Two of the most prominent investors in the North of England, Scotland and Northern Ireland will be merging to create PXN Group, a new venture and investment firm with over £670m in assets under management.
The merger, which is subject to regulatory clearance from the Financial Conduct Authority, will bring together Edinburgh-founded Par Equity and Manchester-based Praetura Ventures, two firms known for backing early-stage and scale-up businesses outside of London and the South East.
Dave Foreman, founder of Praetura Ventures and now chief executive of PXN Group, added: “PXN Group combines deep regional roots, complementary strengths, and a shared belief that founders deserve more than just money.”
PXN is set to be the fastest-growing venture and investment firm outside of London and the South East and will be capable of providing equity investments from £200,000 to £8m, across multiple sectors and growth stages.
The merger will also create a platform to help financial advisers to support their clients through a broader suite of investment products.
“We have always believed the North can produce globally significant companies, but it needs the right capital and support,” added founder of Par Equity and now executive chair of PXN Group, Paul Munn.
“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 Manchester, Edinburgh, Leeds, and London.
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