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Topwater Hard Closes Fund After Investment From Top Five Endowment

Topwater Capital, a division of Leucadia Asset Management, today announced a strategic partnership and investment from one of the five largest Endowments in the U.S. In connection with the partnership, the Endowment has made an investment in Topwater’s first-loss platform on May 1, 2021 and committed to additional investments over a three-year period. The Endowment’s investment coupled with the investment from Jefferies Financial Group Inc. locks up future capacity resulting in a decision to “hard close” the Topwater funds.

Travis Taylor, who co-heads Topwater Capital with Bryan Borgia, commented, “We are extremely pleased with this new partnership; it strengthens our offering in the first-loss space and benefits existing and future managers on our platform. Bryan Borgia commented, “This relationship will provide substantial capital for us to continue making new allocations and secures our position as one of the top allocators in the first-loss space.”

Nick Daraviras and Sol Kumin, Co-Presidents of Leucadia Asset Management, stated, “This is a significant milestone for Topwater and we look forward to its continued growth and development under Bryan and Travis’s leadership.”

About Topwater Capital

Topwater Capital is a division of Leucadia Asset Management LLC, a wholly-owned subsidiary of Jefferies Financial Group Inc. (NYSE:JEF) Topwater Capital is managed by Bryan Borgia and Travis Taylor who have been sourcing, structuring, funding and risk monitoring first-loss managed accounts since 2002. For more information visit

About Leucadia Asset Management

Leucadia Asset Management (LAM) is engaged in offering institutional clients an innovative range of investment strategies through its affiliated managers. LAM is a wholly-owned subsidiary of Jefferies Financial Group Inc. (NYSE: JEF), a diversified financial services company.

About Jefferies Financial Group Inc.

Jefferies Financial Group Inc. is a diversified financial services company engaged in investment banking and capital markets, asset management and direct investing. Jefferies Group LLC, our largest subsidiary, is the largest independent, global, full-service investment banking firm headquartered in the U.S.


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