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Portage preps $1bn late-stage fintech fund

Portage preps $1bn late-stage fintech fund

Fintech investor Portage is looking to raise up to $1 billion for a new fund focused on late-stage startups.

The fund will focus on "structured opportunities" in fintech and financial services companies globally and target investments over $50 million.

Portage CEO Adam Felesky tells Reuters that the fund will invest in securities that combine debt and equity features.

Firms will not need to lock in a valuation, which Portage argues is important for startups that are wary of traditional funding rounds that require them to take a hit on valuations during the economic downturn.

“In this market environment, we’re seeing accelerated demand for flexible capital solutions as entrepreneurs and shareholders look to continue the strong growth trajectory of their business,” says fund co-head Daniel Ballen.

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