Walkers (London) acts as Cayman Islands counsel to Group 11 on ground-breaking VC Fund Launch and Listing

Walkers (London) is pleased to announce that it has acted as Cayman Islands counsel on the launch of Group 11's US$200 million Fund V, the first venture capital fund to join trading on the TASE UP platform.  TASE UP is an innovative electronic trading platform, available to institutional and accredited Israeli investors, that allows high-tech companies, venture capital funds, credit funds, and real estate funds to trade on the Tel Aviv Stock Exchange, while remaining private.

Leading Israeli public institutions, including Harel Insurance Company, More Investment House, Menora Mivtachim, Migdal Group and Hachshara Insurance Company, participated in Group 11’s financing round.

Group 11 is a Silicon Valley-based venture capital firm, founded by Dovi Frances, that invests in revolutionary technology companies from the financial services industry. Since its inception at the end of 2011, the firm has invested over US$500 million in some of Silicon Valley’s most prominent and disruptive financial technology companies. While the fund invests predominantly in US-based companies, about 70% of its portfolio is Israeli-related with Israeli founders at the helm and R&D presence in Israel.

The Walkers (London) team was led by investment funds partner, Matthew Bloomfield and senior counsel, Ian Williams, with support from corporate finance partner, Neil McDonald and senior associate, Thomas Mawson.

London partner Matthew Bloomfield commented: "We are delighted to have been able to assist Group 11 on the launch of Fund V and its listing on the TASE-UP Platform.  For many years, industry has been exploring ways to bring investor liquidity to PE/VC structures, and it is tremendous to be a part of the story as Group 11 has achieved just this with such an innovative product.  From a personal perspective, it was also terrific to be part of a 'Tier 1' team that was able to provide a time-zone bridge between the US and Israel market, with both Cayman funds and finance expertise here in London."

Walkers acted alongside leading Israeli law firm, Gornitzky & Co.

Related Content