Combined capabilities deliver enhanced BR, EIS and VCT propositions tailored for tax-efficient client portfolios
Par Equity will be merging with Praetura Ventures and its adviser-focused arm, Praetura Investments, to create PXN Group – a venture capital and investment firm specialising in tax-efficient and alternative investments, with assets under management of £670 million. The newly combined business, which is subject to regulatory clearance from the Financial Conduct Authority, will support financial advisers and their clients with a comprehensive platform spanning Business Relief (BR)-qualifying investments, EIS, and VCT strategies.
PXN will continue to focus on backing early-stage and high-growth businesses across the North of England, Scotland and Northern Ireland, while also scaling its BR-qualifying service, which supports inheritance tax planning through secured lending to underserved SMEs across the UK.
PXN combines the regional venture capital expertise of two market leaders, with a portfolio of 115 companies and a shared commitment to supporting ambitious businesses outside London and the South East. The merger creates a stronger platform for financial advisers to access a geographically diversified selection of equity investments that qualify for EIS and VCT reliefs – supporting clients seeking innovation-led growth opportunities across different stages of maturity.
PXN will continue to manage the Par EIS and Knowledge Intensive Fund programme. The Par EIS Funds have built a substantial track record since 2012, with notable exits including Current Health, DeltaDNA, Symphonic Software, Optoscribe and QikServe – cementing their position as a popular solution in the market. The team has won Best EIS Manager of the Year at the EISA Awards in three of the last four years. PXN will also manage the Praetura EIS Growth Fund, which has invested in a number of growing businesses across the North, including AccessPay and Street Group. This will include management of the fund’s existing portfolio, which will continue to be a core part of the wider PXN portfolio. This is in addition to PXN providing investors with access to the Praetura Growth VCT – one the UK’s first VCTs with a dedicated regional focus – giving advisers and their clients another route to access scale-up companies across the North and beyond.
Alongside this, PXN will continue to scale its award-winning BR-qualifying investment strategy via the Praetura Inheritance Tax Planning Service (PITPS), which provides asset-backed lending to established SMEs. The addition of Par Equity’s natural capital solutions – specifically commercial forestry – introduces further opportunities for clients looking to diversify portfolios with long-term, asset-backed investments.
Dave Foreman, founder of Praetura Ventures and now CEO of PXN, said:
“This is more than a merger – it’s the foundation of a platform designed to scale. We’re combining specialist insight, long-term capital and a deep belief in the UK’s regional potential. For advisers, it means more tailored support and access to best-in-class tax-efficient investments – all from a single, unified group.”
Building on a combined track record spanning multiple decades in venture capital and SME lending, PXN will continue to manage a range of institutional and public sector mandates. These include a £75 million scale-up fund launched in 2023, participation in the British Business Bank’s Regional Angels Programme, and strategic partnerships such as the £100m NPIF II North West Equity Fund for the British Business Bank. As part of this initiative, PXN has deployed £15 million across 26 businesses in the past 12 months, supporting growth in five North West regions. The group also continues to work closely with the Greater Manchester Combined Authority (GMCA) to improve access to funding for regional entrepreneurs.
Paul Munn, founder of Par Equity and now Executive Chair of PXN, added:
“We’ve always backed regions with potential and founders with global ambition. But to scale our impact, we needed to strengthen our distribution and deepen our relationships. Praetura was the natural fit, and this merger allows us to bring those strengths together to serve advisers and clients across the UK more effectively.”
Jon Prescott, Partner at Praetura Investments, now part of PXN, added:
“Financial advisers and their clients have had to navigate many changes in tax policy and regulation, making long-term wealth planning more complex. We know advisers want more than just tax wrappers – they’re looking for robust, resilient investments that support growth, inheritance tax planning and portfolio diversification. With PXN, we’re bringing all of that together in one cohesive platform – combining BR-qualifying secured lending with a diverse range of equity investments.”
PXN will retain offices in Manchester, Edinburgh, Leeds and London, ensuring continuity for clients and partners. There will be no changes to regulated entities or existing adviser relationships.
Over the coming year, PXN will roll out new initiatives to increase access to capital for regional businesses while further supporting advisers with educational content, adviser roadshows, and new product development tailored to the needs of modern financial planning.
The transaction has not yet been completed and is subject to approval from the Financial Conduct Authority.
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