Praetura Ventures & Par Equity are to merge, creating PXN Group – billed as a £670m Northern investment powerhouse.
The venture capital firms have joined forces to create the fastest-growing investment firm outside of London and the South East.
PXN Group has over £670m in assets under management after both Manchester-based Praetura Ventures and Edinburgh-based Par Equity more than tripled these since 2021.
The merger is subject to regulatory clearance from the Financial Conduct Authority.
PXN Group will be capable of providing equity investments from £200,000 to £8m 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 including inheritance tax planning services.
“This isn’t just a merger – it’s the start of something greater,” said Dave Foreman (pictured, right), founder of Praetura Ventures and now CEO of PXN Group.
“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 (left), 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.”
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Praetura Ventures, founded in 2019, 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.
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 an 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 £75m from institutional investors and family offices.
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.