Par Equity And Praetura Merge Into PXN Group €783 Million Investment Powerhouse For The North of The UK

Together, they’ll become one of the fastest-growing investment firms outside the London-Oxford-Cambridge ‘Golden Triangle,’ with both firms having more than tripled their assets under management 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 and Praetura Ventures are merging to form PXN Group, a powerful new venture capital firm focused on supporting startups and scale-ups outside of London and the South East.

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Par Equity, founded in 2008, combines an angel network with managed funds to back early-stage tech companies, mainly in Scotland, Northern Ireland, and Northern England. It has seen successful exits like Current Health and Symphonic Software.

The firm runs EIS and Knowledge Intensive Funds and is the largest partner in the British Business Bank’s Regional Angels Programme. In 2023, it also launched an €87 million Scale-Up Fund.

Praetura Ventures, launched in 2019, is known for its “more than money” approach—offering more than just capital to high-growth startups like Modern Milkman and Street Group. It manages major funds like the €116 million NPIF II North West Equity Fund and provides tax-efficient investment options such as VCTs and EIS products. It also runs inheritance tax planning services that support SME lending through Praetura Lending and other lenders.

The merger, pending FCA approval, will create PXN Group—bringing together both firms’ strengths to increase investment in underfunded regions. With over 80% of UK venture capital still focused on London and the South East, PXN aims to direct more funding to founders in the North and other underserved areas.

PXN Group will provide equity investments ranging from €233k to €9.3 million, covering all growth stages from Seed to Scale across various sectors. It will also offer a broader range of investment products for financial advisers and their clients.

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 keep working from their current offices in Manchester, Edinburgh, Leeds, and London. There will be no major changes to how existing funds and mandates are managed.

PXN Group brings together a portfolio of 115 companies, combining strong regional knowledge with national reach. The goal is to raise the ambition and growth potential of the North’s most promising businesses.

Over the next year, PXN Group plans to launch new programmes and partnerships aimed at closing the UK’s regional funding gap and turning Northern innovation into global success stories.