Praetura Ventures and Par Equity, two of the most prominent investors in the North of England and Scotland, are merging to create PXN Group – a new venture capital and investment firm with over £670 million in assets under management.
As a combined entity, PXN Group will be the fastest-growing venture and investment firm outside of London and the South East, with both Praetura Ventures and Par Equity more than tripling their assets under management since 2021.
The merger, which is subject to regulatory clearance from the Financial Conduct Authority, will bring together Manchester-based Praetura and Edinburgh-founded Par Equity, two firms known for backing early-stage and scale-up businesses outside of London and the South East. By joining forces, PXN Group will unlock greater investment potential across underserved regions and offer a broader suite of opportunities for entrepreneurs, institutional investors, retail investors, public sector organisations, and financial advisers.
With more than 80% of UK venture capital still concentrated in London and the South East, the creation of PXN Group will help build category-leading companies in other parts of the country. It has been designed to drive more capital into the hands of promising founders in the North of the UK, through a world-class venture programme that supports founders as they scale. PXN Group will be capable of providing equity investments from £200,000 to £8 million, across multiple sectors and growth stages – from seed to scale.
The merger will also create a platform to help financial advisers to support their clients through a broader suite of investment products. PXN Group will have unrivalled access to geographically diversified growth equity opportunities, with a range of other products including their award-winning inheritance tax planning services.
Dave Foreman, founder of Praetura Ventures and now CEO of PXN Group, said: “This isn’t just a merger – it’s the start of something greater. PXN Group combines deep regional roots, complementary strengths and a shared belief that founders deserve more than just money. We’re creating a platform built to last, to lead and deliver real impact in the places that matter most.”
Paul Munn, founder of Par Equity and now executive chair of PXN Group, added: “We’ve always believed the North can produce globally significant companies – but it needs the right capital and support. PXN Group is built in the North, for the North, and this merger gives us the scale to do more of what we do best: back the most ambitious founders and help them build category-leading businesses.”
Praetura Ventures, founded in 2019, has become one of the UK’s fastest-growing venture capital and investment firms, best known for its “more than money” approach. It has backed high-growth businesses such as Manchester-headquartered Modern Milkman, Street Group and AccessPay. It manages several institutional mandates, including the £100m NPIF II North West Equity Fund for the British Business Bank and the GMC Life Sciences Fund by Praetura, for GMCA, Enterprise Cheshire & Warrington and Bruntwood SciTech.
Through its financial adviser-focused arm, Praetura Investments, the firm also manages one of the UK’s first VCTs with a dedicated regional investment focus, alongside a suite of tax-efficient investment products including EIS. These equity-focused solutions are designed to provide advisers and their clients with access to high-potential businesses outside the South East, supporting geographic diversification, exposure to innovation-led growth, and the ability to manage portfolio risk through broader regional reach.
The group also offers an Inheritance Tax Planning service, which channels secured lending to SMEs across the UK through Praetura Lending and other asset-backed lenders. While separate from the equity investments of PXN Group, this lending activity complements the overall mission to drive capital into underserved businesses nationwide, extending the group’s impact beyond its venture focus.
Par Equity, launched in Edinburgh in 2008 and opening its Leeds office in 2023, is known for combining the power of an extensive angel network with discretionary managed funds to support breakthrough tech companies. With a strong presence across the North of England, Scotland and Northern Ireland, its investments include notable success stories such as Lancaster-headquartered Fuuse, Manchester-headquartered Recourse AI, Partful and WaterCycle Technologies.
The firm manages a top-performing EIS and Knowledge Intensive Fund to support early-stage businesses. In addition, Par Equity is the largest investment partner for the British Business Bank’s Regional Angels Programme. Building on the success of their Par Investor Network and Par EIS Fund, the firm launched its first institutional Scale-Up Fund in 2023, raising £75 million from institutional investors and family offices.
Par Equity is also active in natural capital investing. This includes a mandate with Aviva Investors to create a woodland and peatland restoration scheme in the Glen Dye Moor area of West Aberdeenshire, Scotland, to capture 1.4 million tonnes of carbon.
Under the new PXN Group brand, both teams will continue to operate from their existing offices in Manchester, Edinburgh, Leeds, and London. The firm’s regulated management businesses will continue managing existing funds and mandates with no material changes.
With its combined capabilities, a portfolio of 115 companies, and a powerful blend of regional insight and national scale, PXN Group is seeking to reset the ambition levels and growth potential of the most promising companies in the North of the UK.
In the next 12 months, subject to regulatory approval, PXN Group will unveil new programmes and partnerships to close the UK’s regional funding gap, and turn innovation in the North into high-growth, international success stories – powered by scale, reach and a commitment to long-term impact.
