Praetura Growth VCT

This is a new VCT managed by Praetura Ventures (“Praetura”), a venture capital firm focused primarily on the North of England.

Praetura Ventures is now part of PXN Investments (“PXN”), following a merger with Par Equity in October 2025. PXN manages over £660 million and should provide the VCT with greater scale, geographic reach, and sector expertise (July 2025).

The VCT was admitted to the London Stock Exchange in April 2024. It has net assets of £6.4 million and a portfolio of nine companies valued at £4 million (July 2025).

The trust targets regional businesses with a focus on the technology and healthcare sectors and will look to co-invest alongside PXN’s institutional funds or back previous EIS portfolio companies.

• Seeking to raise up to £10 million, with a £10 million overallotment facility
• Targets annual dividends of 4-6% of NAV from 2027 – not guaranteed
• Available for the 2025/26 and 2026/27 tax years
• Minimum investment £3,000 – you can apply online
• Deadline: 1 April 2026 (3pm) for 2% initial saving

Praetura Ventures and Par Equity merged in 2025 to form PXN Group, a regional investment firm managing over £660 million in assets (July 2025).

PXN combines the regional expertise of both firms to back businesses across the North of England, Scotland, and Northern Ireland. The group’s combined scale means it should be able to support businesses across the investment lifecycle – from seed to institutional funding.

The VCT will continue under its existing investment team for continuity but with additional support from PXN’s team of over 20.

PXN’s Operational Partners, a network of over 100 experienced entrepreneurs, executives, and sector specialists, will provide hands-on support to portfolio companies.

The UK is home to world-class innovation hubs, yet the team believes clusters in the North of England and Scotland remain underfunded, with around 60% of early-stage capital concentrated in London and the South East. The VCT aims to capitalise on this.

The manager favours B2B business models, as they typically provide access to larger clients and stickier revenue streams. Companies must be scalable and able to demonstrate momentum at the point of investment. Ideally, businesses should be considered capable of doubling revenues each year post investment. 

While the team will consider any sector, the portfolio is likely to be weighted towards technology and healthcare. Roughly two-thirds of funds raised are expected to be deployed in companies outside of London and the South East.

The team will benefit from PXN’s extensive network, expanding the VCT’s reach to Scotland and Northern Ireland. It will also gain access to Par Equity’s established EIS portfolio, active since 2008, providing a strong pipeline of potential follow-on opportunities. PXN’s institutional mandates also mean the VCT can potentially participate in larger funding rounds through co-investment.

Once a company receives investment, PXN will offer strategic support through a range of services. Investee companies will have access to its Operational Partners programme, and its proprietary Portfolio Toolkit, which provides discounts and partnerships on essential services such as recruitment and IT solutions.

The VCT listed in April 2024 and is starting to build its portfolio.

It has net assets of £6.4 million with a portfolio of nine companies valued at £4 million and the remainder held in cash (July 2025). The VCT’s three largest investments, Seatfrog (below), Agent Software (trading as Street Group) and Iluma account for around 33% of NAV, making the VCT very concentrated. Please note, it may take several years to establish a well-diversified portfolio.

PXN expects to make six to eight follow-on investments each year, either co-investing alongside its institutional funds or backing previous EIS portfolio companies. Post-period end, the VCT invested £375,000 into CloudGuard (below).

As this is a new VCT there is no exit track record.

The VCT is targeting an annual dividend of 4-6% of NAV from 2027, not guaranteed. 

As this is a new VCT, there is no significant performance track record.

Dividend payments in the calendar year

The VCT does not expect to pay a dividend until at least 2027 – not guaranteed. 

Share buybacks

The VCT plans to operate a policy of purchasing their own shares as they become available in the market at a discount of up to 5% to the latest published NAV. This is not guaranteed – please see the offer documents for details. The discount to NAV could also be greater or less than 5%. 

This, like all investments available through Wealth Club, is only for experienced investors happy to make their own investment decisions without advice. 

VCTs are high-risk so should only form part of a balanced portfolio and you should not invest money you cannot afford to lose. They also tend to be illiquid and hard to sell and value. Before you invest, please carefully read the Risks and Commitments and the offer documents to ensure you fully understand the risks. 

To retain the tax benefits, VCTs should be held for at least five years. If you sell VCT shares and reinvest in new shares of the same VCT (including any mergers) within six months, tax relief can be restricted. Tax rules can change and benefits depend on circumstances.

As this is a new VCT it will take time to build a portfolio of investments, during this time the trust is likely to be more concentrated, costs may have a larger impact and no dividend payments are expected until at least 2027.

Annual rebate when you invest through Wealth Club

The Praetura Growth VCT includes an annual rebate for Wealth Club investors, payable for the first three years.

This should be equivalent to a percentage (shown in the table above) of the Net Asset Value of your shares and will be paid out of our standard ongoing renewal commission. Terms and conditions apply.

Deadlines

• 2% early bird saving and allotment in the 2025/26 tax year: 1 April 2026 (3pm)
• Allotment in the 2026/27 tax year: 27 November 2026 (3pm)

Praetura Ventures had established itself as a leading regional investor and its merger with Par Equity could strengthen this position.

Under the new PXN structure, the VCT should benefit from greater scale, broader geographic reach, and deeper sector expertise. The merger should also significantly expand the trust’s deal flow, including access to Par Equity’s established EIS portfolio and opportunities across Scotland and Northern Ireland.

However, the VCT is still relatively new and will remain highly concentrated in its early years, making it a riskier investment. It could appeal to investors looking to complement an existing VCT portfolio.

This financial promotion has been communicated and approved by Wealth Club Ltd on 2 December 2025

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.