The Caisse de dépôt et placement du Québec and the Public Sector Pension Investment Board are among several institutional investors committing $427 million in the final closing of Portag3 Ventures II, a fund focused on early stage investments in the global financial technology sector.
This is Portage3 Ventures’ second fintech fund, which to date has invested in 17 companies.
“Portag3 Ventures has become the largest fintech-focused VC fund in Canada and one of the leading Series A/B fintech-focused funds globally,” said Paul Desmarais III, co-founder and executive chairman of Portag3 and chairman and chief executive officer of Sagard Holdings, in a press release. “Portag3 has a distinctive investment focus, and the investment and operational capabilities to deliver both strong financial and strategic returns to our [limited partners] to drive continued change and disruption in financial services.”
Portage3 invests in fintech companies globally and key verticales include digital wealth management; insurance, personal and small business finance; and applications of enabling technologies like artificial intelligence in financial services.