IBM, Lehman create 180-million-dollar fund for investments in China

IBM, Lehman create 180-million-dollar fund for investments in China

BEIJING (AFP) – Computing giant IBM and investment bank Lehman Brothers, both of the United States, said they had tied up to create a 180-million-dollar fund earmarked for investments in China.

The China Investment Fund will target mid-stage to mature public and private companies across several industries, the companies said at a joint briefing in Beijing.

Christopher Manning, managing director of Lehman Brothers Private Equity, said the two companies had capabilities that were “highly complementary.”

The partnership, which marks the first cooperation between the two, will bring together 90 million dollars and three support staff from each side to manage the fund.

Beyond funding, IBM and Lehman will also provide management and technology support to the companies in which they invest.

Manning said that Lehman Brothers currently has an investment group focused on China’s real estate market, a sector excluded from the China Investment Fund’s scope.