Baidu rolled out strong second-quarter numbers. Photo: Reuters / Aly Song

China Life Insurance Group and Baidu will form a private equity fund partnership, according to an announcement made Thursday in a Hong Kong Stock Exchange statement.

The total capital amount of the Baidu Fund Partnership is expected to be no more than 7 billion yuan (around US$1 billion), of which 5.6 billion yuan would be contributed by China Life and 1.4 billion by Baidu.

According to the statement, the fund “will primarily make equity investment or quasi equity investment in private equity projects at the middle to later stages (including equities of unlisted enterprises with  significant association with China) in the internet sector, including internet, mobile internet, artificial intelligence, internet finance, consumption upgrade, and internet+.”