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SpanishMajor pension plans join investor group pumping $229M into fintech fund
The Caisse de dépôt et placement du Québec and the Public Sector Pension Investment Board (PSP) are among a group of at least 14 investors pumping $229 million into an international fintech fund run by Portag3 Ventures, an early-stage investor established by companies under the umbrella of the Desmarais family’s Power Corp.
The disclosed institutional and strategic investors committing the new funds also include insurance companies and financial institutions from Canada, France, Israel and the United States. Among them are Aviva France, Harel Insurance & Finance and Silicon Valley’s NSV Wolf Capital. An earlier fundraising round in 2018 drummed up $198 million from other limited partners including National Bank of Canada, Intact Financial Corp. and Equitable Bank.
“To have a larger fund really allows us to compete in today’s market and ensures that we … have the capability and depth to follow on in those companies that prove to be top performers,” said Adam Felesky, chief executive of Portag3 Ventures. Portag3’s first fund, which closed in 2016, was backed entirely by companies associated with Power Corp., including Power Financial, IGM Financial Inc. and Great-West Lifeco, which remain anchor investors in the second fund.
Read more @Business Financial Post
