– Portage Ventures announces final close of USD$655M Portage Ventures III –
TORONTO, July 21, 2022– Portage Ventures (« Portage ») announced the final close of Portage Ventures III (together with its parallel funds and master fund, « Portage III »). Its third venture fund focused on fintech investments in the United States, Europe and Canada is one of the largest early-stage venture funds in the world that is focused on the fintech sector. With $3 billion in aggregate assets under management, including Fund I and Fund II, Portage has made over 65 investments since inception across 13 countries.
« Portage built a global platform investing in what we view to be some of the top fintech leaders across the globe,” said Paul Desmarais III, Chairman and Chief Executive Officer of Sagard, and Co-founder of Portage. “Our team has developed a deep expertise and strong network that we are excited to use to support new and existing portfolio companies from early-stage to growth.”
Since its founding in 2016, Portage has steadily extended the geographical reach of its investments. More than $133 million of Portage III has been deployed so far, with more than $84 million invested into US-based startups and the additional $49 million being deployed across fintechs in Europe, Australia, Canada and Israel.
“Portage partners with visionary fintech entrepreneurs providing both capital and a value creation network that supports them as they scale,” said Adam Felesky, Co-Founder and CEO of Portage. “Our Partners, Stephanie Choo, Hélène Falchier and Ricky Lai, have deep sector knowledge and expertise. This is complemented by our value creation team, which has helped create almost 60 partnerships between our portfolio companies and our financial institution LPs.”
Portage III’s LPs include 34 institutional investors from nine countries, an increase from 25 LPs from four countries in Fund II. Approximately 50% of the institutional investor base represents new LPs to the Portage platform.
Since its founding six years ago, Portage has grown to more than $3 billion in assets under management. Portage targets investments from $2.5 million to $15 million in early-stage fintech companies and $25 million to $45 million for mid to late stage fintech companies, with a team of nine professionals based in Canada, the United States, France and the UK.
Portage Ventures is a global fintech investor with US$3 billion under management* that partners with some of the world’s most innovative financial technology companies. Portage’s mission is to be the leading fintech investor globally, empowering entrepreneurs and attracting top talent motivated to reshape financial services. The Portage team has deep entrepreneurial and industry experience and provides founders with privileged access to the firm’s partners, in-house value creation experts, and broader global fintech ecosystem. Portage is the venture capital arm of multi-strategy alternative asset manager Sagard. The firm has offices in Toronto, Montreal, New York, Paris and London. For more information, please visithttps://portagevc.com/.
For more information, contact: [email protected]
Sagard is a multi-strategy alternative asset manager with more than US$14 billion under management** and professionals located in Canada, the U.S. and Europe. Sagard seeks attractive investment returns by combining its entrepreneurial and disciplined culture with flexible capital and a unique global network of portfolio companies, limited partners, advisors and other valued relationships. As a firm, Sagard operates platforms that invest across five asset classes: venture capital, private equity, private credit, real estate and healthcare royalties. Through its ecosystem partners, Sagard also engages in private wealth management and new venture creation.
*Portage’s assets under management represent, as of March 31, 2022, the sum of the net asset value of venture capital funds, including uncalled capital commitments of those funds, and the fair value of assets held in co-investment vehicles managed by Portage and uncalled capital commitments of those co-investment vehicles.
**Sagard’s assets under management represent, as of March 31, 2022, the sum of the net asset value of private equity, venture capital, private credit and healthcare funds, including uncalled capital commitments of those funds and unused leverage, the gross asset value of the underlying real estate assets of EverWest funds and separate accounts, the fair value of assets held in co-investment vehicles managed by Sagard or any its affiliates and uncalled capital commitments of those co-investment vehicles, the fair value of assets managed by other managers controlled by Sagard, and the fair value of all other assets managed by Sagard that are not otherwise included in the clauses above.
The above referenced definitions are not based on any definition contained in our fund management agreements. Furthermore, our calculation may differ from the manner in which the U.S. Securities and Exchange Commission defines « Regulatory Assets Under Management » on Form ADV and from the similar definitions used by other asset managers.
This document does not constitute or form part of an offer to issue or sell, or of a solicitation of an offer to subscribe or buy, any securities or other financial instruments, nor does it constitute a financial promotion, investment advice or an inducement or incitement to participate in any produce, offering or investment. Any offer to purchase or buy securities or other financial instruments will only be made pursuant to an offering document and the subscription documents, which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with any such offering.