Desmarais-backed investment vehicle aims to raise $1 billion for fintech fund

Power Corp., the Desmarais-controlled financial conglomerate that counts Great-West Lifeco and Mackenzie Investments among its holdings.o-founder and chief executive of Portage, said the rest of the money and the focus on investments will be outside the Power universe.

The amount invested may increase if there is interest in co-investments by limited partners who commit capital to the Portage fund, Felesky said. comes about a year after Portage Ventures sponsored a U.S. Special Purpose Acquisition Company , or “blank cheque” company, to push its fintech strategy well beyond early-stage businesses. Portage Fintech Acquisition Corporation raised US$240 million and gained a listing on Nasdaq.

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