Houdini 12.5
FLIP - Mantra - Nuke

Layers:
Water Mesh & inner water bubbles
Splashes
Wet Map
Water Spec
Fountain

Details here:
pepefx.blogspot.com/2013/07/houdini-fountain-flip-water.html

Note:
In the first 25 frames the water volume crashes on the bottom of the fountain, generating a lot of bubbles. I thought it was cool to keep that part as well :)

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