When credit dried up even for the highest-quality borrowers in 2008, HRJ was sitting on more than $338 million in unfunded pledges and was unable to raise cash to cover its bets. For five years, HRJ paid down its debt with money from new investors in its funds. When those managers called for capital, HRJ paid primarily with debt issued by Silicon Valley Bank, a unit of SVB Financial Group, which had $15.7 billion in assets as of Sept. HRJ took a different approach: It made commitments to money managers prior to raising cash from new clients. Most funds of funds raise money from investors and then commit capital to private-equity managers.

The good times came to an end two years later because of the way that HRJ financed its investments. The firm threw parties to celebrate its success: In 2007, it flew many of its three dozen employees to London to schmooze with European clients at a luxury skybox at Wembley Stadium while the Miami Dolphins played the New York Giants on the field below in the first regular-season National Football League game outside North America. The Houston FirefightersвЂ™ Relief and Retirement Fund, Cornell UniversityвЂ™s Office of University Investments and other institutions also took advantage of HRJвЂ™s access to elite money managers. After HRJвЂ™s demise, he said, he was embarrassed every time he walked into a place like this in Silicon Valley. Barton, 46, said as he sipped coffee at an Italian restaurant in Palo Alto, Calif. вЂњIt worked for nine years, but mistakes were made,вЂќ Mr. Montana as a partner, is a story of how former football champions traded on their star power only to be undone by a rookie mistake in the way that they financed their investments. The rise and fall of HRJ, which for a time also had Mr. HRJ Capital LLC, an investment firm he co-founded with another former 49er, Hall of Fame defensive back Ronnie Lott, collapsed in 2009 amid complaints by investors who say they were misled about the extent of its woes. Barton also took some lumps in the investing game. Montana went on to throw four touchdown passes in the fourth quarter to beat the Eagles, 38-28, en route to the teamвЂ™s fourth Super Bowl championship.ДЄfter some initial success, Mr. Barton on his butt and hit quarterback Joe Montana so hard that he fumbled the ball. WhiteвЂ™s вЂњrip and clubвЂќ move of throwing opponents off balance and knocking them to the turf.

Actors in the firm 2009