Pantheon International Participations (PIP), a UK investment trust managed by Pantheon Ventures, has boosted the value of its fund of funds portfolio to £6.8m (€9.7m), indicating an end to the write-downs suffered which last year forced PIP's portfolio into a £39m loss.

The increased value boosted PIP into a pre-tax profit of £1.8m for the year to June 30, 2003, compared with a pre-tax loss of £32m the previous year.