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Power’s Portage Closes $655 Million VC Fund as Tech Values Fall

  • About half of fund’s investors are firms in financial industry
  • Third fund will focus on asset management, banking, payments
Portage CEO Adam Felesky

Portage CEO Adam Felesky

Photographer: Christinne Muschi/Bloomberg
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Portage Ventures, the venture-capital firm owned by Power Corp. of Canada, closed a $655 million fund to seek a new batch of financial-technology investments around the world and take advantage of a recent tumble in valuations.

The firm’s third fund, Portage III, raised money from 34 institutional investors from nine countries, with about half of the backers new to the firm, Portage said Thursday. The fund is almost twice the size of the firm’s $335 million second fund.