MOEA NDF (National Development Fund) Co-Investment

MOEA NDF (National Development Fund) Co-Investment

Invests alongside private venture partners in Taiwanese innovation-driven startups and strategic enterprises through a sovereign co-investment model.

The National Development Fund (NDF) Co-Investment program is Taiwan's primary sovereign equity co-investment vehicle, operating under the Executive Yuan and governed by Article 29–30 of the Statute for Industrial Innovation (2010). Established originally as the Development Fund in 1973 and reconstituted in its current form in 2006 following a merger with the Sino-American Fund for Economic and Social Development, NDF's mandate is to accelerate industrial innovation, promote economic transformation, and support strategic industries that are important, risky, or require public capital to catalyze private investment. The fund operates through direct equity investments in ventures and LP commitments into approved venture capital funds.

Co-investment tickets for direct equity range from approximately USD 1 million to USD 30 million or more per transaction; the fund invests pari-passu alongside private VCs, meaning it takes the same terms, valuation, and rights as the lead private investor. NDF does not lead rounds and does not impose strategic conditionality beyond a requirement that investee companies maintain operations and employment in Taiwan. Priority sectors include semiconductors, AI infrastructure, biotechnology, hardware, and advanced manufacturing — sectors aligned with Taiwan's industrial policy priorities. The Industrial Innovation and Transformation Fund, a sub-fund with a NT$100 billion allocation, additionally supports M&A, restructuring, and division transactions for established domestic enterprises.

For international founders or startups, NDF co-investment is most accessible when a qualified Taiwanese VC or institutional investor is leading the round, as NDF's process follows the private lead rather than originating investments independently. Companies should expect a review process involving NDF's internal committee and, for larger tickets, the Executive Yuan. The pari-passu structure means NDF participation does not introduce pricing friction into a round, though it may introduce process timeline extensions of several months.