of Jefferies. Just a few months later, Leucadia bought hedge fund backer Topwater and set up an asset-management unit to house the new busi- ness. Topwater's founders, Bryan Borgia and Davis Taylor, are known for pioneering first-loss seed investments in startup fund operations — deals that require the

cessing, entered the financial- services arena last March with its purchase of Jefferies. Just a few months later, Leucadia bought hedge fund backer Topwater and set up an asset-management unit to house the new busi- ness. Topwater's founders, Bryan Borgia and Davis Taylor, are known for pioneering first

trical risk / reward of the opportunity and took 100% of the current and future capacity of Prelude, thereby closing them to new investors forever. Topwater is backed by Leucadia and also to our understanding not open for outside investment. Others will certainly attempt to launch similar platforms but w

lude and they have one billionaire family who realized their [potential and took all current and future capacity from them. The other One was called Topwater and was backed exclusively by a private wealth management firm out of Seattle called freestone. They split this summer and now run their platform e