China Life and Baidu to launch $1 billion internet fund
China Life Insurance Group Co and Baidu Inc will form a $1 billion private equity fund, targeting internet and other technology investments . The Baidu Fund Partnership will be capitalized by China Life through a special partnership, which will contribute up to 5.6 billion yuan, while Baidu, the Chinese language internet search provider, will contribute as much as 1.4 billion yuan. The Baidu Fund Partnership will focus on middle to later stage investment, including unlisted companies with “significant association” with China, in the internet sector, including mobile internet, artificial intelligence, and internet finance. Did you know? China Life is the country’s biggest insurer by market value. It recently reported a profit increase of 17.8% on strong investment income.
