IBM and Lehman Brothers are attempting to capitalize on the red-hot Chinese economy with a new $180 million investment fund.

Both companies are contributing $90 million.

The China Investment Fund will focus on driving what IBM and Lehman Brothers called “innovative in business practices and management” plus information technology and product development.

The fund will be invested in mid-stage or later firms, both private and public. IBM and Lehman Brothers also will provide management and technology expertise.

China’s economy, the fourth largest in the world, is expected to grow 7.5 percent this year.

IBM has more than 7,600 employees in China and operates one of its eight global research labs in Beijing.

IBM: www.ibm.com