I have the Proraso sensitive and there's definitely menthol in it. Less so than the "full on" version, but when it goes on it definitely cools your face somewhat. Here's the list.
Aqua (Water/Eau), Stearic Acid, Sorbitol, Glycerin, Parfum (Fragrance), Avena sativa (Oat) Kernel Extract, Camellia sinensis Leaf Extract, Thymus vulgaris (Thyme) Flower/Leaf Extract, Tocopheryl Acetate, Potassium Hydroxide, Menthol, Cetearyl Alcohol, Sodium Benzoate, Phenoxyethanol, Benzyl Alcohol, Disodium EDTA, Pentaerythrityl Tetra-di-t-butyl Hydroxyhydrocinnamate, Limonene, Linalool, Citral, Hexyl Cinnamal, Geraniol, Citronellol.
It's the only pre-shave that I've used recently, and I've noticed that when I used it, my skin feels different post-shave as well, even though I don't apply any post shave.
I did have go with the Castle Forbes pre-shave. It seemed to make a small difference, but it is expensive.
Ian