Investment firms Par Equity and Praetura are to merge, creating a North of England, Scotland and Northern Ireland-focused group.
The PXN Group provide equity investments from £200,000 to £8m, predominantly in Northern start-ups from different sectors. The deal is subject to regulatory approval by the Financial Conduct Authority, but the combined group will have £670m in assets under management and a portfolio of 115 companies
PXN claims it will be the fastest-growing venture and investment firm outside of London and the South East, with both Par Equity and Praetura Ventures having tripled their assets under management since 2021. It will operate from offices in Leeds, Manchester, Edinburgh and London with a team of about 54 people.
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The firm’s regulated management businesses will continue managing existing funds and mandates with no material changes. Bosses have also said a number of new programmes and partnerships - aimed at closing the country's regional funding gap - will be announced over the next year.
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.”
Edinburgh-founded Par Equity, which also has a Leeds offices, has specialised in supporting tech companies with investments including Leeds' Little Journey, Teesside-based Nova Pangea Technology and Washington's Advanced Electric Machines. It also manages an EIS and Knowledge Intensive Fund that supports early stage businesses and is the largest investment partner for the British Business Bank's Regional Angels Programme. Par launched its first institutional Scale-Up Fund in 2023, raising £75m.
Meanwhile Praetura has backed companies such as 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.