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| Former type | Private ownership |
|---|---|
| Fate | Acquired by Lehman Brothers |
| Successor | Lehman Brothers Private Equity, Cogent Partners |
| Founded | 1981 |
| Defunct | September 2003 |
| Headquarters |  Dallas, Texas |
| Industry | Private equity, Venture capital |
| 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 September 2003.
History
Founded in 1981, Crossroads 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
External links
- Crossroads Group (company website from Internet Archive)
- "Lehman Brothers Fund of Funds: History."
References
- ^ "Lehman Brothers buying Crossroads Group." Dallas Business Journal September 17, 2003
- ^ "Press Release: LEHMAN BROTHERS TO ACQUIRE THE CROSSROADS GROUP, EXPANDING ITS PRIVATE EQUITY FUND INVESTMENT MANAGEMENT BUSINESS. September 17, 2003"
- ^ Crossroads Group: About (company website from Internet Archive)
- ^ Cawley, Rusty "Crossroads uses EDS portfolio to launch fund." Dallas Business Journal, September 24, 1999
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