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Portage targeting up to $1bn for late-stage fintech investments

Portage looking to raise up to $1 billion for a new structured equity fund that will focus on financing late-stage startups in the financial technology sector.

The global fintech investor’s new Portage Capital Solutions (PCS) Fund, which will be led by Co-Heads Daniel Ballen and Devon Kirk, will focus on structured opportunities in fintech and financial services companies globally and targeting investments over $50 million.

Kirk has nearly two decades of experience in private equity and structured solutions with a focus on financials. Devon spent over ten years at CPP Investments, based in Toronto. She was most recently Managing Director & Head of Capital Solutions, overseeing financials, special situations and esoteric investments. Prior to that, she was a Managing Director in their Direct Private Equity group, focused on financials.

Ballen has spent nearly twenty years investing in private equity, structured equity and special situations focused on the financial services, fintech and real estate technology sectors. Prior to Portage, he 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. Daniel has also served on the investment teams of Bain Capital and Pine Brook Partners, partnering with growing businesses across the fintech and financials landscape.

Portage believes PCS’ strategy is well-positioned to meet the demand for capital across all cycles in both public and private markets, whether for organic growth, M&A, or recapitalisations. PCS will leverage Portage’s existing platform, one of the largest global fintech specialist investment firms with over $3 billion in AUM, and benefit from its deep fintech experience, established sourcing network and proven value-creation expertise.

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