Baidu has set up a new unit to invest in mid to late-stage startups, following a range of initiatives last month including the $200m Baidu Venture corporate venturing division.

China-based internet company Baidu established a $3bn investment vehicle today dubbed Baidu Capital, Reuters has reported.

Baidu Capital will focus on mid to late-stage startups in the internet sector, making individual commitments between $50m and $100m. The unit will provide money in US dollars, Chinese yuan and other currencies.

Baidu Capital is also expected to attract cash from other unnamed entities, including insurance funds, securities companies and government-backed institutions. It will be led by two to three managing partners, though…