(Yicai Global) Aug. 25 -- China Life Insurance Co. [SHA:601628;HKG:2628] and Chinese internet giant Baidu Inc. [NASDAQ:BIDU] will set up a CNY7-billion (USD1.05-billion) fund focused on middle-to-later stage private equity investments in the internet industry, including artificial intelligence and fintech, the insurer said in a press briefing at the Shanghai Stock Exchange yesterday. 

China Life will contribute CNY5.6 billion (USD840 million) to the fund, named the Baidu Fund Partnership, while the search provider will put in CNY1.4 billion (USD210 million).

The investment period for the fund will be six years starting from the initial kick-off date, and both companies will pay 30% of their own capital contributions at the start.

China Life is a subsidiary of China Life Insurance (Group) Co.