(Yicai Global) Oct. 12 -- Baidu Inc. [NASDAQ:BIDU], China's largest search engine, is to set up its own fund Baidu Capital with an investment of CNY20 billion (USD2.98 billion) for middle- and late-stage projects in the pan-Internet field, sina technology reports.
The fund will be independently operated and the average amount of investment in each project will be between USD50 million and USD100 million.
Baidu CEO Robin Li has been appointed chairman of this investment arm. It will have two to three managers and investors with experience in Internet and private equity operations.
Some government-backed investment agencies are very interested in the fund and are closely communicating with Baidu, the Beijing-based company said.
Baidu set up a venture capital fund Baidu Venture last month with an investment of USD200 million to focus on early-stage start-ups in the artificial intelligence, augmented reality, virtual reality and other technological innovation fields.