Portage Seals US$600M Ventures Fund IV, Adding Broadridge and Fifth Third Bank as Strategic LPs
Portage Seals US$600M Ventures Fund IV, Adding Broadridge and Fifth Third Bank as Strategic LPs #
Toronto-based fintech investment platform Portage has completed the final close of its fourth flagship venture fund, Portage Ventures IV, at approximately US$600 million, ten years after the firm began investing in financial technology.
The announcement came on September 16, 2026, as Portage continues to build out a multi-strategy platform spanning venture capital, growth equity, and secondaries. The firm reports US$7 billion in assets under management and a portfolio of more than 140 companies across North America, Europe, and other global markets, according to the company’s press release.
Portage Ventures IV attracted both returning backers and new strategic limited partners. Broadridge, the financial technology infrastructure provider, and Cincinnati-headquartered Fifth Third Bank joined as strategic limited partners; Portage says it connects such institutional backers with its portfolio companies for potential commercial partnerships. Power Corporation of Canada’s Sagard arm, along with Great-West Life and IGM Financial, also participated, collectively holding a 17.1% equity interest in Fund IV, up from 15.4% in the predecessor fund.
The new fund is modestly smaller than Portage Ventures III, which closed at US$655 million in 2022. The firm attributed the gap in part to broader market conditions for venture fundraising. BetaKit reported that KPMG found investment in Canadian fintech companies neared US$1 billion in the first half of 2026, though deal count had declined by more than 40% year-over-year.
CEO Adam Felesky has said the fund will focus primarily on Series A and Series B investments, with around 20 to 25 core positions and reserves held back to support stronger performers in later rounds. The investment mandate spans consumer and small business finance, insurance, wealth and asset management, payments, and financial infrastructure.
The firm’s thesis is that artificial intelligence is pushing legacy financial institutions to accelerate modernization spending, benefiting founders who build tools for established players rather than competing with them. General Partner and Co-Head Stephanie Choo noted that the firm’s support extends beyond capital, including hands-on work in go-to-market strategy, cybersecurity, international expansion, and M&A.
Earlier this year, Portage expanded its platform by taking over approximately US$280 million in fintech assets previously managed by Point72 Ventures, via a continuation vehicle, adding to its role as a consolidator of fintech-specialist strategies. The firm operates with more than 25 investment professionals in Canada, the United States, Europe, and the Middle East, and sits within Sagard, a global alternative asset manager with US$47 billion under management.
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