SovereignWealthFunds.comNational Development Fund (Taiwan)
Taiwan: what it invests in
Geography Mainly domestic
Taiwan: how big it is, and on what basis
In US dollars: about USD 64.0B. Converted at about NT$32.8 per US dollar, the end 2024 market rate.
Taiwan: what it publishes
Published 6 · Partly 4 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. Taiwan's National Development Fund is the Executive Yuan's industrial investment fund, run by the National Development Council. It held NT$2,098.5 billion of total assets at end 2024, about USD 64 billion, mostly the value of a 6.38 percent TSMC stake held since 1986. It backs emerging industries through 69 direct holdings, venture capital funds, angel and SME co-investment programmes and policy loans. S1 S4 S5
Key points
- 69 direct holdings with a balance of NT$79.96 billion at June 2026; 120 companies and NT$109.13 billion invested since inception. S5
- Commitments to 117 venture capital funds over time, 70 current, with NT$19.61 billion outstanding. S5
- Surplus of NT$25.4 billion in 2024; NT$336.5 billion remitted to the treasury to end 2024. S1
- Of the 69 holdings, 24 are listed, 11 trade OTC and 28 are unlisted. S5
- In 2026 it set up seven themed NT$10 billion programmes with seven ministries, from AI startups to smart robotics. S3
- Long-term investments are 95.24 percent of assets; policy loans 2.22 percent. S1
Interesting facts
- Its TSMC stake dates from December 1986 and appears at just NT$0.497 billion in the investment balance column of its holdings table. S4
- It traces back to a 1965 fund set up when US aid to Taiwan ended. S1
- The themed platform drew NT$89.6 billion of private money alongside NT$21.6 billion from the fund across 500 or more companies. S3
Mandate and goals
Under Article 30 of the Industrial Innovation Act the fund invests and lends to speed up industrial innovation, transform the economy and steady the domestic financial environment. S1
- Speed up industrial innovation and raise value added. S1
- Promote economic transformation and national development. S1
- Help stabilise the domestic economy and financial markets. S1
- Invest in high technology, green energy, resource recycling and technology transfer. S1
- Back the five trusted industries and the AI new ten major construction projects in 2026. S5
- Spending rule: Surpluses, mainly dividends and interest, are partly remitted to the treasury; NT$10 billion is planned for 2026. S1 S6
How it invests
| Industries | Technology, Healthcare and life sciences, Renewables and climate, Industrials and manufacturing, Financial services, Transport and logistics S5 S4 |
|---|---|
| Asset classes | Strategic state holdings, Private equity, Venture capital, Public equities, Private credit S1 S5 |
| Stages | Seed, Venture, Growth, Public markets, Credit S5 |
| Geography | Mainly domestic. Taiwan companies and Taiwan-focused venture funds S5 |
| Direct / through funds / co-invest | Yes / Yes / Yes S5 |
| Ticket size | No ticket size is published. S5 |
| Deal sizes seen | NT$3.44B across 238 angel deals to NT$79.96B across 69 direct holdings |
| External managers | Commits to venture capital funds run by professional managers: 117 to date S5 |
| Co-investment programme | SME programme matches fund money with professional investors; themed programmes run with seven ministries S5 S3 |
Asset mix: Long-term investments 95.24%, Long-term loans 2.22%, Current assets 1.74%, Reserves and other 0.67%, Property and equipment 0.13% (as of 2024-12-31) S1
Largest holdings: Taiwan Semiconductor Manufacturing Company (TSMC) (6.38%), United Renewable Energy (5.81%) (dates from 2025-12-31 to 2026-04-30) S4 S6
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2026 | United Renewable Energy. Partial sale after more than five years, cutting the stake to 5.81 percent. S6 | Sale or exit | Renewables and climate | Public markets | About 4.2M shares | 5.81% |
| 2026 | Themed special programmes (seven). Programmes with seven ministries for manufacturing, services, SMEs, culture, AI startups, green growth and robotics. S3 | Fund commitment | Technology | Venture | NT$10B each | |
| Not published | SME investment programme. 339 firms, with NT$11.17B matched by professional investors. S5 | Co-investment | Industrials and manufacturing | Growth | NT$11.48B | |
| Not published | Venture capital funds. Commitments to 117 funds, 70 still active. S5 | Fund commitment | Technology | Venture | NT$19.61B outstanding | |
| Not published | Angel Investment Program. 307 approvals, 238 current. S5 | Co-investment | Technology | Seed | NT$3.44B | |
| Not published | PharmaEssentia. Biotech holding. S4 | Direct investment | Healthcare and life sciences | Public markets | Not published | |
| Not published | ScinoPharm Taiwan. Pharmaceutical holding. S4 | Direct investment | Healthcare and life sciences | Public markets | Not published | |
| 1986 | TSMC. Long-held stake in the chipmaker, now 6.38 percent. S4 | Direct investment | Technology | Venture | NT$0.497B (investment balance) | 6.38% |
Case studies
TSMC: a founding stake that built the fund S4 S1
- What: Invested in TSMC in December 1986 and still holds 6.38 percent.
