The Crossroads Group was a

Dallas Dallas () is the List of municipalities in Texas, third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the List of metropolitan statistical areas, fourth-largest metropolitan area in the United States at 7.5 ...

-based

private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a ty ...

fund of funds A "fund of funds" (FOF) is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks, bonds or other securities. This type of investing is often referred to as multi-manager investment. A f ...

firm focusing on

venture capital Venture capital (often abbreviated as VC) is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which ha ...

investments. The firm, founded in 1981 by Brad Heppner, was acquired by

Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...

in October 2003. Since Lehman Brothers' 2008 bankruptcy, Crossroads has been a part of

Neuberger Berman Neuberger Berman Group LLC is a private, independent, employee-owned investment management firm. The firm manages equities, fixed income, private equity and hedge fund portfolios for global institutional investors, advisors and high-net-worth in ...

History

Founded in 1981 as Bigler/Crossroads, the firm focused on investing as a

limited partner A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited p ...

funds and, to a lesser extent, other

strategies including middle market U.S.

leveraged buyout A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loan ...

investments and

mezzanine capital In finance, mezzanine capital is any subordinated debt or preferred equity instrument that represents a claim on a company's assets which is senior only to that of the common shares. Mezzanine financings can be structured either as debt (typicall ...

. Crossroads was also an early investor in secondary interests in existing private equity partnerships.Lehman Brothers buying Crossroads Group
" Dallas Business Journal September 17, 2003 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. In 1999, Crossroads acquired a $340 million portfolio of direct investments in large to mid-cap companies from

Electronic Data Systems Electronic all cash BSN acc: 1311729000110205 Data Systems (EDS) was an American multinational information technology equipment and services company headquartered in Plano, Texas which was founded in 1962 by Ross Perot. The company was a subs ...

(EDS).Cawley, Rusty
Crossroads uses EDS portfolio to launch fund
"

Dallas Business Journal American City Business Journals, Inc. (ACBJ) is an American newspaper publisher based in Charlotte, North Carolina. ACBJ publishes The Business Journals, which contains local business news for 44 markets in the United States, Hemmings Motor News ...

, September 24, 1999

References

External links

Crossroads Group
(company website from Internet Archive)

"
Neuberger Berman Private Equity Partners
Financial services companies established in 1981 Financial services companies disestablished in 2003 Private equity firms of the United States Investment management companies of the United States Private equity secondary market Lehman Brothers 1981 establishments in Texas {{US-private-equity-company-stub