National Development Fund — Executive Yuan

Invests in Taiwan through sovereign development capital for high-impact initiatives aligned with national strategy.

The National Development Fund (NDF) is Taiwan's sovereign policy investment vehicle under the Executive Yuan, rooted in a 1973 development-fund lineage and reorganized into its current form in 2006. Its mandate was set out in the Statute for Industrial Innovation in 2010, and the fund is used to support industrial innovation, economic transformation, and national development.

NDF works through direct equity investment, co-investment with venture capital, business angel support, M&A co-investment, and policy lending. The record names five routes: MOEA NDF Co-Investment, Business Angel Investment Program, Industrial Innovation and Transformation Fund, Venture Capital Investment, and Loan Financing Programs. The co-investment program carries a maximum of NT$30 million, while the angel program targets startups younger than three years and generally caps paid-in capital or fundraising at NT$80 million, subject to review.

Its sector focus spans AI infrastructure, biotech, hardware, manufacturing, semiconductors, and energy. The fund is best suited to high-risk industrial projects and early companies that can crowd in private capital or absorb policy finance, rather than applicants seeking competitive grants.