# National Development Fund of the Executive Yuan

National Development Fund of the Executive Yuan is a Government / Public Body based in Taipei, Taiwan.

## Overview

- **Organization type:** Government / Public Body
- **Headquarters:** Taipei, Taiwan
- **Region:** Asia
- **Address:** 7F., No. 49, Guancian Rd., Jhongjheng District, Taipei 100403, Taiwan
- **Founded:** 2006
- **Assets under management:** Undisclosed
- **Website:** ndf.gov.tw
- **LinkedIn:** linkedin.com/company/national-development-fund-executive-yuan

## Regulatory record

- **Reports private funds:** No

## About

The National Development Fund of the Executive Yuan is a government agency based in Taipei, Taiwan. It manages approximately $41.8 billion in assets across 57 funds, primarily focused on Asia.

## Sectors

- AI/ML
- Energy Transition & Renewables
- Enterprise Software
- Healthcare Services
- Infrastructure

## People

- Tsai Ing-wen — Oversight (as President of the Executive Yuan, ex-officio)

## Questions

### How does the National Development Fund source its co-investment opportunities?

The NDF sources primarily through government agency referrals — the Ministry of Economic Affairs and Ministry of Digital Affairs nominate ventures aligned with industrial policy. It also accepts direct applications from venture capital firms that meet statutory criteria under the Statute for Industrial Innovation.

### Does the NDF make fund commitments or only direct investments?

It does both. The NDF anchors domestic venture capital funds as a limited partner and also engages in direct co-investments alongside those funds into individual companies. This dual-channel approach ensures it can deploy capital at scale through fund structures while retaining the ability to make concentrated bets on strategic enterprises like TSMC in its early stages.

### What is the relationship between the National Development Fund and the National Development Council?

The National Development Council (NDC) is the parent agency that administers the NDF. The NDC sets the fund's strategic direction and its minister serves as the convener of the NDF's investment committee, ensuring all deployment decisions align with Taiwan's national development plan. The NDF has no independent legal existence separate from the Executive Yuan's oversight.

### Which sectors does the NDF explicitly avoid?

The NDF is restricted from investing in sectors not deemed strategic under Taiwan's industrial development statutes. It avoids speculative real estate, consumer discretionary businesses with no technological component, and enterprises based solely in jurisdictions with no cooperative framework with Taiwan, such as those operating exclusively under Chinese state-linked capital structures.

## Related profiles

- [National Development Council](https://altss.com/profile/national-development-council)
- [National Education Association MBC](https://altss.com/profile/national-education-association-mbc)

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Last updated: 2026-06-03T20:00:00.000Z

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