Two of the UK’s most prominent regional venture capital firms, Par Equity and Praetura Ventures, have announced a landmark merger to form PXN Group – a new investment giant with more than £670 million in assets under management.
This strategic union, pending regulatory approval from the Financial Conduct Authority, will create the fastest-growing venture and investment firm outside London and the South East, signalling a major shift in the UK’s investment landscape.
PXN Group brings together the deep regional roots of Edinburgh-based Par Equity and Manchester-headquartered Praetura Ventures.
Both firms have more than tripled their assets under management since 2021, reflecting the growing appetite for investment in high-growth businesses outside the traditional London-centric market.
The new group will focus on providing equity investments from £200,000 to £8 million, supporting companies from seed stage through to scale-up, across a diverse range of sectors.
With a combined portfolio of 115 companies, PXN Group aims to unlock greater investment potential across underserved regions, offering a broader suite of opportunities for entrepreneurs, institutional and retail investors, public sector organisations, and financial advisers.
Championing Regional Growth and Innovation
Paul Munn, founder of Par Equity and now Executive Chair of PXN Group, emphasised the group’s mission: “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.”
Dave Foreman, founder of Praetura Ventures and now CEO of PXN Group, added: “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.”
PXN Group will offer a comprehensive platform for financial advisers, including access to tax-efficient and alternative investment products such as Business Relief (BR)-qualifying investments, EIS, and VCT strategies.
The group will continue to manage both the Par EIS and Knowledge Intensive Fund programme, as well as the Praetura EIS Growth Fund and the Praetura Growth VCT, one of the UK’s first VCTs with a dedicated regional focus.
The merger also brings together Par Equity’s expertise in natural capital solutions – including commercial forestry and carbon-focused land restoration projects – with Praetura’s award-winning inheritance tax planning services, further diversifying opportunities for clients seeking long-term, asset-backed investments.
A New Era for UK Venture Capital
With more than 80% of UK venture capital still concentrated in London and the South East, the formation of PXN Group marks a significant step towards levelling the playing field for ambitious founders across the North of England, Scotland, and Northern Ireland.
By combining specialist insight, long-term capital, and a shared commitment to regional growth, PXN Group is poised to deliver innovation-led growth and real economic impact where it’s needed most.
The merger is expected to complete following regulatory clearance, with both teams continuing operations from their existing offices in Leeds, Manchester, Edinburgh, and London.
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