The American federal agency is targeting later-stage venture funds in developing markets.

Overseas Private Investment Corporation (Opic), the US government’s development finance agency, has this week announced the launch of a venture capital program aimed at supporting venturing funds that are active in developing economies.

The first commitment under the scheme is in a fund run by India’s Iron Pillar, which specialises in technology investments. Typical commitments will range from $5m to $25m, an Opic spokesman said.