Today I started the MinecraftLauncher.exe.
The new version (native launcher) has been downloaded, then started.

I clicked the button "PLAY / Download 1.11.2 - syme31".
I expected the download of 1.11.2 before play.
Instead, I got an error: "The game directory is invalid or inaccessible."
I clicked "see more details".

Details: The specified file can not be found.
Name: .minecraft
Path: C:\Users\Moi\AppData\Roaming\.minecraft
Exist: directory

My C: is an SSD. Minecraft write a lot of data, then since 2015 I created a junction.
C:\Users\Moi\AppData\Roaming are directories but C:\Users\Moi\AppData\Roaming\.minecraft is a junction to another volume (hard drive).

With the previous versions of the launcher, it has never been a problem .minecraft is a junction to a directory (instead of a directory itself).

Additional informations about version:

• I can see from the procexp.exe the command line:

  MinecraftLauncher.exe tools/NativeUpdater.exe MinecraftLauncher.exe S:/Program Files/Minecraft/game/tmpLauncher.tmp --nativeLauncherVersion 307

• At the bottom left of the Minecraft Launcher, I can see version 2.0.806.