Portage Ventures closes 3rd Fintech Fund $788.5 million CAD

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Portage - Portage Ventures closes 3rd Fintech Fund $788.5 million CADPortage Ventures, the venture capital arm of investment firm Sagard, announced the sixth close of its Portage Ventures III LP. The VC firm said it has raised $788.5 million CAD ($616 million USD) to date, and claims the fund is now one of the largest early-stage FinTech-focused venture funds in the world.

With its latest close, Portage claimed that along with its Fund I and Fund II it now has $3.3 billion USD of assets under management as of December 31, 2021.

Commitments to the fund came from new and existing capital partners, including family offices, financial institutions, pension funds, and institutional investors worldwide.

New LPs investing in Portage III include HarbourVest Partners, Kensington Capital Partners and Meridian Credit Union. They join previous LPs in Portage III, such as Caisse de dépôt et placement du Québec (CDPQ), Public Sector Pension Investment Board (PSP Investments), and Eldridge.

Portage also announced that it is opening investment in a Portage fund to individual Canadian accredited investors for the first time. Access is available exclusively through Grayhawk Investment Strategies Inc.

See: Portag3 Ventures closes $320 million second fund focused on fintech investment

“We are constantly working with entrepreneurs and families who increasingly were interested in investing with us. We’ve created a vehicle for these investors and other qualified high net worth investors to participate via an access fund administered by Grayhawk,” CEO Adam Felesky told BetaKit.

This most recent close for the third fund took place on February 7, and Portage expects to hold the final close for Portage III in April 2022.

The VC said its geographic reach has steadily expanded in the United States and internationally since the firm’s founding in 2016. Its five largest portfolio investments (from its first two funds) by fair market value as of December 31 are Wealthsimple, Koho, Clark, Albert, and Alpaca, according to Portage.

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