Fintech investment firm Portage is taking over a $280 million portfolio of startup investments from Point72 Ventures, becoming the lead investor in a continuation fund.
The move cements Point72 Ventures’ pullback from fintech in recent years as the firm shifts its attention to sectors like AI and defense tech.
In 2024, Point72 Ventures parted ways with investors on its fintech team. Tripp Shriner, who spent nine years there, is joining Portage as general partner as part of the continuation fund transaction.
Point72 spoke with multiple firms over the past 18 months about offloading its fintech holdings, according to Shriner. It ultimately picked Portage because of the firm’s deep fintech expertise and ability to support the portfolio companies, he said.
In addition to the continuation fund, which includes about 40 companies, Portage is taking on an advisory role over Point72 Ventures’ other fintech portfolio startups. Goldman Sachs Alternatives secured additional investors for the continuation fund. Point72 did not disclose what portion of LPs chose to roll their stakes into the new vehicle.
“What we didn’t want to do was have a partial transition or, therefore, partial support of the portfolio,” Shriner said.
A Point72 spokesperson declined to comment further on the deal.
Recent News
With Huang gone, Nvidia’s European spree meets its first test
AI-driven data centre demand fuels record quarter for climate tech VC
For Portage, the deal is part of a broader expansion into venture capital secondaries, which have been surging as investors seek liquidity.
“What’s clearly apparent to us, as we’re involved in the market with companies of different maturations, is that secondaries are playing an increasing role across the private markets,” Portage CEO Adam Felesky said.
Learn about our editorial standards.
