Portage III has raised USD $616 million to date, making it one of the largest early-stage fintech-focused venture funds in the world.
Portage’s aggregate AUM, including Fund I and Fund II, has grown to $3.3 billion as of December 31, 2021.
The fund received commitments from new and existing capital partners, including family offices, financial institutions, pension funds, and institutional investors worldwide.
The opportunity to invest in a Portage fund is also open to individual Canadian accredited investors for the first time. This access is available exclusively through Grayhawk Investment Strategies. Portage expects to hold the final close for Portage III in April 2022.
“We are thrilled to welcome returning and new investors to the Portage family. Through these partnerships, we are building a truly global platform,” said Paul Desmarais III, Co-Founder and Executive Chairman of Portage Ventures and Chairman and Chief Executive Officer of Sagard. “We have created a unique fintech ecosystem with deep expertise and a powerful network. We have a focused, thesis-driven approach, and we are delivering strong results.”
Portage has steadily increased its geographic reach in the US and abroad since its founding in 2016.
Portage’s five largest portfolio investments in Fund I and Fund II are Wealthsimple, KOHO, Clark (Germany), Albert (US), and Alpaca (US). Additionally, Portage III has deployed close to $110M, with over half invested in US-based companies and the rest covering fintechs in Europe, Australia, Canada, and Israel.
“We are proud that in just over five years, Portage has grown to become a global leader in the early-stage fintech venture space, with 62 portfolio investments by three fund vintages in 13 countries. We look forward to continuing to empower entrepreneurs in reshaping financial services across our key investment verticals in wealth and asset management, insurance, and consumer and small business finance,” said Adam Felesky, Co-Founder and CEO of Portage Ventures.