PXN Group: Par Equity and Praetura Ventures combine to form £670m investment firm
Two prominent northern investors have announced a merger which will create a new £670m venture and investment firm.
The merger, which is subject to regulatory clearance from the Financial Conduct Authority, will bring together Par Equity and Praetura Ventures – investors in the North of England, Scotland and Northern Ireland.
The pair will combine to form PXN Group, a new firm with over £670 million in assets under management and a combined portfolio of 115 companies.
The newly formed group claims to be the fastest-growing venture and investment firm outside of London and the South East, with both Par Equity and Praetura Ventures more than tripling their assets under management since 2021.
The two firms said in a statement that by joining forces, they would “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.”
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.”
Under the new PXN Group brand, both teams will continue to operate from their existing offices in Leeds, Manchester, Edinburgh, and London.
Both Par Equity and Praetura Ventures specialise in backing early-stage and scale-up businesses outside London and the South East.
The firms said that the newly formed PXN had been designed to “drive more capital into the hands of promising founders in the North of the UK”.
The group said it will be capable of providing equity investments from £200,000 to £8m across multiple sectors and growth stages.
Through the merger, the companies have also created a new platform which will aim to help financial advisers to support their clients through a broader suite of investment products.
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 was founded in Edinburgh in 2008 and launched its Leeds office in 2023.
The firm’s investments include notable businesses such as Leeds-based Little Journey, Teesside-headquartered Nova Pangea Technologies and Tyne and Wear-headquartered Advanced Electric Machines.
Par Equity is also the largest investment partner for the British Business Bank’s Regional Angels Programme.
Praetura Ventures was founded in 2019, and has backed high-growth businesses including Modern Milkman, Street Group and AccessPay.
The firm 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.