Profile

Portage is a global investment platform with US$6.4B in AUM, focused on supporting best-in-class companies in the fintech and financial services sectors.

Portage Capital Solutions (“PCS”) is the firm’s flagship growth strategy, providing growth equity and structured equity to companies around the world. Portage is part of the broader Sagard platform, a global multi-strategy asset management firm with over US$46B in assets under management. PCS partners with later-stage fintech and financial services companies around the world, offering flexible capital solutions that support long-term strategic evolution.

With deep industry expertise and a global network of investors, commercial partners, and advisors, PCS is uniquely positioned to help management teams navigate complex markets and unlock accelerated value creation.

Defined by disciplined investing and a partnership-first mindset, PCS has established itself as a trusted capital partner to leaders shaping the future of financial services.

https://portageinvest.com/pcs/

Awards

2025 Top Growth Equity Firms

Key People

Dan Ballen, General Partner

Dan Ballen is a General Partner at Portage Capital Solutions, where he co-leads growth equity, structured equity and special situations investments in financial technology and financial services companies globally. Dan has earned industry recognition on the M&A Advisor’s “Emerging Leaders” list, as well as GrowthCap’s “40 Under 40” list of growth equity investors. He is based in New York.

Devon Kirk, General Partner

Devon Kirk is a General Partner at Portage Capital Solutions, joining the firm in 2022. She co-leads growth equity, structured equity and special situations investments in financial technology and financial services companies globally and helps drive the fund’s overall strategy. A CFA Charterholder, Devon also serves as Chair of the Bishop Strachan School. She is based in Toronto.

Adam Felesky, Co-Founder and Chief Executive Officer

Adam Felesky is the Co-Founder and Chief Executive Officer of Portage, where he oversees Portage’s strategy to invest in leading fintech and financial services opportunities globally. Within the investment portfolio, Adam is a board director of Alpaca, Boosted.AI, Borrowell, Clark, KOHO, Klear, Integrate.ai, LoanStreet, Socotra, Valstro, and ZILO. Adam also serves on the board of Sagard Wealth and is a Managing Partner and member of the Management Committee at Sagard. He is based in Toronto.

Funds Raised

Portage has $6.3B in AUM across two strategies, Portage Ventures and Portage Capital Solutions.

Portage Capital Solutions (“PCS”) launched its inaugural fund in 2022, marking the firm’s expansion into later-stage investing. The strategy provides flexible capital solutions to scaled fintech and financial services companies globally.

Key Investments

Xceedance: Invested 2025
Sector: Insurance Services

Xceedance is a global provider of technology-enabled business solutions for the insurance industry, delivering advanced data, analytics, and AI-driven platforms that modernize operations for insurers, reinsurers, brokers, and administrators.

Marshmallow: Invested 2025
Sector: Insurtech

Marshmallow is a UK-based insurtech company leveraging technology and data to deliver fairer, more accessible motor insurance solutions. Particularly for customers underserved by traditional providers.

P97: Exited 2025
Sector: Payments

P97 Networks develops secure mobile commerce and digital engagement platforms that enable fuel retailers and convenience operators to offer integrated payments, loyalty, and connected mobility solutions.

Capital Responsibility

Since inception, responsible investing has been embedded in the Portage Capital Solutions (“PCS”) approach. As a dedicated investor in fintech and financial services, PCS seeks to partner with companies that bring innovation to the financial system, expanding access, improving customer outcomes, and modernizing legacy infrastructure. The firm’s objective is to support sustainable growth while reinforcing strong governance and operational resilience across its portfolio.

PCS believes that governance, cybersecurity, and risk management are critical drivers of long-term value in financial services investing. Accordingly, the firm evaluates these factors throughout the investment lifecycle, PCS works closely with management teams to ensure appropriate board composition, clear accountability frameworks, and proactive cybersecurity oversight, recognizing the central role of data protection and regulatory compliance in the sector.

In addition, PCS is committed to prioritizing strong governance, alignment and leadership across its portfolio companies. The firm believes that a range of leadership-level perspectives drive strategic decision-making and long-term performance. Through disciplined underwriting and active engagement, PCS integrates responsible investing principles into its investment process to support long-term value creation.