Par Equity was an Edinburgh-based venture capital firm founded in 2008, investing in early-stage and scale-up companies largely outside London. In 2025 it merged with Praetura Ventures to form PXN Group; the venture business now trades as PXN Ventures and the Business Relief business as PXN Investments, with offices in Manchester, Leeds, Edinburgh and London. The group's named vehicles include the PXN Growth VCT (previously the Praetura Growth VCT), an £85m scale-up fund, a £100m NPIF II fund and a £20m GMC Life Sciences fund. Two regulated entities sit behind the group: PXN Asset Management Limited (FCA firm reference number 817345, Companies House 08668345) and Par Fund Management Limited (FCA firm reference number 485668, Companies House SC301459).