Navan IPO lifts Group 11’s fifth fund after years of losses
Dovi Frances’ publicly traded vehicle returns to profit on unrealized gains.
An IPO has helped lift Group 11 out of a prolonged period of losses, offering a partial recovery for investors in the fund managed by Dovi Frances.
Over the past three years, investors in Group 11’s fifth fund have faced persistent declines, as the firm repeatedly wrote down the value of its holdings amid weakening demand for technology stocks. The fund’s assets fell from $247 million at the end of 2021 to below $190 million, reflecting a cumulative negative return of about 24% over that period.
After three consecutive years of losses, however, the fund has reported its first positive year, driven by gains in unrealized investments totaling $89 million. After accounting for realized losses of $18.6 million in 2025 and an additional $6 million loss from asset sales, the fund recorded a net “on paper” profit of $64.4 million.
The rebound has lifted the fund’s total assets to $252.6 million, slightly above their level at the end of 2021, even before factoring in a $3 million dividend distributed last year.
Group 11, based in Beverly Hills, California, is a venture capital firm focused primarily on fintech investments. Frances, who also appears on the Israeli version of reality show Shark Tank as a potential investor in early-stage startups, leads the fund. He also serves as an adviser to Prime Minister Benjamin Netanyahu on artificial intelligence. Netanyahu’s son, Avner, works with Frances in a defense tech fund established last year.
Group 11’s fifth fund is notable as the only one the firm has opened to qualified public investors. Launched in November 2021, it raised $197 million, $4 million of which came from the general partner, and reached $247 million in assets by year-end. Units in the fund can be traded between investors on the Tel Aviv Stock Exchange’s TASE UP platform, which allows private companies and investment vehicles to offer limited liquidity.
Because the fund is traded on TASE UP, it is not required to disclose detailed information about its portfolio. Still, at least one investment has stood out. The fund backed Navan (formerly TripActions), which went public in October 2025 after raising $923 million at a $6 billion valuation. The company was founded by Israeli entrepreneurs Ariel Cohen and Ilan Twig.
Navan provides a platform for managing corporate travel, including bookings for flights, hotels, restaurants, and client-related activities. While Group 11 no longer holds a stake in the company, it participated in its early funding rounds and throughout its development as a private company.
The IPO delivered gains for early investors, but has been less favorable for public shareholders, with Navan’s stock falling about 25% since listing.
Group 11’s portfolio also includes Dream Security, which raised funds at a $1.1 billion valuation in early 2025.
Despite the recent recovery, the fund’s performance still lags broader markets. Between its launch in November 2021 and December 2025, the fund generated a return of 28%, excluding dividends. Over the same period, the Nasdaq Composite rose by nearly 50%.
