Unlike its tech competitors, Apple Inc. doesn’t have a venture-capital arm. The reason goes to the core of Apple itself — it’s all about secrecy.
At least that’s what experts say, after Apple AAPL, +0.44% made a $1 billion investment in Didi Chuxing, nearly double the total 2015 spending of the largest corporate venture arm, with no signs of forming a separate investment vehicle. And while Apple has several advantages which imply it never needs to form one, a venture-capital arm might benefit the company’s tax bill if Didi sells or goes public.
