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Portfolio for Jira is currently targeted at self-hosted Jira environments.
At Summit 2019, Atlassian introduced the new planning solution on Jira Software Cloud's next-gen templates. The interesting planning features are planned to be bundled into the new Cloud Premium offering.
Atlassian recommended Portfolio Cloud for customers on Classic templates and Premium for customers on next-gen templates.
I'd refer to the Jira Software Cloud Premium Roadmap but it seems to be down for the moment.
Alan, I suggest waiting until Atlassian Open (in about 10 days) for hopefully more news on this.