11 Apr, 2022, 14:00 ET
Among Group 11's third fund portfolio companies are fintech unicorns Tipalti, TripActions, Next Insurance, HomeLight, and Sunbit
LOS ANGELES, April 11, 2022 /PRNewswire/ -- Fintech venture capital firm Group 11 has partnered with funds managed by Hamilton Lane (NASDAQ: HLNE), a leading global private markets investment management firm, through a secondary transaction to acquire part of Group 11's third fund. The terms of the deal were not disclosed. The transaction enables some investors in Group 11's third fund (2017 vintage) to realize a portion of their investment prior to the end of the fund's term.
Hamilton Lane accounts will also join Group 11's newest Fund VI with a staple primary investment and is yet another prestigious U.S.-based institutional private markets investor to join the newly-formed fund.
Group 11 was founded in 2012 by single General Partner Dovi Frances, with the mission to invest in and empower exceptional entrepreneurs seeking to revolutionize the outdated financial services industry. The firm is an early investor in some of Silicon Valley's most prominent and disruptive financial technology companies and currently houses a stable of seven unicorns—companies with valuations greater than $1BN. The cumulative value of Group 11's portfolio stands at approximately $1.6BN, across five funds and multiple Special Purpose Vehicles.
Group 11's third fund includes investments in Tipalti, TripActions, Next Insurance, HomeLight and Sunbit, all of which have reached unicorn status.
"Hamilton Lane is one of America's largest and most reputable institutional investors in the private markets, and we are excited to have them on board. This transaction, including Hamilton Lane's primary investment in our newly-formed Fund VI, is a further affirmation of Group 11's positioning as one of the nation's leading fintech VC firms. We look forward to many more years of a mutually beneficial and fruitful partnership," said Dovi Frances, Founding Partner at Group 11.
"We are impressed by Group 11's fintech expertise and track record of partnering with leading fintech businesses, and we are excited to join them in this partnership,'' said Matthew Pellini, Managing Director, Secondary Investments at Hamilton Lane. "Group 11's existing portfolio is evidence of access to high quality opportunities that are attractive for our investors. We look forward to building on our relationship with Dovi Frances and the Group 11 team."
The deal with Hamilton Lane comes months after Group 11 finalized a $200M raise for its Fund V, which was oversubscribed from an initial $100M target raise. Institutional investors in Fund V include Harel Insurance & Finance, More Investment House, Menora Mivtachim Insurance, Migdal Group, and Hachshara Insurance Company.
[About Group 11]
Group 11 invests in revolutionary software companies that are redrawing the landscape of the financial services industry. As fintech continues to gain momentum and to disrupt the traditional industry value chain, Group 11 has positioned itself as a partner of choice to provide capital and guidance to entrepreneurs that are creating the world's next generation of financial services industry leaders.
Since its inception, the firm has deployed over $550 million in some of Silicon Valley's most prominent and disruptive financial technology companies, including Tipalti, TripActions, Next Insurance, Papaya Global, HomeLight, Sunbit, Masterschool, EquityBee, Venn, Lili, and Sorbet, to name a few. Learn more at group11.vc.
[About Hamilton Lane]
Hamilton Lane (NASDAQ: HLNE) is a leading private markets investment management firm providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for 30 years, the firm currently employs more than 520 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $851 billion in assets under management and supervision, composed of over $98 billion in discretionary assets and nearly $753 billion in advisory assets, as of December 31, 2021. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. For more information, please visit www.hamiltonlane.com or follow Hamilton Lane on LinkedIn: https://www.linkedin.com/company/hamilton-lane/.
SOURCE Group 11
Share this article