Toronto’s Portage Ventures has signed a deal with New York’s Point72 Ventures which will see the Canadian firm manage select assets from a fintech portfolio.
These assets, valued at nearly US$300M, are being transferred into a continuation vehicle.
That value includes investment from Goldman Sachs Alternatives alongside a syndicate of secondary investors.
Portage is slated to serve as general partner of the investment vehicle, and is also set to oversee other assets owned by Point72 Ventures that are not being transferred.
Through the transaction, Point72 partner Tripp Shriner is joining Portage as a General Partner, according to a statement from the firms.
Shriner, who says he is “thrilled to join Portage and continue supporting these exceptional founders,” is positioned to manage the continuation vehicle.
“Portage’s deep expertise in financial technology, coupled with its global ecosystem and long-term perspective, creates an ideal environment for these companies to thrive,” the partner believes.
“Together, we’ll continue advancing innovation across the fintech ecosystem,” Shriner stated.
Adam Felesky, who cofounded Portage alongside Paul Desmarais in 2016, says the “transaction underscores our confidence in the strength of this fintech portfolio and the potential synergies with Portage’s existing investments.”
Felesky, who serves his company as chief executive officer, added that “we think our value creation expertise will be a huge asset to these fintech companies as they continue to grow.”
The entrepreneur described the deal as “a compelling opportunity to acquire high-quality assets, attract top talent, and solidify Portage’s position as a preferred capital partner for fintech investors.”
Desmarais agrees, noting the transaction as “an important milestone in Portage’s evolution as a global fintech investor.”
“By bringing this fintech portfolio under Portage’s leadership, we’re expanding our reach, strengthening our relationships with exceptional founders and investors, and building on our mission to support the next generation of transformative fintech companies,” he stated.
Portage currently boasts nearly US$6B under management across more than 100 portfolio companies, including challenger bank KOHO.
With offices throughout North America, Europe, and the Middle East, Portage works with companies across all stages to provide flexible capital and a network of investors, advisors, and “value creation experts,” who offer portfolio companies hands-on support to accelerate paths to success.
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