Fintech venture firm Portage rolls out debut late-stage fund

The target was not specified.

  • Portage Partners Daniel Ballen and Devon Kirk will lead the fund
  • Previously, Kirk was at Canada Pension Plan Investment Board, while Ballen was with PIMCO
  • The fund’s team is based in New York and Toronto

Canadian fintech venture capital firm Portage, an affiliate of Sagard, has launched a late-stage fund called Portage Capital Solutions (PCS).

Partners Daniel Ballen and Devon Kirk will lead the strategy, focusing on structured opportunities in fintech and financial services companies globally and targeting investments over $50 million.

Kirk spent over ten years at Canada Pension Plan Investment Board. She was most recently managing director and head of capital solutions, overseeing financials, special situations and esoteric investments. Prior to that, she was a managing director in CPPIB’s direct private equity group, focused on financials.

“We see many great companies that are looking for the right partner. Portage’s expertise and network in fintech and financial services are real differentiators as businesses look to navigate this market. We will deliver more than just capital,” said Kirk, in a statement.

Prior to Portage, Ballen served as a portfolio manager at PIMCO, based in New York, where he led a team focused on structured equity and private equity investments in both North America and Europe for the firm’s alternatives franchise. Ballen has also served on the investment teams of Bain Capital and Pine Brook Partners, partnering with growing businesses across the fintech and financials landscape.

PCS will leverage Portage’s existing platform, one of the largest global fintech specialist investment firms with over $3 billion in managed assets, and benefit from its deep fintech experience, established sourcing network and proven value-creation expertise.

The PCS team is based in New York and Toronto, with plans for further expansion over time. The team will be active in the third quarter of 2022, with fundraising efforts already underway.

Montreal-based Sagard is a multi-strategy alternative asset manager with more than $14 billion under management.