Portage Ventures, the venture capital arm of Sagard, announced on Thursday the closing of its third venture capital fund focused on fintech investments in the United States, Canada and Europe.
To date, Portage III has raised US$616 million from investors, “making it one of the world’s largest venture capital funds focused on early-stage fintech,” according to the firm. .
The final closing of Portage III will occur in April 2022. The aggregate value of Portage Ventures’ assets under management, including Fund I and Fund II, reached US$3.3 billion as of December 31, 2021.
Together, the three funds have invested in 62 fintech companies in 13 countries. Also called “fintechs”, they are generally start-up companies.
Portage Ventures co-founder and CEO Adam Felesky said he was “proud” of the company’s journey, which launched its first fund in 2016.
“We look forward to continuing to support entrepreneurs working to redefine financial services in our key investment areas: Wealth and Asset Management, Insurance and Consumer and Small Business Finance. businesses,” he said in a statement on Thursday.
New investment partners in Portage III include HarbourVest Partners, Kensington Capital Partners and Meridian Credit Union.
They join other major investors, including the Caisse de depot et placement du Québec (CDPQ), the Public Sector Pension Investment Board (PSP Investments) and Eldridge.