FinTech investor Portage launches new fund

Global FinTech investment firm Portage has launched a late-stage, FinTech-focused fund.

The fund, Portage Capital Solutions (“PCS”) Fund, will be led by co-heads Daniel Ballen and Devon Kirk. This vehicle will focus on FinTech and financial services companies globally and targeting investments over $50m.

PCS will leverage Portage’s existing platform, which has $3bn in AUM, and benefit from its deep FinTech experience, established sourcing network and proven value-creation expertise.

Portage co-founder and CEO Adam Felesky said, “Daniel and Devon bring extensive sourcing and transaction execution experience across asset classes.

“Together, we can expand our efforts to partner with later stage visionary fintech entrepreneurs providing both capital and a value creation network that supports them throughout the life of their business.”

The PCS team is currently based in New York and Toronto, with plans to expand.

Kirk has nearly two decades of experience in private equity and structured solutions with a focus on financials. Kirk has spent over ten years at CPP Investments and was most recently the managing director and head of capital solutions.

Ballan has spent nearly 20 years investing in private equity, structured equity and special situations focused on financial services, FinTech and real estate technology. Ballan previously served as a portfolio manager at PIMCO 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.

Earlier in the year, Portage Ventures led the €15m Series A funding round of core banking platform Tuum.

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