Travel software firm Navan, which weathered a pandemic, name change and government shutdown on its path to an initial public offering, had a disappointing start as a public company. Shares fell 20% on the first day.

Its earliest investors still made big gains on paper though. Investor Oren Zeev and his affiliated funds, which invested $150 million starting with Navan's seed round in 2015, had about a $1 billion stake at the time of the IPO, according to a person with direct knowledge of the investment.