diff --git a/CHANGES.md b/CHANGES.md
index d35564b33..5ee04fa9b 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,5 +1,24 @@
 # Release Notes
 
+## 2.12.0
+
+This release adds support for passing `--site-packages-copies` to both
+`pex3 venv create ...` and `PEX_TOOLS=1 ./my.pex venv ...`. This is
+similar to `pex --venv --venv-site-packages-copies ...` except that
+instead of preferring hard links, a copy is always performed. This is
+useful to disassociate venvs you create using Pex from Pex's underlying
+`PEX_ROOT` cache.
+
+This release also adds partial support for statically linked CPython. If
+the statically linked CPython is `<3.12`, the default Pip (
+`--pip-version vendored`) used by Pex will work. All newer Pips will not
+though, until Pip 24.2 is released with the fix in
+https://github.com/pypa/pip/pull/12716 and Pex releases with support for
+`--pip-version 24.2`.
+
+* Add `--site-packages-copies` for external venvs. (#2470)
+* Support statically linked CPython. (#2472)
+
 ## 2.11.0
 
 This release adds support for creating native PEX executables that
diff --git a/pex/version.py b/pex/version.py
index be6b005a1..9cdb84f0c 100644
--- a/pex/version.py
+++ b/pex/version.py
@@ -1,4 +1,4 @@
 # Copyright 2015 Pex project contributors.
 # Licensed under the Apache License, Version 2.0 (see LICENSE).
 
-__version__ = "2.11.0"
+__version__ = "2.12.0"