The Crossroads Group

Company type	Private ownership
Industry	Private equity, venture capital
Founded	1981
Defunct	October 2003
Fate	Acquired by Lehman Brothers
Successor	Neuberger Berman (2009) Lehman Brothers Private Equity (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, founded in 1981 by Brad Heppner, was acquired by Lehman Brothers in October 2003. Since Lehman Brothers' 2008 bankruptcy, Crossroads has been a part of Neuberger Berman.^[1]

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, 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.^[2][3]

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.^[4]

In 1999, Crossroads acquired a $340 million portfolio of direct investments in large to mid-cap companies from Electronic Data Systems (EDS).^[5]