Partners Daniel Ballen and Devon Kirk to co-head strategy
NEW YORK, July 28, 2022 /CNW Telbec/ – Global fintech investor Portage announced today the launch of a late-stage, fintech-focused Portage Capital Solutions (“PCS”) Fund. Co-Heads Daniel Ballen and Devon Kirk will lead the strategy, focusing on structured opportunities in fintech and financial services companies globally and targeting investments over $50 million.
Devon 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.
“We see many great companies that are looking for the right partner. Portage’s expertise and network in fintech and financial services are real differentiators as businesses look to navigate this market. We will deliver more than just capital,” said Devon Kirk.
Daniel 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 Yorkwhere 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 financial landscape.
“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,” said Daniel Ballen.
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 recapitalizations. 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.
“Daniel and Devon bring extensive sourcing and transaction execution experience across asset classes,” he said Adam Felesky, Co-Founder and CEO of Portage. “Together, we can expand our efforts to partner with later stage visionary fintech entrepreneurs providing both capital and a value creation network that supports them throughout the life of their business.”
“Portage is building a global platform investing in what we see as the top financial services leaders across the globe,” he said Paul Desmarais IIIChairman and CEO of Sagard. “With talented professionals such as Daniel and Devon, we are excited to support companies from early-stage to growth.”
The PCS team is based in New York and Toronto, with plans for further expansion over time. The team will be active in the third quarter of 2022, with fundraising efforts already underway.
Portage is a global fintech investor with US$3 billion under management* that partners with some of the world’s most innovative financial technology companies. Portage’s mission is to be the leading fintech investor globally, empowering entrepreneurs and attracting top talent motivated to reshape financial services. The Portage team has deep entrepreneurial and industry experience and provides founders with privileged access to the firm’s partners, in-house value creation experts, and a broader global fintech ecosystem. Portage is a subsidiary of multi-strategy alternative asset manager Sagard. The firm has offices in Toronto, Montreal, New York, Paris and London.
Sagard is a multi-strategy alternative asset manager with more than US$14 billion under management** and professionals located in Canadathe US and Europe. Sagard seeks attractive investment returns by combining its entrepreneurial and disciplined culture with flexible capital and a unique global network of portfolio companies, limited partners, advisors and other valued relationships. As a firm, Sagard operates platforms that invest across five asset classes: venture capital, private equity, private credit, real estate and healthcare royalties. Sagard also engages in private wealth management and new venture creation through its ecosystem partners.
*Portage’s assets under management represent, as of March 31, 2022the sum of the net asset value of venture capital funds, including uncalled capital commitments of those funds, and the fair value of assets held in co-investment vehicles managed by Portage and uncalled capital commitments of those co-investment vehicles.
**Sagard’s assets under management represent, as of March 31, 2022the sum of the net asset value of private equity, venture capital, private credit and healthcare funds, including uncalled capital commitments of those funds and unused leverage, the gross asset value of the underlying real estate assets of EverWest funds and separate accounts, the fair value of assets held in co-investment vehicles managed by Sagard or any of its affiliates and uncalled capital commitments of those co-investment vehicles, the fair value of assets managed by other managers controlled by Sagardand the fair value of all other assets managed by Sagard that are not otherwise included in the clauses above.
The above referenced definitions are not based on any definition contained in our fund management agreements. Furthermore, our calculation may differ from the manner in which the US Securities and Exchange Commission defines “Regulatory Assets Under Management” on Form ADV and from the similar definitions used by other asset managers.
This document does not constitute or form part of an offer to issue or sell, or of a solicitation of an offer to subscribe or buy, any securities or other financial instruments, nor does it constitute a financial promotion, investment advice or an inducement or incentive. to participate in any production, offering or investment. Any offer to purchase or buy securities or other financial instruments will only be made pursuant to an offering document and the subscription documents, which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with any such offering.
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