Search engine company Baidu headquarters building in Beijing, China. Photo: iStock

Internet giant Baidu has launched a new fund — Changcheng Investment Partners — which focuses exclusively on fast-growing innovative companies in the field of Internet and artificial intelligence, The Paper reported.

The first phase of the fund is US$500 million, while the average amount of each investment project will range from US$20 to 30 million.

The newly established Changcheng Investment Partners will be an independent and market-oriented fund. Baidu will participate in management as an initiator and a major cornerstone investor. Li Xinzhe, former CFO of Baidu, will be in charge.

Previously in 2016, the Internet giant launched two other funds, Baidu Ventures and Baidu Capital.

Baidu Ventures’ focus is on investing in early projects in the area of artificial intelligence, with the first phase of the fund totalling US$200 million.

Baidu Capital invests mainly in mature projects in the Internet sector, such as Singapore-based ride-hailing operator Grab and smart electric car maker NIO. The first phase of the fund is US$3.14 billon.

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