International Participations (`PIP') is a London quoted investment
    trust, managed by Pantheon Ventures Ltd., which uses an international
    fund-of-funds approach to private equity investment.
   
  * PIP has investments in over 300 private equity funds investments. These
    funds contain investments in over 2,700 companies.
   
  * The Company is the leading independent private equity 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, the 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 by subscribing to new funds and by acquiring
    secondary interests. 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 has been active in the private equity sector since 1982.
   
  * Pantheon is the leading private equity fund-of-funds manager in Europe and
    currently manages over �3.8 billion.
   
  * Pantheon manages investments in more than 500 private equity funds in over
    30 countries.
   
  * Pantheon has 62 staff, based at offices in London, San Francisco, Hong Kong
    and Brussels.
   



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