Both companies said the transaction occurred Monday and involved an upfront payment and future contingent payments. Specific terms of the deal were not disclosed.
"'Our stake in the D. E. Shaw group, which offers a broad array of alternative and long-only products, is consistent with our pioneering program of minority positions in world-class investment platforms,' George H. Walker, Lehman's global head of investment management, said in a statement.
Lehman has minority ownership positions in hedge funds including GLG Partners, Marble Bar Asset Management, Ospraie Management, and Spinnaker Capital Group.
Shaw, which was formed in 1988, has about $29 billion in aggregate investment capital. It has more than 1,000 employees across the U.S. and internationally.