Shanda Group is a private investment firm founded in 1999 by Chairman and CEO Tianqiao Chen and co-founder Chrissy Luo. Shanda's business is segmented into three business units – Private Equity (venture capital) Investments, Public Market Investments and Real Estate. The company is headquartered in Menlo Park, California with offices in Shanghai, Singapore and Hong Kong. Shanda was first established as an online games company, Shanda Interactive Entertainment, and is credited for creating the freemium model. With success in the online games and online literature businesses, Shanda Interactive spun off these businesses, beginning its transformation into a private investment company in 2012 with investments in financial services, technology and healthcare companies. Philanthropy is also at the core of Shanda's culture. Driven by a passion and curiosity regarding brain research, Tianqiao and Chrissy Chen founded the "Tianqiao and Chrissy Chen Institute"​ in 2016.