Acquisition

18 Aug 2006 17:42

For immediate release 18th August 2006 PANTHEON INTERNATIONAL PARTICIPATIONS PLC TO ACQUIRE SHARE OF VENTURE CAPITAL FUND PORTFOLIO FROM CDB WEB TECH The Board of Pantheon International Participations PLC (PIP) is pleased toannounce that an acquisition vehicle in which PIP has an interest and which ismanaged by PIP's manager, Pantheon Ventures Limited, has executed an agreementto purchase Cdb Web Tech S.p.A's entire interest in Cdb Web Tech InternationalLP and Cdb Private Equity LP.Together the two limited partnerships being purchased own interests inapproximately 90 venture capital funds and 8 direct investments. Approximately72% of the portfolio to be acquired is focused on the USA with the remainder inEurope, Israel and Asia.PIP's share of the transaction consideration will be approximately ‚£61.8million. Of this amount, ‚£22.1m will be paid on completion and ‚£14.7m will bedeferred until December 2007. The remaining ‚£25.0m relates to outstandingcommitments.Subject to satisfaction of certain conditions precedent, the transaction isexpected to close by the end of October 2006.Tom Bartlam, Chairman of PIP, said:"We are delighted with this transaction, which will add diversified, highquality venture assets to PIP's existing portfolio."Andrew Lebus, Managing Director of Pantheon Ventures, said:"We are acquiring interests in two limited partnerships which together own amature and very high quality global venture capital portfolio. We believe thatat this stage of the investment cycle portfolios of venture funds can representattractive investments. Since June 2005 PIP has committed over ‚£150m inacquiring secondary interests in private equity funds."NOTESPIPPantheon International Participations (`PIP') is a London quoted investmenttrust, managed by Pantheon Ventures Ltd., one of the longest-establishedinternational private equity fund-of-funds, investing in both primary funds andsecondary transactions. With investments in over 300 private equity funds,covering late stage buyouts to early stage technology, PIP enables individualsas well as institutions to gain access to a substantial portfolio of unquotedcompanies in the USA, the UK, Continental Europe and Asia, within funds managedby experienced private equity managers. PIP may occasionally acquire directholdings in unquoted companies, usually where a vendor is seeking to sell acombined portfolio of funds and direct holdings. PIP's investment policy alsoextends to investing directly in companies where there is a private equitymanager well known to the Company investing on the same terms. www.pipplc.comPantheon Ventures Ltd.Pantheon has been active in private equity since 1982 and is one of the world'sleading private equity fund-of-funds managers, with ‚£6.6 billion undermanagement (as at 31 December 2005), investments in some 500 private equityfunds in over 30 countries and offices in London, San Francisco, Hong Kong andBrussels. Pantheon is part of the Russell Investment Group.For more information please contact:Andrew Lebus 020 7484 6200 ENDPANTHEON INTERNATIONAL PARTICIPATIONS PLC