I did a Jira azure install on our own azure subscription in the cloud en t seems to be version 7.10.1 This version does not support portfolio plugin.....
Solved! Go to Solution.
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Alternatively, you can watch this ticket https://jira.atlassian.com/browse/JPOSERVER-2355
I would also expect this to be updated when a compatible version is released for 7.10.x versions of Jira.
Update available and it works!