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, which is focused on early stage investments in the global financial technology sector.

For Portage3, areas of focus for fintech companies include digital wealth management; insurance, personal and small business finance; and applications of enabling technologies like artificial intelligence in financial services. To date, the fund has invested in 17 companies.

Read: Caisse taking stake in fighter pilot training company, CPPIB in Latin American fitness chain

“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 LPs to drive continued change and disruption in financial services.”

Read: CPPIB, Ontario Teachers’ increase positions in Mexican infrastructure

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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