– Portage Ventures III is open to accredited buyers in Canada for the primary time –
TORONTO and MONTREAL, March 10, 2022 /CNW/ – Portage Ventures (“Portage”) introduced the sixth closing of Portage Ventures III LP (along with its parallel funds and grasp fund, “Portage III”), its third enterprise fund centered on fintech investments in the US, Canada and Europe. Portage III has raised US$616M thus far, making it one of many largest early-stage fintech-focused enterprise funds on the earth. Portage’s mixture AUM, together with Fund I and Fund II, has grown to $ 3.3B as of December 31, 2021. The fund acquired commitments from new and current capital companions, together with household places of work, monetary establishments, pension funds, and institutional buyers worldwide.
The chance to put money into a Portage fund can be open to particular person Canadian accredited buyers for the primary time. This entry is accessible solely by way of Grayhawk Funding Methods Inc. Portage expects to carry the ultimate shut for Portage III in April 2022.
“We’re thrilled to welcome returning and new buyers to the Portage household. By means of these partnerships, we’re constructing a very international platform,” mentioned Paul Desmarais IIICo-Founder and Govt Chairman of Portage Ventures and Chairman and Chief Govt Officer of Sagard. “We’ve created a singular fintech ecosystem with deep experience and a strong community. We’ve a centered, thesis-driven strategy, and we’re delivering robust outcomes.” Portage has delivered a 57.5% and 54.9% Web Fund ITD IRR for Funds I (2016 classic) and II (2018 classic), respectively. Please see beneath for extra info on these efficiency measures.
Portage has steadily elevated its geographic attain within the US and overseas since its founding in 2016. Portage’s 5 largest portfolio investments by truthful market worth as of December 31, 2021in Fund I and Fund II, are Wealthsimple, KOHO, Clark (Germany)Albert (US), and Alpaca (US). Moreover, Portage III has deployed near $110Mwith over half invested in US-based corporations and the remainder protecting fintechs in Europe, Australia, Canadaand Israel.
“We’re proud that in simply over 5 years, Portage has grown to turn into a worldwide chief within the early-stage fintech enterprise area, with 62 portfolio investments by three fund vintages in 13 nations. We stay up for persevering with to empower entrepreneurs in reshaping monetary companies throughout our key funding verticals in wealth and asset administration, insurance coverage, and client and small enterprise finance,” mentioned Adam FeleskyCo-Founder and CEO of Portage Ventures.
Portage delivers worth above and past financing by way of entry to seasoned advisors, in addition to an knowledgeable partnership and worth creation group offering assist to portfolio corporations and LPs in areas comparable to development, enterprise gross sales, cybersecurity and industrial partnership alternatives.
New LPs investing in Portage III embody HarbourVest Companions, Kensington Capital Companions and Meridian Credit score Union.
They be a part of earlier LPs in Portage III, comparable to Caisse de dépôt et placement du Québec (CDPQ), Public Sector Pension Funding Board (PSP Investments) and Eldridge.
About Portage Ventures
Portage Ventures, the enterprise capital arm of multi-asset class various funding agency Sagardis an early-stage investor devoted to supporting monetary expertise corporations. Its group has deep entrepreneurial and trade expertise and offers its portfolio firm founders with privileged entry to its companions, in-house consultants, and a broader international ecosystem. Portage Ventures has a presence in Montreal, Toronto, New York, San Francisco and Paris. To be taught extra, go to portagevc.com/.
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Disclaimers
This press launch doesn’t represent a suggestion to promote or a solicitation of a suggestion to buy any safety. Gives and gross sales of pursuits in any fund or program is probably not registered below the legal guidelines of any jurisdiction and might be made solely to certified buyers below all relevant legal guidelines.
In CanadaPortage III is obtainable solely on a personal placement foundation to “accredited buyers,” as outlined in Nationwide Instrument 45-106 Prospectus Exemptions or part 73.3 of the Securities Act (Ontario), as relevant, by way of a seller registered or exempt from seller registration, below an relevant rule of the Canadian Securities Directors.
The mixture AUM and Web Fund ITD IRR figures referenced above are estimates and topic to formal and last launch which is predicted to be on or about March 31, 2022.
Previous efficiency of Fund I and Fund II investments usually are not essentially indicative of the longer term returns of any present or future fund or program, together with Portage III. There will be no assurance that any fund or program will be capable of make investments just like these made in Fund I or Fund II. The last word returns realized by any fund or program will depend upon quite a few components which are topic to uncertainty. Accordingly, there will be no assurance that any return goals will really be realized. Any reference to portfolio investments contained herein are for illustrative functions and is probably not consultant of all portfolio investments. It shouldn’t be assumed that any portfolio investments referenced herein are or might be worthwhile upon disposition.
Web Fund ITD IRR represents the annualized IRR on the entire Restricted Companions capital contributions, distributions, and the fund’s internet asset worth after administration charges, partnership bills, and carried curiosity as of December 31, 2021. It’s calculated primarily based on the dates that restricted companions are required to contribute capital to the fund and the dates the fund makes distributions again to its restricted companions.
Portage Ventures II makes use of a credit score facility (typically known as a “subscription line”) to make investments and pay bills and for different functions to the extent permitted by the fund’s partnership settlement. Such fund-level borrowing to fund investments impacts internet IRR calculations as a result of internet IRR is calculated primarily based on investor money outlays to, and returns from, the fund and as such, returns depend upon the quantity and timing of investor capital contributions. Buyers make correspondingly later or smaller capital contributions when the fund makes use of borrowed funds prematurely or in lieu of calling capital. Accordingly, this fund-level borrowing leads to larger internet IRR than if capital had been referred to as to fund the investments, even after considering the related curiosity expense of the borrowing.
The returns offered herein embody all returns generated by reinvested capital and revenue. With out such reinvested capital, the returns offered herein might be decrease.
Property below administration referenced above is the sum of the online asset worth of enterprise capital funds, together with uncalled capital commitments of these funds and unused leverage, and the truthful worth of property held in co-investment automobiles managed by Sagard and uncalled capital commitments of these co-investment automobiles. This definition of property below administration is just not primarily based on any definition contained in our fund administration agreements. Moreover, our calculation might differ from the way through which the U.S. Securities and Alternate Fee defines “Regulatory Property Below Administration” on Type ADV and from the same definitions utilized by different asset managers.
This doc doesn’t represent or type a part of a suggestion to situation or promote, or of a solicitation of a suggestion to subscribe or purchase, any securities or different monetary devices, nor does it represent a monetary promotion, funding recommendation or an inducement or incitement to take part in any produce, providing or funding. Any supply to buy or purchase securities or different monetary devices will solely be made pursuant to an providing doc and the subscription paperwork, which might be furnished to certified buyers on a confidential foundation at their request for his or her consideration in reference to any such providing.
SOURCE Sagard
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