VC merger creates PXN Group – a €783 million investment powerhouse for the north of the UK

Edinburgh-based Par Equity and Manchester-based Praetura Ventures, two prominent British investors, will be merging to create PXN Group – a new venture capital and investment firm with over €783 million in assets under management.

As a combined entity, PXN Group will reportedly be the fastest-growing venture and investment firm outside of the ‘Golden Triangle’ of London, Oxford and Cambridge, with both Praetura Ventures and Par Equity more than tripling their AUM since 2021.

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.”

Par Equity, founded in 2008, blends an angel investor network with managed funds to back innovative early-stage tech companies, particularly across Scotland, Northern Ireland, and Northern England. Its portfolio includes successful exits such as Current Health and Symphonic Software. The firm manages a EIS and Knowledge Intensive Fund and is the largest partner in the British Business Bank’s Regional Angels Programme. In 2023, Par Equity launched its first institutional Scale-Up Fund, securing €87 million.

Praetura Ventures, launched in 2019, is a leading UK venture capital firm, known for its “more than money” philosophy and regional focus. It supports high-growth startups like Modern Milkman and Street Group and manages institutional mandates, including the €116 million NPIF II North West Equity Fund. Through Praetura Investments, it offers advisers a range of tax-efficient products, such as one of the UK’s first regionally focused VCTs and EIS options. The group also operates an Inheritance Tax Planning service that funds SME lending via Praetura Lending and other secured lenders, extending its reach beyond equity investment to support a wider range of UK businesses.

The merger, which is subject to regulatory clearance from the Financial Conduct Authority, will bring together Par Equity and Praetura Ventures, two firms known for backing early-stage and scale-up businesses outside of London and the South East. By joining forces, PXN Group looks to 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 aims to 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 venture programme that supports Founders as they scale.

PXN Group will be capable of providing equity investments from €233k to €9.3 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.

Paul Munn, Founder of Par Equity and now Executive Chair of PXN Group, said: “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.”

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, 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.