A portfolio is a collection of programmes, projects, sub-portfolios, iterations and other work packages, grouped for better financial and other resources control to facilitate effective management in achieving strategic objectives.

The programmes, projects and iterations in the portfolio, also known as the portfolio components, may not necessarily depend on or relate to each other. All portfolios together constitute the corporate or societal portfolio that echo the wider organisational or societal governance/decision-making structures.

From a governance point of view, portfolios are on a higher level than programmes and projects. The Portfolio Management layer is where corporate or organisational priorities are identified, investment decisions are made, and resources are allocated. A project or a programme belongs to a single portfolio for financial consolidation purposes. However, alternative views can be defined by grouping projects or programmes differently for management purposes: listing all projects per business domain, per organisational unit or department, per technology stack, or per product line. These alternative views do not influence the fact that a programme or project is part of a single portfolio.

Typical Portfolio Artefacts include:

Source: European Commission, Council of the European Union, Directorate-General for Informatics, General Secretariat of the Council, PM² portfolio management guide : v1.5, Publications Office, 2022, https://data.europa.eu/doi/10.2799/311760

How about defining "open portfolios" for partnerships. Each partner can propose (contribute) projects and programmes to the portfolio, while giving consideration to all stakeholders described in the portfolio stakeholder matrix.

This topic is addressed in Societal Architecture and Collaborative Decision Making.