On April 26, Baidu announced the formation of a new fund "Changcheng Investment Partners". The first phase of the fund will be approximately US$500 million. Baidu will participate in the management as the initiator and the main cornerstone investor. Changcheng Investment will focus on innovative companies in the fast-growing period in the field of pan-Internet and artificial intelligence, with an average investment of between US$20 million and US$30 million.
The newly established Changcheng Investment will be a fund that operates in accordance with the independent marketization. The original CFO of Baidu and the CEO of Baidu Capital will be responsible for the fund. In the future, Ms. Li Lan will no longer concurrently serve as the CEO of Baidu Capital. At the same time, Baidu Capital also announced that Mr. Jia Dong will join Baidu Capital as a managing partner. Jia Dong previously worked as a partner in TPG (Dai Tai Investment) and successfully invested in many companies including Jingdong, SF, Uber, Ant Financial, Mobai and Weilai. In the future, Baidu Capital will focus on different areas for investment management by various partners.
At the end of 2016, Baidu established Baidu Ventures and Baidu Capital, both of which are independent market-oriented funds. Baidu Ventures is focused on investing in early projects in the field of artificial intelligence. The first phase of the fund is 200 million U.S. dollars; Baidu Capital is mainly invested in mid-to-late projects in the area of the Internet, and the first phase of the fund is 20 billion U.S. dollars. In 2017, Baidu Capital deployed in the field of smart travel, investing in companies such as Grab and Weilai, and Baidu Ventures completed more than 50 investment projects.
The three independent funds completed the comprehensive coverage of Baidu's investment ecology in the early, middle and late stages of investment. Through the differentiated and clear positioning, the three funds will complement each other's advantages and jointly invest with Baidu Group's investment and acquisition department to extensively invest in outstanding companies and strengthen Baidu's ecosystem construction.