Portage Closes $600M Fintech Venture Fund
Portage has closed its fourth flagship venture fund with approximately $600 million, adding capital to invest in financial technology as artificial intelligence reshapes wealth management and other financial-services businesses.
Portage Ventures IV attracted commitments from existing investors and new strategic limited partners, including financial technology provider Broadridge Financial Solutions and Fifth Third Bank.
The fund will back companies operating across wealth and asset management, banking, insurance and payments. Portage said its strategy is focused on entrepreneurs building businesses capable of defining or transforming categories within the financial-services ecosystem.
“Wealth management is entering the same kind of structural disruption that transformed banking a decade ago,” Portage co-founder and CEO Adam Felesky said. “AI is being embedded into the core workflows of financial institutions at a pace we haven’t seen before.”
Portage operates as the financial technology investment platform of alternative asset manager Sagard. It manages about $7 billion across venture capital, growth equity and secondaries strategies.
Since its founding roughly a decade ago, Portage has expanded beyond its original venture strategy into a global investment platform with more than 140 portfolio companies. Its investments span North America, Europe and other international markets.
Legal counsel for the fundraising was provided by Debevoise & Plimpton.