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The system will automatically assign certain issues to the later release based on your dates & capacity.
My question is how do you manually set an issue to specifically be in the later release?
It's very annoying for Portfolio to automatically add assign issues to sprints when I don't plan on doing them anytime soon.
In my view, the fact that it's not possible is a big problem.
The system doesn't do a good job of placing things into the "later" release. The scheduling algorithm is not transparent and it's would be VERY useful to say "this work is going to be done later".
This is particularly relevant when you have epics sitting on your backlog that you are avoiding.
Rick Crow is right here. And it does not do it based on dates or capacity. As soon as an issue is "plannable", Portfolio will put it into the later release so it can be shown on the visual data-driven roadmap.
When is something plannable? As soon as it has an estimation, target start or end date, sprint assignment or release. When it doesn't have any of these an item is not plannanble and will not appear on the roadmap.
So to close it off (and as Andrew already said): when something is plannable but has no release assignment it will get into the later release which actually is not really a release but needed to show it on the roadmap.