New limited partners Broadridge and Fifth Third Bank joined the fund, which is the fourth raised by the venture capital arm of Power Corp. (The Logic)

Talking point: Portage has deepened its connection to fintech where others have retreated. In January, for example, an affiliate of the firm took over management of US$280 million in fintech assets from New York City’s Point72. In a release about the new fund, Portage CEO Adam Felesky said the firm believes AI is prompting legacy financial service companies to invest in modernization, benefiting the fintechs the firm invests in who can provide them with the necessary technology. Portage and other affiliates of the wealthy Desmarais family’s Power Corp. own just over half of the digital investing company Wealthsimple, which has experienced rapid growth in recent months. Power Corp. affiliates also hold stakes in a variety of other Canadian fintechs including Koho, Borrowell and Nesto.

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