IBM and investment bank Lehman Brothers have set up a US$180 million fund to invest in Chinese companies to help them transform themselves through the adoption of information technology and new business practices.IBM and Lehman Brothers each contributed $90 million to the newly established China Investment Fund. Unlike venture capital funds that target startup companies, this fund will also make investments in mid-stage and mature companies, providing them with management and technology expertise as well as cash, they said.The China Investment Fund will invest in companies across a range of industries, the companies said. They did not say when the fund would make its first investment.The joint fund with Lehman expands IBM’s involvement with investors in China, where the company has provided technology and expertise to 250 startup companies backed with venture capital. This is the first time the companies have worked together on investments, they said. -Sumner Lemon, IDG News Service (Singapore Bureau)Related Links: IBM Shifts Procurement Office to China IBM Translation Software to Be Tested by U.S. Military in IraqCheck out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content brandpost Resilient data backup and recovery is critical to enterprise success As global data volumes rise, business must prioritize their resiliency strategies. By Neal Weinberg Jun 01, 2023 4 mins Security brandpost Democratizing HPC with multicloud to accelerate engineering innovations Cloud for HPC is facilitating broader access to high performance computing and accelerating innovations and opportunities for all types of organizations. By Tanya O'Hara Jun 01, 2023 6 mins Multi Cloud brandpost Survey: Marketers embrace AI at expense of metaverse investments Generative artificial intelligence (GAI) has quickly rocked the world of marketing. Sitecore polled B2B marketers on their perceptions of GAI. Here’s what they said. By Dave O’Flanagan, Sitecore Jun 01, 2023 4 mins Artificial Intelligence news Zendesk to lay off another 8% of its staff, cites macroeconomic issues The new tranche of layoffs comes just six months after the company let go of 300 staffers and hired a new CEO in order to navigate its operations through macroeconomic distress. By Anirban Ghoshal Jun 01, 2023 3 mins CRM Systems IT Jobs Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe