Yes, there is a portable version of this application. It can be downloaded from its Downloads page.
Access the page and you'll see 2 downloads in the main section. Download the second one in ZIP format. Use your favorite archive extractor utility and specify a path for extraction. Browse to that folder and you will have the possibility of launching the application without installing it. This is good when you don't have necessary access rights on a specific partition.
Download page: http://www.photofiltre-studio.com/download-en.htm