- When: 1986 to today
- Size: NT$0.497B investment balance
- Why: Backing strategic high-tech industry is the core of the mandate.
- Outcome: Revaluation gains make up most of the NT$2,096.7B net worth.
Themed platform: crowding in private money S3
- What: Set up seven NT$10 billion programmes with seven ministries.
- When: 2026
- Size: NT$70B planned
- Why: To channel capital into policy themes such as AI startups and smart robotics.
- Outcome: The platform had backed 500 or more companies with NT$21.6B, drawing NT$89.6B of private money.
United Renewable Energy: routine sell-down S6
- What: Sold about 4.2 million shares of the solar company.
- When: April 2026
- Size: Not published
- Why: The Minister called it a routine review after more than five years of holding.
- Outcome: Stake reduced to 5.81 percent.
Investment process
A Management Committee convened by the National Development Council Minister, with ministers, the central bank governor and four scholars, oversees the fund. Deals go through dedicated review committees made up mainly of scholars and experts; the Legislative Yuan reviews the budget. S1 S6
| Committee | Role |
|---|---|
| Management Committee | NDC Minister as convener, Minister of Economic Affairs as deputy, other ministers, the central bank and four scholars S1 |
| Investment Evaluation and Deliberation Committee | Reviews direct investments S1 |
| Venture Capital Deliberation Council | Reviews venture capital fund commitments S1 |
- Proposals arrive through programmes tied to industry policy, such as angel, venture fund, SME or themed programmes. S5 S3
- Review by the relevant deliberation committee. S1
- Approval and reporting to the Management Committee. S1
- Holdings reviewed regularly, with sell-downs after policy goals are met. S6
How to approach: Companies and managers apply through the published programmes run with the National Development Council and partner ministries. S3
Size and returns
- Headline size: NT$2,098.5B (Total assets (balance sheet), as of 2024-12-31) S1
- In US dollars: about USD 64.0B. Converted at about NT$32.8 per US dollar, the end 2024 market rate.
- Net worth: NT$2,096.7B (Net assets or equity, as of 2024-12-31) S1
- Direct investment balance, June 2026: NT$79.96B (Portfolio value, as of 2026-06-30) S5
- Returns: the fund does not publish a return figure.
- Staff: 33 full-time staff in the Management Committee S1
- Size over time (TWD billion): 2020 1,121.3, 2023 1,281.0, 2024 2,098.5 S1
Leadership
Governance and transparency
- Legal basis: Article 30 of the Industrial Innovation Act and the fund regulations on income, custody and use S1
- Oversight: Executive Yuan and the Legislative Yuan, which reviews the budget each year S6
- Quarterly reports list every direct holding with date, industry, balance and stake. S4
- Not an IFSWF member. S2
Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 1965 | China-US Economic and Social Development Fund set up. S1 |
| 1973 | Executive Yuan Development Fund set up. S1 |
| 1986-12 | TSMC stake acquired. S4 |
| 2006 | The two funds merge into the National Development Fund. S1 |
| 2024-12-31 | Total assets reach NT$2,098.5B. S1 |
| 2026-04 | Partial sale of United Renewable Energy. S6 |
| 2026-06-16 | First steering meeting of the themed fund platform. S3 |
For family offices
No family office programme is published, but the fund co-invests with professional investors in its SME and angel programmes and backs private venture funds. S5
- Co-invest as a professional investor in the SME programme, where the fund matches private money. S5
- Invest alongside the fund in venture capital funds it backs. S5
- Angel Investment Program: Angel investors backing Taiwan startups S5
- SME investment programme: Professional investors co-investing in Taiwan SMEs S5
Reports
- Annual report 2024 (Chinese): https://ws.ndc.gov.tw/001/administrator/32/relfile/7030/38979/56744b3f-02c8-4dc2-8ade-e4f6de111aca.pdf S1
- Quarterly business report Q4 2025 (Chinese): https://ws.ndc.gov.tw/001/administrator/32/relfile/7031/39719/72ed149f-9166-47fd-92ec-b3364d6703a7.pdf S4
Common questions
How big is the National Development Fund?
NT$2,098.5 billion of total assets at end 2024, about USD 64 billion. S1
Who leads it?
National Development Council Minister Yeh Chun-hsien convenes the Management Committee; Wang Ting-An is Executive Secretary. S3
Yes, 6.38 percent, held since December 1986. S4
How many companies does it hold?
69 direct holdings at June 2026, with a balance of NT$79.96 billion. S5
Does it pay the treasury?
Yes. NT$336.5 billion to end 2024, with NT$10 billion planned for 2026. S1
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Sources
- S1National Development Fund, annual report 2024 (Chinese)
- S2IFSWF, members list
- S3National Development Council, themed fund platform steering committee release (Chinese)
- S4National Development Fund, quarterly business report Q4 2025 (Chinese)
- S5United Daily News, National Development Fund investment update (Chinese)
- S6Central News Agency, United Renewable Energy share sale (Chinese)
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