NIA, bourse to set up private equity trust for startups

The NIA is aiming to invest in startups in food tech, wellness and AI segments.

The National Innovation Agency (NIA) and the Stock Exchange of Thailand (SET) want to scale up Thai startups into global contenders by establishing a private equity (PE) trust.The NIA targets investment in around 10 startups in the trust's first year of operation, focusing on food tech, wellness and artificial intelligence.

The initiative marks a shift in state-led investment after the NIA pushed for a legal amendment to its objectives through the Thailand Science Research and Innovation's scheme, allowing it to not only co-invest but also establish a PE trust.

This amendment is awaiting publication in the Royal Gazette, eliminating legal ambiguities regarding state co-investment in private entities, said Deputy Prime Minister Yodchanan Wongsawat.

Following publication, the NIA is poised to become the first Thai state agency authorised to establish a specialised investment vehicle for startups.