Crossroads Group

The Crossroads Group

Former type	Private ownership
Industry	Private equity, Venture capital
Fate	Acquired by Lehman Brothers
Successor	Neuberger Berman (2009) Lehman Brothers Private Equity (2003)
Founded	1981
Defunct	October 2003
Headquarters	Dallas, Texas, United States
Products	Fund of funds, Secondaries, Co-investments

The Crossroads Group was a Dallas-based private equity fund of funds firm focusing on venture capital investments. The firm was founded in 1981 and acquired by Lehman Brothers in October 2003. Since Lehman Brothers 2008 bankruptcy, Crossroads has been a part of Neuberger Berman.

History

Founded in 1981 as Bigler/Crossroads, the firm focused on investing as a limited partner in venture capital funds and to a lesser extent in other private equity strategies including middle market U.S. leveraged buyout investments and mezzanine capital. Crossroads was also an early investor in secondary interests in existing private equity partnerships.^[1][2]

At the time of its acquisition in 2003, Crossroads managed approximately $2 billion of capital on behalf of its investors. Over its 22-year history, the firm raised 16 Crossroads Funds, and invested with more than 200 private equity firms.^[3]

In 1999, Crossroads acquired a $340 million portfolio of direct investments in large- to mid-cap companies from Electronic Data Systems (EDS).^[4]

External links

• Crossroads Group (company website from Internet Archive)
• "Lehman Brothers Fund of Funds: History."
• Neuberger Berman Private Equity Partners

References

Private equity and venture capital
Basic investment types	Buyout Venture Mezzanine Growth Secondaries Equity co-investment
History	History of private equity and venture capital Early history of private equity Private equity in the 1980s Private equity in the 1990s Private equity in the 2000s
Terms and concepts	Buyout Financial sponsor Management buyout Divisional buyout Buy–sell agreement Leveraged recapitalization Dividend recapitalization Venture Angel investor Business incubator Post-money valuation Pre-money valuation Seed money Startup company Venture capital financing Venture debt Venture round Structure Private equity firms and funds Limited partnership Limited liability company Carried interest Management fee Publicly traded private equity Business Development Company Venture capital trust Private investment in public equity (PIPE) Pledge fund
Investors	Corporations Institutional investors Pension funds Insurance companies Fund of funds Endowments Foundations Investment banks Merchant banks Commercial banks High-net-worth individuals Family offices Sovereign wealth funds Crowdfunding
Related financial terms	AUM Cap table Capital call Capital commitment Capital structure Distribution waterfall EBITDA Envy ratio High-yield debt IPO IRR Leverage Liquidation preference M&A PME Taxation of private equity and hedge funds Undercapitalization Vintage year
Private equity and venture capital investors Private equity firms Venture capital firms Angel investors Portfolio companies