Hg has backed UK proptech company Street Group with plans to deepen AI capabilities, according to a PE Hub report. The deal highlights Manchester's rising prominence as the UK government announces plans to relocate some functions to the city, dubbed "No. 10 North."

Street Group, a Manchester-based property technology firm, will use the investment to enhance its artificial intelligence offerings in the real estate sector. The partnership comes as proptech continues to attract significant private equity interest.

The deal is part of a broader proptech deal roundup showing increased activity in the sector. Hg's investment underscores the growing convergence of property technology and AI, with Manchester emerging as a key hub for innovation.

Craig Mc Glashan, reporting from PE Hub's London newsroom, notes the timing aligns with governmental focus on northern England's economic development. The transaction reflects sustained investor appetite for AI-driven property solutions.