Portage takes over fintech investments from Point72 Ventures

• Key insight: Point72 Ventures passed along management of some of its fintech portfolio to the fintech investment firm Portage.
• Expert quote: “The firm is reallocating capital toward higher-conviction opportunities in AI and defense tech.” —CB Insights’ Jason Saltzman
• Supporting data: CB Insights data indicates that 54% of Point72 Ventures’ active fintech holdings showed declining success probability in 2025.

Point72 Ventures, the VC arm of billionaire Steven Cohen’s investment firm, has sold off some of its fintech investments in a move that analysts attribute to a “troubling” portfolio exit potential over the past few years.

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The venture firm, of which Cohen is the sole investor, announced on Wednesday that the assets are being transferred to a $280 million continuation fund managed by Portage, the fintech investment arm of the global alternative asset manager Sagard. 

A continuation fund, or vehicle, is a type of private equity fund created to transfer assets out of an existing fund nearing the end of its term. Goldman Sachs Alternatives led the continuation fund investment.

As part of the transaction, former Point72 Ventures partner Tripp Shriner has joined Portage as a general partner. In his new role, Shriner will oversee the newly created continuation fund. 

“Portage’s deep expertise in financial technology, coupled with its global ecosystem and long-term perspective, creates an ideal environment for these companies to thrive,” Shriner said in a statement. “Together, we’ll continue advancing innovation across the fintech ecosystem.”

Portage and Point72 Ventures also entered into a separate services agreement under which Portage will oversee an undisclosed collection of assets owned by Point72 Ventures that are not being transferred to the continuation fund.

“This transaction underscores our confidence in the strength of this fintech portfolio and the potential synergies with Portage’s existing investments,” said Portage CEO Adam Felesky in a statement. “We think our value creation expertise will be a huge asset to these fintech companies as they continue to grow. It’s a compelling opportunity to acquire high-quality assets, attract top talent and solidify Portage’s position as a preferred capital partner for fintech investors.”

Point72 Ventures declined to comment on how many fintech companies it currently holds or which fintechs were part of the package now managed by Portage, but a Portage representative confirmed with American Banker that Portage will manage roughly 40 fintech and fintech-adjacent investments in the continuing fund. 

Point72 Ventures has backed 56 fintech companies in total, according to predictive intelligence firm CB Insights. Jason Saltzman, head of insights for CB Insights, told American Banker that Point72 Ventures’s fintech divestment is part of an overall trend of macro headwinds with fintech venture funding down 70% from 2021 peaks, according to funding data and proprietary company outlook scores from the firm.

Saltzman said that he has tracked “troubling portfolio fundamentals” at Point72 Ventures, with 54% of its active fintech holdings showing declining success probability in the last year and 84% registering below-average exit potential. According to CB Insights’s internal data, 53% of the fintechs in the portfolio hadn’t raised funds since 2022 and 32% hadn’t since 2021.

“The firm is reallocating capital toward higher-conviction opportunities in AI and defense tech, where funding momentum and strategic importance have accelerated dramatically,” he said. “This is portfolio optimization in real time: exiting a category facing structural challenges to double down on sectors with stronger growth trajectories and clearer paths to liquidity.”

Point72 Ventures has previously invested in fintechs such as the crypto-based prediction platform Polymarket, crypto infrastructure builder Zerohash, generative AI-powered financial chatbot Brightwave, Philippine digital bank Tonik and Argentine neobank Ualá.

Cohen, with a net worth of $23 billion as of January 2026, is also the majority owner of the New York Mets major league baseball team and an investor in Republic First Bank in addition to his sole investor role at Pont72 Ventures.