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.
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.
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 (EDS).