Topwater Master Fund Ltd.
Hedge FundFund ID 805-4446601570Cayman Islands
Gross assets
$1.34B
Min. investment
$1M
Beneficial owners
57
Size rank
Top 6%
Audited
Yes
Structure
Master
About this fund
Topwater Master Fund Ltd. is a hedge fund managed by Leucadia Asset Management LLC. The fund reports $1.3 billion in gross assets, placing it among the top 6% of private funds by size. The stated minimum investment is $1 million. Its financial statements are audited annually. Private funds are not required to publicly disclose returns; Form ADV reports assets, structure, and service providers, shown above.
Fund details
| Fund ID | 805-4446601570 |
| Fund type | Hedge Fund |
| 3(c)(1) exclusion | No |
| 3(c)(7) exclusion | Yes |
| Master fund | Yes |
| Feeder fund | No |
| Fund of funds | Yes |
| Relies on exemption from registration | Yes |
| Annual audit | Yes |
| Prepared per GAAP | Yes |
| Sub-advised | No |
| % of assets independently valued | 100% |
Other funds from this manager
| Fund | Type | Gross assets |
|---|---|---|
| Point Bonita Capital Master Fund a LLC | Other Private | $1.17B |
| Topwater Mayfly Fund LLC | Hedge | $769.9M |
| Topwater Stonefly Fund LLC | Hedge | $563.4M |
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Join to unlock · $37/moFrequently asked questions
How large is Topwater Master Fund Ltd.?
Topwater Master Fund Ltd. reports $1.3 billion in gross assets, among the top 6% of private funds by size.
What is the minimum investment for Topwater Master Fund Ltd.?
The stated minimum investment is $1 million.
Who manages Topwater Master Fund Ltd.?
Topwater Master Fund Ltd. is managed by Leucadia Asset Management LLC.
Does Topwater Master Fund Ltd. disclose returns?
No. Private funds are not required to publicly disclose performance. Form ADV reports assets, structure, and service providers.
Manager
L
New York, NY
Service providers
Reported gross assets
$1.34B▲ 1%
Feb '25Form ADV, monthlyJun '26
How this fund compares
Gross assetsTop 6%
Larger than 94% of 67,041 private funds
Gross assets vs Hedge FundsTop 12%
Larger than 88% of 12,442 hedge funds
Minimum investmentTop 33%
Higher than 67% of funds reporting a minimum
Investor base
Adviser & related persons7%
Funds of funds%
Non-U.S. persons2%
Share of the fund's beneficial ownership reported on Form ADV. Categories can overlap.