Staff note: This post may contain affiliate links, which means Pentax Forums may earn a small commission if a visitor clicks through and makes a purchase. If you would like to support the forum directly, you may also make a donation here.
It depends on what you mean by 'portrait'. Formal sittings? Informal snaps? Headshots, H&S, 3/4?
My favorite general-purpose 'portrait' lens is an old M42 Sears-Tokina 55-135/3.5, used with catch-in-focus as needed. And it cost me US$8 shipped. My Jupiter-9 85/2 and Vivitar-Komine 90/2.8 macro are also good for headshots, although my favorite street-portrait lenses are longer and slower: Enna 100/4.5, Meyer 105/4.5. And the Super-Takumar 105/2.8 isn't bad.
In controlled settings, I like to use enlarger lenses on bellows. Various cheap 75-90mm f/2.8-4.5 EL's, won't reach infinity focus on my bellows, but infinity isn't needed for much portraiture. I also use some cheap projector lenses (no iris) of 60-65-75mm at f/1.6-2.8-3.5, sometimes on tubes for a fixed-focus of 1.5-2m. Different lenses for different effects.
If you want a fast lens for thin DOF, be aware that a cheap 135/2.8 is equivalent to a very expensive 58/1.2, and thinner than a costly 55/1.2, 77/1.8, 85/2, etc.