According to the British Venture Capital Association, London attracts 51% of the venture capital deployed in the UK while Scotland, Northern Ireland and the north of England brings in a combined 20%.
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Paul Munn, founder of Par Equity and now executive chairman of PXN, said the group will 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. It will be capable of providing equity investments from £200,000 up to £8m across growth stages ranging from seed to scale-up businesses.
“We’ve always believed the north can produce globally significant companies – but it needs the right capital and support,” Mr Munn said. “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.”
Launched in 2008, Par Equity has an extensive network of angel investors and also manages discretionary funds to support early-stage companies in sectors such as health, climate and industrial technology, as well as those in the fields of robotics, photonics, advanced materials and artificial intelligence. Its investments include success stories such as Current Health, DeltaDNA, Symphonic Software, Optoscribe, Dukosi, QikServe and ICS Learn.
Par’s discretionary include an EIS and Knowledge Intensive Fund to support early-stage businesses. In addition, the group is the largest investment partner for the British Business Bank’s Regional Angels Programme.
Building on the success of its Par Investor Network and Par EIS Fund, the firm launched its first institutional Scale-Up Fund in 2023, raising £75m from institutional investors and family offices.
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Praetura has a focus on SaaS, fintech and healthtech businesses. Set up in 2019, it also manages several institutional mandates such as the £100m NPIF II North West Equity Fund for the British Business Bank and the GMC Life Sciences Fund by Praetura on behalf of GMCA, Enterprise Cheshire & Warrington and Bruntwood SciTech.
“This isn’t just a merger – it’s the start of something greater,” said Dave Foreman, the founder of Praetura and now chief executive of PXN.
“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.”
All funds will be run by their existing managers, and there are not yet plans for PXN to raise a fund of its own. However, the two are looking to scale up the business rates qualifying service, previously the Praetura Inheritance Tax Planning Service, which provides asset-backed lending to established SMEs.
The company will retain offices in Manchester, Edinburgh, Leeds and London. The deal has not yet been formally completed and is subject to approval from the Financial Conduct Authority.
